Document:

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                                                                   EXHIBIT 10.10

                              EMPLOYMENT AGREEMENT

      THIS AGREEMENT (the "Agreement") is made as of the first day of March
2006, among Rurban Financial Corp. ("RFC"), an Ohio bank holding company having
a place of business at 401 Clinton Street, Defiance, Ohio, and Kenneth A. Joyce
("Executive"), individually, an Executive.

                                   WITNESSETH:

      WHEREAS, RFC desires to employ Executive to serve in the capacity of Chief
Executive Officer of RFC under the terms and conditions set forth herein;

      WHEREAS, Executive desires to accept employment with RFC on the terms and
conditions set forth herein.

      WHEREAS,: The Executive previously entered into an agreement describing
amounts payable upon a change of control ("Prior Agreement"), which agreement is
superseded and replaced by this Agreement.

                                   AGREEMENT:

      NOW, THEREFORE, in consideration of services performed in the past and to
be performed in the future as well as of the mutual promises and covenants
herein contained it is agreed as follows:

      1. EMPLOYMENT. RFC hereby employs Executive and Executive hereby accepts
employment with RFC, under the terms and conditions set forth in this Agreement.

      2. DUTIES OF EMPLOYEE. Executive shall perform and discharge well and
faithfully such duties as an executive officer of RFC as may be assigned to
Executive from time to time by the Board of Directors of RFC so long as the
assignment is consistent with the Executive's office and duties. Executive shall
be employed as Chief Executive Officer of RFC, and shall hold such other titles
as may be given to him from time to time by the Board of Directors of RFC.
Executive shall devote his full time, attention and energies to the business of
RFC during the Employment Period (as defined in Section 3 of this Agreement);
provided, however, that this Section 2 shall not be construed as preventing
Executive from (a) engaging in activities incident or necessary to personal
investments, so long as such investment does not exceed 5% of the outstanding
shares of any publicly held company, (b) acting as a member of the board of
directors of any other corporation or as a member of the board of trustees of
any other organization, with the prior approval of the Board of Directors of
RFC, or (c) being involved in any other activity with the prior approval of the
Board of Directors of RFC. The Executive shall not engage in any business or
commercial activities, duties or pursuits which compete with the business or
commercial activities of RFC or its subsidiaries or affiliates, nor may the
Executive serve as a director or officer or in any other capacity in a company
which competes with RFC or its subsidiaries or affiliates.

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      3. TERM OF AGREEMENT.

            (a)   This Agreement shall be for a three (3) year period (the
                  "Employment Period"), beginning on the date first written
                  above and, if not previously terminated pursuant to the terms
                  of this Agreement, the Employment Period shall end three (3)
                  years later; provided however, that this Agreement will be
                  automatically renewed on the third anniversary date of the
                  date first written above (the "Renewal Date") commencing on
                  the Renewal Date and ending on December 31, 2010, unless
                  either party gives written notice of nonrenewal to the other
                  party at least one-hundred eighty (180) days prior to the
                  Renewal Date (in which case this Agreement will terminate on
                  the Renewal Date).

            (b)   Notwithstanding the provisions of Section 3(a) of this
                  Agreement, this agreement shall terminate automatically for
                  Cause (as defined herein) upon written notice from the Board
                  of Directors of RFC to Executive. As used in this Agreement,
                  "Cause" shall mean any of the following:

                  (i)   The willful failure by the Executive to substantially
                        perform his duties hereunder (other than a failure
                        resulting from Executive's incapacity because of death
                        or disability), after notice from RFC, and a failure to
                        cure such violation within twenty (20) days of said
                        notice;

                  (ii)  The willful engaging by the Executive in misconduct
                        injurious to RFC;

                  (iii) Dishonesty, insubordination or gross negligence of the
                        Executive in the performance of his duties;

                  (iv)  Executive's breach of fiduciary duty involving personal
                        profit;

                  (v)   Executive's violation of any law, rule or regulation
                        governing issuers of publicly traded securities or banks
                        or bank officers or any regulatory enforcement actions
                        issued by a regulatory authority against the Executive;

                  (vi)  Conduct on the part of Executive which brings public
                        discredit to RFC and, if the effect may be cured, a
                        failure to cure within twenty (20) days of the date said
                        notice is delivered to the Executive;

                  (vii) Executive's conviction of or plea of guilty or nolo
                        contendre to a felony (including conviction of or plea
                        of guilty or nolo contendre to a misdemeanor that was
                        originally charged as a felony but was reduced to a
                        misdemeanor as a result of a plea bargain), crime of
                        falsehood or a crime involving moral turpitude, or the
                        actual incarceration of Executive for a period of twenty
                        (20) consecutive days or more;

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                  (viii) An act by the Executive affecting any of RFC's
                         employees, customers, business associates, contractors
                         or visitors that an independent third party decides,
                         after reasonable investigation, constitutes unlawful
                         discrimination or harassment or violates RFC's policy
                         concerning discrimination or harassment;

                  (ix)   Executive's theft or abuse of Corporation's property or
                         the property of RFC's customers, employees,
                         contractors, vendors or business associates;

                  (x)    The direction or recommendation of a state or federal
                         bank regulatory authority to remove Executive from his
                         positions with Corporation;

                  (xi)   Executive's willful failure to follow the good faith
                         lawful instructions of the Board of Directors of
                         Corporation with regard to its operations, after
                         written notice and, if the event may be cured, a
                         failure to cure such violation within twenty (20) days
                         of the date said notice is delivered to the Executive;

                  (xii)  Material breach of any contract or agreement that
                         Executive entered with Corporation, including a breach
                         of any of the obligations described in Sections 9 and
                         10 of this Agreement and, if the breach may be cured, a
                         failure to cure such breach within twenty (20) days of
                         the date said notice is delivered to the Executive;

                  (xiii) Unauthorized disclosure of the trade secrets or
                         confidential information (as defined below) of
                         Corporation or any of its affiliates, trade partners,
                         or vendors.

                  However, Cause will not arise solely because the Executive is
                  absent from active employment during periods of vacation,
                  consistent with RFC's applicable vacation policy or other
                  period of absence initiated by the Executive and approved by
                  RFC.

                  Also, if, after the Executive terminates employment, RFC
                  learns that the Executive has actively concealed conduct or an
                  event that, if discovered before employment terminated, would
                  have constituted "Cause," the provisions of Section 3(d) of
                  this Agreement will be applied retroactively to the date the
                  Executive terminated employment and RFC may recover any and
                  all amounts paid to the Executive (or to his or her
                  beneficiaries) under this Agreement on account of his
                  termination.

                  The term "Confidential Information" shall mean any and all
                  information (other than information in the public domain)
                  related to RFC's or any affiliate's or subsidiary's business,
                  including all processes, inventions, trade secrets, computer
                  programs, technical data, drawings or designs,

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                  information concerning pricing and pricing policies, marketing
                  techniques, plans and forecasts, new product information,
                  information concerning methods and manner of operations and
                  information relating to the identity and location of all past,
                  present and prospective customers and suppliers. Executive's
                  conviction of or plea of guilty or nolo contendere to a
                  felony, a crime of falsehood or a crime involving moral
                  turpitude, or the actual incarceration of Executive for a
                  period of fifteen (15) consecutive days or more.

                  If this Agreement is terminated for Cause, all of Executive's
                  rights under this Agreement shall cease as of the effective
                  date of such termination.

            (c)   Notwithstanding the provisions of Section 3(a) of this
                  Agreement, this Agreement shall terminate automatically upon
                  Executive's voluntary termination of employment (other than in
                  accordance with Section 5 of this Agreement) for other than
                  Good Reason. The term "Good Reason" shall mean:

                  (i)   The assignment of duties and responsibilities
                        inconsistent with Executive's status as Chief Executive
                        Officer of RFC, unless the Executive has simultaneously
                        been promoted to a more senior position and has been
                        assigned substantive duties normally associated with
                        that new position;

                  (ii)  A reassignment which requires Executive to move his
                        office more than fifty (50) miles from the location of
                        Corporation's principal executive office on the
                        effective date of this Agreement;

                  (iii) Any reduction in the Executive's Annual Base Salary as
                        in effect on the date hereof or as the same may be
                        increased from time to time, except such reductions that
                        are the result of a national financial depression, or
                        national or bank emergency when such reduction has been
                        implemented for RFC's senior management, as a group;

                  (iv)  Any action that would materially reduce the employee
                        benefits enjoyed by the Executive on the effective date
                        of this Agreement unless such reduction complies with
                        Section 4(d) of this Agreement;

                  (v)   Any attempt by RFC to amend or terminate this Agreement
                        without regard to the procedures described in Section 22
                        of this Agreement;

                  (vi)  Failure at any time during the term of this Agreement
                        (as defined in Section 3(a) of this Agreement to obtain
                        an assumption of RFC's obligations under this Agreement
                        by any successor to any of them, regardless of whether
                        such entity becomes a successor to

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                        RFC as a result of a merger, consolidation, sale of
                        assets or any other form of reorganization; and

                  (vii) Any unsuccessful attempt to terminate the Executive for
                        Cause.

                  At the option of the Executive, exercisable by the Executive
                  within thirty (30) days after the occurrence of the event
                  constituting "Good Reason," the Executive may resign from
                  employment under this Agreement by delivering a notice in
                  writing (the "Notice of Termination") to RFC and the
                  provisions of this Section 3(c) of this Agreement shall
                  thereupon apply.

            (d)   Notwithstanding the provisions of Section 3(a) of this
                  Agreement, this Agreement shall terminate automatically upon
                  Executive's Disability and Executive's rights under this
                  Agreement shall cease as of the date of such termination;
                  provided, however, that Executive shall nevertheless be
                  entitled to receive any benefits that may be available under
                  any disability plan of RFC under the terms and conditions of
                  such plans or such benefits due Executive as a result of the
                  benefit vesting. For purposes of this Agreement, the Executive
                  shall have a Disability if, as a result of physical or mental
                  injury or impairment, Executive is unable to perform all of
                  the essential job functions of his position on a full time
                  basis, taking into account any reasonable accommodation
                  required by law, and without posing a direct threat to himself
                  or others, for a period of more than one hundred eighty (180)
                  days during any twelve (12) months, whether consecutive or
                  not. The Executive shall have no duty to mitigate any payment
                  provided for in this Section 3(d) by seeking other employment.

            (e)   Executive agrees that in the event his employment under this
                  Agreement is terminated, regardless of the reason for
                  termination, Executive shall resign as a director of RFC, or
                  any affiliate or subsidiary thereof, if he is then serving as
                  a director of any such entities unless the Board of Directors
                  specifically requests the Executive to continue such Board
                  membership.

      4.    EMPLOYMENT PERIOD COMPENSATION.

            (a)   Annual Base Salary. For services performed by Executive under
                  this Agreement, RFC shall pay Executive an Annual Base Salary
                  during the Employment Period at the rate of Two Hundred and
                  Sixty-four Thousand Dollars ($264,000) per year (subject to
                  applicable withholdings and deductions) payable at the same
                  times as salaries are payable to other executive employees of
                  RFC. RFC may, from time to time, increase Executive's Annual
                  Base Salary, and any and all such increases shall be deemed to
                  constitute amendments to this Section 4(a) to reflect the
                  increased amounts, effective as of the date established for
                  such increases by the Board of Directors of RFC or any
                  committee of such Board in the resolutions authorizing such
                  increases.

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            (b)   Bonus. For services performed by Executive under this
                  Agreement, RFC may, from time to time, pay a bonus or bonuses
                  to Executive as RFC, in its sole discretion, deems
                  appropriate. The payment of any such bonuses shall not reduce
                  or otherwise affect any other obligation of RFC to Executive
                  provided for in this Agreement.

            (c)   Paid Time Off and/or Vacations. During the term of this
                  Agreement, Executive shall be entitled to paid time off in
                  accordance with the policies as established from time to time
                  by the Board of Directors of RFC for RFC's senior management.

            (d)   Employee Benefit Plans. During the term of this Agreement,
                  Executive shall be entitled to participate in or receive the
                  benefits of any employee benefit plan currently in effect at
                  RFC, subject to the terms of said plan, until such time that
                  the Board of Directors of RFC authorizes a change in such
                  benefits. RFC shall not make any changes in such plans or
                  benefits that would adversely affect Executive's rights or
                  benefits thereunder, unless such change occurs pursuant to a
                  program applicable to all executive officers of RFC and does
                  not result in a proportionately greater adverse change in the
                  rights of or benefits to Executive as compared with any other
                  executive officer of RFC. Nothing paid to Executive under any
                  plan or arrangement presently in effect or made available in
                  the future shall be deemed to be in lieu of the salary payable
                  to Executive pursuant to Section 4(a) of this Agreement.

            (e)   Business Expenses. During the term of this Agreement,
                  Executive shall be entitled to receive prompt reimbursement
                  for all reasonable expenses incurred by him, which are
                  properly accounted for, in accordance with the policies and
                  procedures established by the Board of Directors of RFC for
                  its executive officers. RFC shall reimburse Executive for any
                  and all dues, specific investments, and reasonable related
                  business expenses associated with the Executive's membership
                  in a mutually agreeable country club. RFC shall supply
                  executive with an appropriate automobile, or at the discretion
                  of the Executive an automobile allowance, adhering to RFC
                  policy, and pay all operating expenses for the use and
                  maintenance of the automobile.

      5.    TERMINATION OF EMPLOYMENT FOLLOWING CHANGE OF CONTROL.

            (a)   If a Change in Control (as defined in Section 5(b) of this
                  Agreement), shall occur and at any time during the period
                  beginning on the date the Board of Directors of RFC first
                  learns of the possible Change of Control and ending one (1)
                  year following that Change of Control, Executive is terminated
                  other than for Cause or an event constituting Good Reason
                  occurs, then, at the option of Executive, within ninety (90)
                  days of the termination or event constituting Good Reason,
                  Executive may resign

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                  from employment with RFC (or, if involuntarily terminated,
                  give notice of intention to collect benefits under this
                  agreement) by delivering a notice in writing (the "Notice of
                  Termination") to RFC or its successor and the provisions of
                  Section 6 of this Agreement shall apply.

            (b)   For purposes of this Agreement, the term "Change of Control"
                  shall mean the earliest of any of the following:

                  (i)   Of a nature that would be required to be reported in
                        response to Item 6(e) of Schedule 14A of Regulation 14A
                        or any successor rule or regulation promulgated under
                        the Securities Exchange Act of 1934, as amended (the
                        "Act");

                  (ii)  A merger or consolidation of RFC with or purchase of all
                        or substantially all of RFC's assets by another "person"
                        or group of "persons" (as such term is defined or used
                        in Sections 3.13(d), and 14(d) of the Act) and, as a
                        result of such merger, consolidation or sale of assets,
                        less than a majority of the outstanding voting stock of
                        the surviving, resulting or purchasing person is owned,
                        immediately after the transaction, by the holders of the
                        voting stock of RFC before the transaction, regardless
                        of when or how their voting stock was acquired;

                  (iii) Any "person" (as such term is defined in Section 3(a)(9)
                        of the Securities Exchange Act of 1934 (the "Exchange
                        Act") and as used in Sections 13(d)(3) and 14(d)(2) of
                        the Exchange Act) becomes through any means a
                        "beneficial owner" (as defined in Rule 13d-3 under the
                        Exchange Act), directly or indirectly, of securities of
                        RFC representing 50% or more of the combined voting
                        power of RFC's then outstanding securities eligible to
                        vote for the election of RFC's Board of Directors;

                  (iv)  Any "person" as defined above, other than RFC, the
                        Executive or RFC's ESOP, is or becomes the "beneficial
                        owner" (as defined in Rule 13d-3 and Rule 13d-5, or any
                        successor rule or regulation, promulgated under the
                        Act), directly or indirectly, of securities of RFC which
                        represent twenty-five percent (25%) or more of the
                        combined voting power of the securities of RFC, then
                        outstanding but disregarding any securities with respect
                        to which that acquirer has filed SEC Schedule 13G
                        indicating that the securities were not acquired and are
                        not held for the purpose of or with the effect of
                        changing or influencing, directly or indirectly, RFC's
                        management or policies, unless and until that entity or
                        person files SEC Schedule 13D, at which point this
                        exception will not apply to such securities, including
                        those previously subject to a SEC Schedule 13G filing;

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                  (v)   Individuals who, on the Effective Date, constituted the
                        board of directors of RFC (the "Incumbent Directors")
                        cease for any reason to constitute at least a majority
                        of the members of RFC's board of directors; provided
                        that any person becoming a director subsequent to the
                        Effective Date whose election or nomination for election
                        was approved by a vote of at least two-thirds of the
                        then Incumbent Directors (either by a specific vote or
                        by approval of the proxy statement of RFC in which such
                        person is named as a nominee for director, without
                        written objection to such nomination) shall be an
                        Incumbent Director; and further provided, however, that
                        no individual elected or nominated as a director of RFC
                        initially as a result of an actual or threatened
                        election contest with respect to directors or any other
                        actual or threatened solicitation of proxies or consents
                        by or on behalf of any person other than RFC's board of
                        directors shall ever be deemed to be an Incumbent
                        Director; and

                  (vi)  Any other change of control of RFC similar in effect to
                        any of the foregoing.

                  If more than one event that constitutes a Change of Control
                  occurs during a Protection Period, the Executive shall be
                  entitled to the amount that equals the largest after-tax
                  amount generated by any of the Changes of Control.

                  Notwithstanding any other provision of this Agreement, the
                  Executive will not be entitled to any amount under this
                  Agreement if he/she acted in concert with any person or group
                  (as defined above) to effect a Change of Control, other than
                  at the specific direction of the board of directors and in
                  his/her capacity as an employee of RFC.

            (c)   During the period of time beginning on the date the Board of
                  Directors of RFC first learns of a possible Change of Control
                  and the actual Change of Control, Executive's employment may
                  not be terminated by RFC other than for Cause.

      6. RIGHTS IN EVENT OF TERMINATION OF EMPLOYMENT FOLLOWING CHANGE OF
CONTROL.

            (a)   Subject to Section 409A of the Internal Revenue Code, in the
                  event that Executive delivers a Notice of Termination (as
                  defined in and under the circumstances set forth in Section
                  5(a) of this Agreement) to RFC, Executive shall be entitled to
                  receive the compensation and benefits set forth below.

                  (i)   Within thirty (30) days of the Executive's termination
                        of employment, pay to the Executive a lump sum cash
                        amount equal

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                        to 2.99 times the Executive's Agreed Compensation (as
                        defined in this Agreement), subject to applicable
                        withholdings and taxes; and

                  (ii)  Provide to the Executive (and the Executive's family, if
                        applicable and if the Executive had elected family
                        coverage as of the day before the date employment
                        terminated) for a period of three (3) years continued
                        health care, life insurance and disability insurance
                        coverage provided, on behalf of Executive, at the same
                        level (both separately with respect to each line of
                        coverage and in the aggregate) and subject to the same
                        terms that were in effect with respect to the Executive
                        at any time during the two (2) years prior to his
                        termination. These benefits will be provided under the
                        insured arrangements maintained for active employees
                        without cost to the Executive. However, if RFC or its
                        successor after a Change of Control ("Change Entity") is
                        unable to provide these benefits to the Executive
                        through an insured arrangement maintained for active
                        employees and with the same tax consequences available
                        to active employees ("Equivalent Coverage"), RFC or the
                        Change Entity, whichever is appropriate, will distribute
                        to the Executive additional cash equal to the
                        Executive's cost of procuring Equivalent Coverage
                        ("Premium Burden"), plus an additional cash amount
                        sufficient to ensure that after all applicable federal,
                        state and local income, employment, wage and excise
                        taxes (including those imposed under Section 4999 of the
                        Internal Revenue Code with respect to this amount), the
                        Executive has remaining cash equal to the Premium
                        Burden. Collectively, the gross-up described in the
                        preceding sentence and the Premium Burden are referred
                        to as the Welfare Benefit Replacement Cost. The
                        Executive agrees to make available to RFC or the Change
                        Entity any information reasonably necessary to calculate
                        the cost of this gross-up.

                  The Executive also will be entitled to receive any other
                  payments or benefits to which he is then entitled under the
                  terms of any other contract, arrangement, agreement, plan or
                  program in which he is or has been a participant.

            (b)   Executive shall not be required to mitigate the amount of any
                  payment provided for in this Section 6 by seeking other
                  employment or otherwise. Unless otherwise agreed to in
                  writing, the amount of payment or the benefits provided for in
                  this Section 6 shall not be reduced by any compensation earned
                  by Executive as the result of employment by another employer
                  or by reason of Executive's receipt of or right to receive any
                  retirement or other benefits after the date of termination of
                  employment or otherwise.

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            (c)   The term "Agreed Compensation" shall equal the sum of (i) the
                  average of Executive's Annual Base Salary with respect to the
                  five (5) calendar years immediately preceding the Executive's
                  termination and (ii) the average of the Executive's annual
                  bonuses with respect to the five (5) calendar years
                  immediately preceding the Executive's termination.

      7. RIGHTS IN EVENT OF TERMINATION OF EMPLOYMENT ABSENT CAUSE OR CHANGE OF
CONTROL. Subject to Section 409A of the Internal Revenue Code, in the event that
Executive's employment is involuntarily terminated by RFC without Cause or
Executive terminates for Good Reason as set forth in Section 3(c) of this
Agreement, and in a situation not addressed by the Change of Control provisions
set forth in Sections 5 and 6 of this Agreement, Executive shall be entitled to
receive the compensation and benefits set forth below.

            (a)   Pay to the Executive an amount equal to two (2) times the
                  Executive's Agreed Compensation (as defined in Section 6(c) of
                  this Agreement) in equal monthly installments over 24 months,
                  subject to applicable withholdings and taxes; and

            (b)   Provide to the Executive (and the Executive's family, if
                  applicable and if the Executive had elected family coverage as
                  of the day before the date employment terminated) for a period
                  of twelve (12) months (or until he obtains similar benefits
                  through other employment, if earlier) continued health care,
                  life insurance and disability insurance coverage provided, on
                  behalf of Executive, at the same level (both separately with
                  respect to each line of coverage and in the aggregate) and
                  subject to the same terms that were in effect with respect to
                  the Executive at any time during the two (2) years prior to
                  his termination. These benefits will be provided under the
                  insured arrangements maintained for active employees without
                  cost to the Executive. However, if RFC or its successor after
                  a Change of Control ("Change Entity") is unable to provide
                  these benefits to the Executive through an insured arrangement
                  maintained for active employees and with the same tax
                  consequences available to active employees ("Equivalent
                  Coverage"), RFC or the Change Entity, whichever is
                  appropriate, will distribute to the Executive additional cash
                  equal to the Executive's cost of procuring Equivalent Coverage
                  ("Premium Burden"), plus an additional cash amount sufficient
                  to ensure that after all applicable federal, state and local
                  income, employment, wage and excise taxes (including those
                  imposed under Section 4999 of the Internal Revenue Code with
                  respect to this amount), the Executive has remaining cash
                  equal to the Premium Burden. Collectively, the gross-up
                  described in the preceding sentence and the Premium Burden are
                  referred to as the Welfare Benefit Replacement Cost. The
                  Executive agrees to make available to RFC or the Change Entity
                  any information reasonably necessary to calculate the cost of
                  this gross-up.

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                  The Executive also will be entitled to receive any other
                  payments or benefits to which he is then entitled under the
                  terms of any other contract, arrangement, agreement, plan or
                  program in which he is or has been a participant.

      8 GOLDEN PARACHUTE PROVISIONS. Notwithstanding any provision in this
Agreement to the contrary (other than Sections 7, 15 and 25 of this Agreement
which will apply under the circumstances described in those sections and below),
if, as of the date of the Change of Control, the Change Entity (after consulting
with an independent accounting or compensation consulting company) ascertains
that the compensation and benefits provided to the Executive pursuant to or
under this Agreement (other than the Welfare Benefit Replacement Cost as defined
in Section 7 of this Agreement or the amounts described in Sections 15 and 25 of
this Agreement, either alone or when combined with other compensation and
benefits received by the Executive, would constitute "parachute payments" within
the meaning of Section 280G of the Internal Revenue Code, or the regulations
adopted thereunder, then the compensation and benefits payable pursuant to or
under this Agreement (other than the Welfare Benefit Replacement Cost and the
amounts described in Sections 15 and 25 of this Agreement) shall be reduced to
the extent necessary so that no portion thereof shall be subject to the excise
tax imposed by Section 4999 of the Internal Revenue Code ("Excise Taxes"). The
Executive or any other party entitled to receive the compensation or benefits
hereunder may request a determination as to whether the compensation or benefit
would constitute a parachute payment and, if requested, such determination shall
be made by an independent accounting or compensation consulting company (other
than the entity described in the first sentence of this section) selected by the
Change Entity and approved by the party requesting such determination, the fees
of which will be borne solely by the Change Entity. In the event that any
reduction is required under this Section 8, the Executive may select which
compensation and benefits shall be reduced and the Executive's decision will be
binding.

If the Internal Revenue Service subsequently and finally decides that the amount
of compensation and benefits (including after the reduction applied under this
Section 8) will generate Excise Taxes on compensation and benefits (other than
the Welfare Benefit Replacement Cost and those amounts described in Sections 15
and 25 of this Agreement), the Executive will immediately remit an additional
amount to the Change Entity equal to the difference between the amount paid
(other than the Welfare Benefit Replacement Cost and those amounts described in
Sections 15 and 25 of this Agreement) and the amount paid (other than the
Welfare Benefit Replacement Cost and those amounts described in Sections 15 and
25 of this Agreement). Also, the Executive agrees to promptly notify the Change
Entity of an assessment or inquiry from the Internal Revenue Service relating to
payments under this Agreement that would, if made final, result in imposition of
an Excise Tax and also agrees to cooperate with the Change Entity in resisting
any Excise Tax assessment. However, the Change Entity will have complete control
over resolution of any claim by the Internal Revenue Service that might generate
an Excise Tax (although it will have no dispositive power over any other tax
matter that may be subject to the same audit) and RFC will bear all costs
associated with that effort.

      9. COVENANT NOT TO COMPETE. Executive hereby acknowledges and recognizes
the highly competitive nature of the business of RFC. Accordingly, Executive
agrees that if a Change of Control occurs and provided that Executive receives
the payments described in Sections 6 and 7 of this Agreement, whichever is

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appropriate, of this Agreement, then in consideration of this benefit during and
for two (2) year(s) following termination of Executive's employment with
Corporation, or, if applicable, with the Change Entity ("Non-Competition
Period") Executive shall not:

            (a)   Provide financial or executive assistance to any person, firm,
                  corporation or enterprise engaged in (i) the banking or
                  financial services industry (including bank holding company),
                  or (ii) any other activity in which Corporation engaged on the
                  Date of the Change of Control, within fifty (50) miles of
                  RFC's Main Office (the "Non-Competition Area"); or

            (b)   Directly or indirectly contact, solicit or induce any person,
                  corporation or other entity who or which is a customer or
                  referral source of Corporation during the term of Executive's
                  employment or on the date of termination of Executive's
                  employment, to become a customer or referral source for any
                  person or entity other than Corporation or, if applicable, the
                  Change Entity; or

            (c)   Directly or indirectly solicit, induce or encourage any
                  employee of Corporation or its subsidiaries or, if applicable,
                  the Change Entity or its subsidiaries, who is employed during
                  the term of Executive's employment or on the date of
                  termination of Executive's employment, to leave the employ of
                  Corporation or its subsidiaries or, if applicable, the Change
                  Entity or its subsidiaries or to seek, obtain or accept
                  employment with any person or entity other than Corporation or
                  its subsidiaries or, if applicable, the Change Entity or its
                  subsidiaries.

            (d)   It is expressly understood and agreed that, although Executive
                  and RFC consider the restrictions contained in Section 9(a) of
                  this Agreement reasonable for the purpose of preserving for
                  Corporation and, if applicable, the Change Entity, its good
                  will and other proprietary rights, if a final judicial
                  determination is made by a court having jurisdiction that the
                  Non-Competition Area, the Non-Competition Period or any other
                  restriction contained in this Section 9 is an unreasonable or
                  otherwise unenforceable restriction against Executive, the
                  provisions of this Section 9 shall not be rendered void, but
                  shall be deemed amended to apply as to such maximum time and
                  territory and to such other extent as such court may
                  judicially determine or indicate to be reasonable.

            (e)   The existence of any immaterial claim or cause of action of
                  the Executive against Corporation or, if applicable, the
                  Change Entity, whether predicated on this Agreement or
                  otherwise, shall not constitute a defense to the enforcement
                  by Corporation of this covenant. The Executive agrees that any
                  breach of the restrictions set forth in this Section 9 will
                  result in irreparable injury to Corporation or, if applicable,
                  the Change Entity, for which it will have no adequate remedy
                  at law and RFC or, if applicable, the Change Entity, shall be
                  entitled to injunctive relief in order to enforce the
                  provisions hereof and/or seek specific performance and
                  damages.

                                       12

<PAGE>

            (f)   Prior to the application of Section 10 of this Agreement, RFC
                  and/or the Change Entity will make reasonable efforts to
                  allocate to value the undertaking described in this section
                  and to allocate to that calculation the maximum amount due
                  under Section 8 of this Agreement.

      10. UNAUTHORIZED DISCLOSURE. During the term of his employment hereunder,
or at any later time, the Executive shall not, without the written consent of
the Board or Directors of RFC or a person authorized thereby, knowingly disclose
to any person, other than an employee of RFC or a person to whom disclosure is
reasonably necessary or appropriate in connection with the performance by the
Executive of his duties as an executive of RFC, any material confidential
information obtained by him while in the employ of RFC with respect to any
services, products, improvements, formulas, designs or styles, processes,
customers, customer lists, methods of business or any business practices of RFC
or its subsidiaries or affiliates, the disclosure of which could be or will be
damaging to RFC or its subsidiaries or affiliates; provided, however, that
confidential information shall not include any information known generally to
the public (other than as a result of unauthorized disclosure by the Executive
or any person with the assistance, consent or direction of the Executive) or any
information of a type not otherwise considered confidential by persons engaged
in the same business or a business similar to that conducted by RFC or any
information that must be disclosed as required by law.

      11. MADE FOR HIRE. Any work performed by the Executive under this
Agreement should be considered a "Work Made for Hire" as that phrase is defined
by the U.S. patent laws and shall be owned by and for the express benefit of RFC
and its subsidiaries and affiliates. In the event it should be established that
such work does not qualify as a Work Made for Hire, the Executive agrees to and
does hereby assign to RFC and its affiliates and subsidiaries, all of his
rights, title, and/or interest in such work product, including, but not limited
to, all copyrights, patents, trademarks, and proprietary rights.

      12. RETURN OF COMPANY PROPERTY AND DOCUMENTS. The Executive agrees that,
at the time of termination of his employment, regardless of the reason for
termination, he will deliver to RFC and its subsidiaries and affiliates, any and
all company property, including but not limited to, keys, security codes or
passes, mobile telephones, pagers, computers, devices, confidential information
(as defined in this Agreement), records, data, notes, reports, proposals, lists,
correspondence, specification, drawings, blueprints, sketches, software
programs, equipment, other documents or property, or reproductions of any of the
aforementioned items developed or obtained by the Executive during the course of
his employment.

      13. LIABILITY INSURANCE. RFC shall use its best efforts to obtain
insurance coverage for the Executive under an insurance policy covering officers
and directors of RFC against lawsuits, arbitrations or other legal or regulatory
proceedings; however, nothing herein shall be construed to require RFC to obtain
such insurance, if the Board of Directors of RFC determines that such coverage
cannot be obtained at a commercially reasonable price.

      14. NOTICES. Except as otherwise provided in this Agreement, any notice
required or permitted to be given under this Agreement shall be deemed properly
given if in writing and if mailed by registered or certified mail, postage
prepaid with return receipt requested, to

                                       13

<PAGE>

Executive's residence, in the case of notices to Executive, and to the principal
executive offices of RFC, in the case of notices to RFC.

      15. ATTORNEY'S FEES AND COSTS.

            (a)   If any action at law or in equity is necessary to enforce or
                  interpret the terms of this Agreement, each party shall bear
                  its/his attorney's fees, costs, and necessary disbursements.

            (b)   RFC or the Change Entity shall pay all reasonable legal,
                  accounting and actuarial fees and expenses incurred by the
                  Executive in enforcing any right or benefit arising under
                  Sections 6 and 7 of this Agreement. If it is subsequently
                  determined that payment of these fees are excess parachute
                  payments, the Change Entity will fully gross-up the Executive
                  for the income, wage, employment and excise taxes associated
                  with that payment so that, after all applicable federal, state
                  and local, income, wage, employment and excise taxes (plus any
                  assessed interest and penalties), the Executive will have
                  incurred no liability (either for these fees or the taxes just
                  listed) with respect to the matters encompassed in this
                  section.

      16. INDEMNIFICATION. RFC will indemnify the Executive, as required by its
bylaws, to the extent permitted by (State) and federal law, with respect to any
threatened, pending or completed legal or regulatory action, suit or proceeding
brought against him by reason of the fact that he is or was a director, officer,
employee or agent of RFC, or is or was serving at the request of the RFC as a
director, officer, employee or agent of another person or entity.

      17. ENTIRE AGREEMENT. This Agreement supersedes any and all agreements,
either oral or in writing, between the parties with respect to the employment of
the Executive by the RFC.

      18. SUCCESSORS; BINDING AGREEMENT.

            (a)   RFC will require any successor (whether direct or indirect, by
                  purchase, merger, consolidation, or otherwise) to all or
                  substantially all of the businesses and/or assets of RFC to
                  expressly assume and agree to perform this Agreement in the
                  same manner and to the same extent that RFC would be required
                  to perform it if no such succession had taken place. Failure
                  by RFC to obtain such assumption and agreement prior to the
                  effectiveness of any such succession shall constitute a breach
                  of this Agreement and the provisions of Section 3 of this
                  Agreement shall apply.

            (b)   This Agreement shall inure to the benefit of and be
                  enforceable by Executive's personal or legal representatives,
                  executors, administrators, heirs, distributees, devisees and
                  legatees. If Executive should die after a Notice of
                  Termination is delivered by Executive, or following
                  termination of Executive's employment without Cause, and any
                  amounts would be payable to Executive under this Agreement if
                  Executive had continued to live, all such amounts shall be
                  paid in accordance with the terms of this

                                       14

<PAGE>

                  Agreement to Executive's devisee, legatee, or other designee,
                  or, if there is no such designee, to Executive's estate.

      19. NO MITIGATION OR OFFSET. The Executive will not be required to
mitigate the amount of any payment provided for in this Agreement by seeking
employment or otherwise; nor will any amounts or benefits payable or provided
hereunder be reduced in the event he does not secure employment, except as
otherwise provided herein.

      20. VALIDITY. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, which shall remain in full force and effect.

      21. SEVERABILITY. If any provision of this Agreement is declared
unenforceable for any reason, the remaining provisions of this Agreement shall
be unaffected thereby and shall remain in full force and effect.

      22. WAIVER; AMENDMENT. No provision of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing and signed by Executive and an executive officer designated by the
boards of directors of Corporation or the Change Entity. No waiver by either
party, at any time, of any breach by the other party of, or compliance with, any
condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time. This Agreement may be amended or
canceled only by mutual agreement of the parties in writing.

      23. PAYMENT OF MONEY DUE DECEASED/DISABLED EXECUTIVE. Subject to the last
sentence of this section, if Executive dies or develops a permanent disability
while employed, Corporation will have no obligations under this Agreement to
Executive after such event and this Agreement shall terminate. For purposes of
this Agreement, permanent disability shall mean a physical or mental impairment
that renders Executive incapable of performing the essential functions of his
job, on a full-time basis, even taking into account any reasonable accommodation
required by law, as determined by a physician who is selected by the agreement
of Executive and Corporation, for a period greater than 180 days. However, any
amounts or benefits that become due under Section 8 of this Agreement on account
of an event occurring before the Executive dies or becomes disabled will
continue to be due and will be unaffected by the Executive's death or
disability.

      24. LIMITATION OF DAMAGES FOR BREACH OF AGREEMENT. In the event of a
breach of this Agreement by RFC, the Change Entity or the Executive, each hereby
waives to the fullest extent permitted by law the right to assert any claim
against the others for punitive or exemplary damages. Except as provided in
Section 15 of this Agreement, in no event shall any party be entitled to the
recovery of attorney's fees or costs.

      25. ARBITRATION. Corporation and Executive recognize that in the event a
dispute should arise between them concerning the interpretation or
implementation of this Agreement, lengthy and expensive litigation will not
afford a practical resolution of the issues within a reasonable period of time.
Consequently, each party agrees that all disputes,

                                       15

<PAGE>

disagreements and questions of interpretation concerning this Agreement, except
for any claims brought by Corporation for equitable relief or an injunction to
enforce the restrictive covenants contained in Section 9 of this Agreement, are
to be submitted for resolution, in Defiance County, Ohio to the American
Arbitration Association (the "Association") in accordance with the Association's
National Rules for the Resolution of Employment Disputes or other applicable
rules then in effect ("Rules"). Corporation or Executive may initiate an
arbitration proceeding at any time by giving notice to the other in accordance
with the Rules. Corporation and Executive may, as a matter of right, mutually
agree on the appointment of a particular arbitrator from the Association's pool.
The arbitrator shall not be bound by the rules of evidence and procedure of the
courts of the State of Ohio, but shall be bound by the substantive law
applicable to this Agreement. The decision of the arbitrator, absent fraud,
duress, incompetence or gross and obvious error of fact, shall be final and
binding upon the parties and shall be enforceable in courts of proper
jurisdiction. Following written notice of a request for arbitration, Corporation
and Executive shall be entitled to an injunction restraining all further
proceedings in any pending or subsequently filed litigation concerning this
Agreement, except as otherwise provided herein.

RFC or the Change Entity will bear all reasonable costs associated with any
dispute arising under this Agreement, including reasonable accounting and legal
fees incurred by the Executive in connection with the arbitration proceedings
just described. If it is subsequently determined that payment of these costs are
excess parachute payments, RFC or the Change Entity will fully gross-up the
Executive for the income, wage, employment and excise taxes associated with that
payment so that, after all applicable federal, state and local, income, wage,
employment and excise taxes (plus any assessed interest and penalties), the
Executive will have incurred no liability (either for these fees or the taxes
just listed) with respect to the matters encompassed in this section.

If otherwise due, payments not being contested under the procedures described in
this section will not be deferred during the pendency of procedures described in
this section.

      26. LAW GOVERNING. This Agreement shall be governed by and construed in
accordance with the laws of the State of Ohio, without regard to its conflicts
of law principles.

      27. VALIDITY. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, which shall remain in full force and effect.

      28. HEADINGS. The section headings of this Agreement are for convenience
only and shall not control or affect the meaning or construction or limit the
scope or intent of any of the provisions of this Agreement.

      29. MISCELLANEOUS.

            (a)   Except as expressly provided in this Agreement, the
                  Executive's right to receive the payments described in this
                  Agreement will not decrease the amount of, or otherwise
                  adversely affect, any other benefits payable to the Executive
                  under any other plan, agreement or arrangement.

                                       16

<PAGE>

            (b)   Except as expressly provided elsewhere in this Agreement, the
                  amount of any payment made under this Agreement will be
                  reduced by amounts the Employer is required to withhold in
                  payment (or in anticipation of payment) of any income, wage or
                  employment taxes imposed on the payment.

            (c)   The right of an Executive or any other person to receive any
                  amount under this Agreement may not be assigned, transferred,
                  pledged or encumbered except by will or by applicable laws of
                  descent and distribution. Any attempt to assign, transfer,
                  pledge or encumber any amount that is or may be receivable
                  under this Agreement will be null and void and of no legal
                  effect. However, this section will not preclude payment under
                  Section 17 of this Agreement of any benefit to which a
                  deceased Executive is entitled.

            (d)   Subject to the preceding subsection 29(c), this Agreement
                  inures to the benefit of and may be enforced by the
                  Executive's personal or legal representatives, executors,
                  administrators, successors, heirs, distributees, devisees and
                  legatees.

            (e)   If the Executive's employment relationship shifts between RFC
                  and any related entity before a Change of Control or after a
                  Change of Control, between the Change Entity and any entity
                  related to the Change Entity and there has been no intervening
                  termination, this Agreement will remain in full force and
                  effect and for all purposes of this Agreement, the Executive's
                  new employer will be substituted for the Executive's prior
                  employer.

            (f)   If the Executive's employer is no longer related to RFC,
                  whether or not as part of a transaction that constitutes a
                  Change of Control, this Agreement will remain in full force
                  and effect. However, the Executive will not be entitled to any
                  amount under this Agreement on account of a Change of Control
                  that solely affects RFC after that transfer and is not part of
                  the same transaction through which the employer stopped being
                  related to RFC.

      30. ENTIRE AGREEMENT. This Agreement supersedes any and all prior
agreements, either oral or in writing, between the parties (including such
agreement with any subsidiary of RFC) with respect to payments upon termination
after a Change of Control, and this Agreement contains all the covenants and
agreements between the parties with respect to same.

                                       17

<PAGE>

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

ATTEST:                                   "RFC"

/s/ Keeta J. Diller                       By: /s/ Steven VanDemark
--------------------------------              ---------------------------------
                                                            Chairman

                                          Date: March 6, 2006

WITNESS:                                  "EXECUTIVE"

/s/ Valda L. Colbart                      /s/ Kenneth A. Joyce
--------------------------------          -------------------------------------

                                          Date: March 5, 2006

                                       18<PAGE>
                                                                   EXHIBIT 10.11

                SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN AGREEMENT

      THIS AGREEMENT (the "Agreement") is made as of this first day of March,
2006 ("Effective Date") among Rurban Financial Corp. ("RFC"), an Ohio business
corporation having a place of business at 401 Clinton Street, Defiance, Ohio,
and Kenneth A. Joyce , individually ("Executive") an Executive.

      WITNESSETH: The Executive has previously entered into an agreement
describing amounts payable under an Executive Salary Continuation Agreement
("Prior Agreement"), which agreement is superseded and replaced by this
Agreement.

      WHEREAS, RFC is a registered bank holding company; and

      WHEREAS, any reference to "Corporation" in this Agreement shall mean RFC,
and any of their successors, including any entity with which RFC effects a
Change in Control ("Change Entity"); and

      WHEREAS, the Executive is employed by the Corporation as its Chief
Executive Officer; and

      WHEREAS, it is the consensus of the board of directors of RFC that the
Executive's services to the Corporation in the past have been of exceptional
merit and have constituted an invaluable contribution to the general welfare of
the Corporation and in bringing it to its present status of operating
efficiency, and its present position in its field of activity; and

      WHEREAS, the experience of the Executive, his knowledge of the affairs of
the Corporation, his reputation and contacts in the industry are so valuable
that assurance of his continued services is essential for the future growth and
profits of the Corporation and it is in the best interest of the Corporation to
arrange terms of continued employment for the Executive so as to reasonably
ensure his remaining in the Company's employment; and

      WHEREAS, it is the desire of the Corporation that the Executive's services
be retained as herein provided; and

      WHEREAS, the Executive is willing to continue in the employ of the Company
provided the Company agrees to pay to him or his beneficiaries certain benefits
in accordance with the terms and conditions hereinafter set forth:

      ACCORDINGLY, it is the desire of the Corporation and the Executive to
enter into this Agreement under which the Corporation will agree to make certain
payments to the Executive as described in (and subject to the terms of) this
Agreement; and

      FURTHERMORE, it is the intent of the parties hereto that this agreement be
considered an unfunded arrangement maintained primarily to provide supplemental
benefits for the Executive, as a member of a select group of management or
highly compensated employees of the Corporation for the purposes of the Employee
Retirement Income Security Act of 1974, (E.R.I.S.A.):

                                       1

<PAGE>

      NOW, THEREFORE, in consideration of services performed in the past and to
be performed in the future as well as of the mutual promises and covenants
herein contained the parties agree to the following terms and conditions:

      1. DEFINITION OF CAUSE. The term "Cause" shall be defined, for purposes of
this Agreement, as the occurrence of one or more of the following:

            (a)   The willful failure by the Executive to substantially perform
                  his duties hereunder (other than a failure resulting from
                  Executive's incapacity because of death or disability), after
                  notice from the Company, and a failure to cure such violation
                  within twenty (20) days of said notice;

            (b)   The willful engaging by the Executive in misconduct injurious
                  to the Corporation;

            (c)   Dishonesty, insubordination or gross negligence of the
                  Executive in the performance of his duties;

            (d)   Executive's breach of fiduciary duty involving personal
                  profit;

            (e)   Executive's violation of any law, rule or regulation governing
                  issuers of publicly traded securities or banks or bank
                  officers or any regulatory enforcement actions issued by a
                  regulatory authority against the Executive;

            (f)   Conduct on the part of Executive which brings public discredit
                  to the Corporation and, if the effect may be cured, a failure
                  to cure within twenty (20) days of the date said notice is
                  delivered to the Executive;

            (g)   Executive's conviction of or plea of guilty or nolo contendre
                  to a felony (including conviction of or plea of guilty or nolo
                  contendre to a misdemeanor that was originally charged as a
                  felony but was reduced to a misdemeanor as a result of a plea
                  bargain), crime of falsehood or a crime involving moral
                  turpitude, or the actual incarceration of Executive for a
                  period of twenty (20) consecutive days or more;

            (h)   An act by the Executive affecting any of the Corporation's
                  employees, customers, business associates, contractors or
                  visitors that an independent third party decides, after
                  reasonable investigation, constitutes unlawful discrimination
                  or harassment or violates the Corporation's policy concerning
                  discrimination or harassment;

            (i)   Executive's theft or abuse of Corporation's property or the
                  property of the Corporation's customers, employees,
                  contractors, vendors or business associates;

                                       2

<PAGE>

            (j)   The direction or recommendation of a state or federal bank
                  regulatory authority to remove Executive from his positions
                  with Corporation; or

            (k)   Executive's willful failure to follow the good faith lawful
                  instructions of the board of directors of the Company with
                  regard to its operations, after written notice and, if the
                  event may be cured, a failure to cure such violation within
                  twenty (20) days of the date said notice is delivered to the
                  Executive;

            (l)   Material breach of any contract or agreement that Executive
                  entered with Corporation, including a breach of any of the
                  obligations described in Paragraphs 15 and 20 and, if the
                  breach may be cured, a failure to cure such breach within
                  twenty (20) days of the date said notice is delivered to the
                  Executive;

            (m)   Unauthorized disclosure of the trade secrets or confidential
                  information (as defined below) of Corporation or any of its
                  affiliates, trade partners, or vendors.

However, Cause will not arise solely because the Executive is absent from active
employment during periods of vacation, consistent with the Company's applicable
vacation policy or other period of absence initiated by the Executive and
approved by the Company.

Also, if, after the Executive terminates employment, the Corporation learns that
the Executive has actively concealed conduct or an event that, if discovered
before employment terminated, would have constituted "Cause," the provisions of
Paragraph 10 will be applied retroactively to the date the Executive terminated
employment and the Corporation may recover any and all amounts paid to the
Executive (or to his or her beneficiaries) under this Agreement.

The term "Confidential Information" shall mean any and all information (other
than information in the public domain) related to the Corporation's business,
including all processes, inventions, trade secrets, computer programs, technical
data, drawings or designs, information concerning pricing and pricing policies,
marketing techniques, plans and forecasts, new product information, information
concerning methods and manner of operations and information relating to the
identity and location of all past, present and prospective customers and
suppliers.

      2. DEFINITION OF CHANGE OF CONTROL. For purposes of this Agreement, the
term "Change of Control" shall mean the earliest of any of the following:

            (a)   Of a nature that would be required to be reported in response
                  to Item 6(e) of Schedule 14A of Regulation 14A or any
                  successor rule or regulation promulgated under the Securities
                  Exchange Act of 1934, as amended (the "Act");

            (b)   A merger or consolidation of RFC with or purchase of all or
                  substantially all of RFC's assets by another "person" or group
                  of "persons" (as such term is defined or used in Sections
                  3.13(d), and 14(d) of the Act) and, as a result of

                                       3

<PAGE>

                  such merger, consolidation or sale of assets, less than a
                  majority of the outstanding voting stock of the surviving,
                  resulting or purchasing person is owned, immediately after the
                  transaction, by the holders of the voting stock of RFC before
                  the transaction, regardless of when or how their voting stock
                  was acquired;

            (c)   Any "person" (as such term is defined in Section 3(a)(9) of
                  the Securities Exchange Act of 1934 (the "Exchange Act") and
                  as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act)
                  becomes through any means a "beneficial owner" (as defined in
                  Rule 13d-3 under the Exchange Act), directly or indirectly, of
                  securities of RFC representing 50% or more of the combined
                  voting power of RFC's then outstanding securities eligible to
                  vote for the election of RFC's board of directors;

            (d)   Any "person" as defined above, other than the Corporation, the
                  Executive or RFC's ESOP, is or becomes the "beneficial owner"
                  (as defined in Rule 13d-3 and Rule 13d-5, or any successor
                  rule or regulation, promulgated under the Act), directly or
                  indirectly, of securities of RFC which represent twenty-five
                  percent (25%) or more of the combined voting power of the
                  securities of RFC, then outstanding but disregarding any
                  securities with respect to which that acquirer has filed SEC
                  Schedule 13G indicating that the securities were not acquired
                  and are not held for the purpose of or with the effect of
                  changing or influencing, directly or indirectly, RFC's
                  management or policies, unless and until that entity or person
                  files SEC Schedule 13D, at which point this exception will not
                  apply to such securities, including those previously subject
                  to a SEC Schedule 13G filing;

            (e)   Individuals who, on the Effective Date, constituted the board
                  of directors of RFC (the "Incumbent Directors") cease for any
                  reason to constitute at least a majority of the members of
                  RFC's board of directors; provided that any person becoming a
                  director subsequent to the Effective Date whose election or
                  nomination for election was approved by a vote of at least
                  two-thirds of the then Incumbent Directors (either by a
                  specific vote or by approval of the proxy statement of RFC in
                  which such person is named as a nominee for director, without
                  written objection to such nomination) shall be an Incumbent
                  Director; and further provided, however, that no individual
                  elected or nominated as a director of RFC initially as a
                  result of an actual or threatened election contest with
                  respect to directors or any other actual or threatened
                  solicitation of proxies or consents by or on behalf of any
                  person other than RFC's board of directors shall ever be
                  deemed to be an Incumbent Director; and

            (f)   Any other change of control of the Corporation similar in
                  effect to any of the foregoing.

                                       4

<PAGE>

Notwithstanding any other provision of this Agreement, the Plan will be
administered without regard to this definition if the Executive acted in concert
with any person or group (as defined above) to effect a Change of Control, other
than at the specific direction of the board of directors and in his/her capacity
as an employee of the Company.

      3. DEFINITION OF DATE OF THE CHANGE OF CONTROL. For purposes of this
Agreement, the "Date of the Change of Control" shall mean the date the first of
any of the events described in Paragraph 2 occurs.

      4. DEFINITION OF ANNUAL DIRECT SALARY. For purposes of this Agreement,
Annual Direct Salary shall be defined as the highest base salary paid to the
Executive for any calendar month during the 36-consecutive-calendar-month period
ending on or immediately before the date on which it is being calculated,
multiplied by 12. Annual Direct Salary will be determined without including any
employee or fringe benefits, bonuses, incentives or other compensation (other
than base salary) paid or earned during the calculation period.

      5. EMPLOYMENT. The Company agrees to employ the Executive in such capacity
as the Company may from time to time determine. The Executive will continue in
the employ of the Company in such capacity and with such duties and
responsibilities as may be assigned to him, and with such compensation as may be
determined from time to time by the board of directors of the Company. Active
employment shall include temporary disability not to exceed 180 days and other
"leaves of absence" specifically granted by the board of directors.

      6. FRINGE BENEFITS. The salary continuation benefits provided by this
agreement are granted by the Company as a fringe benefit to the Executive and
are not part of any salary reduction plan or an arrangement deferring a bonus or
a salary increase. The Executive has no option to take any current payment or
bonus in lieu of these salary continuation benefits except as set forth
hereinafter.

      7. RETIREMENT DATE. If Executive remains in the continuous employ of the
Corporation, Executive shall retire from active employment with the Corporation
on the first December 31st after his sixty-second (62) birthday, unless by
action of the board of directors Executive's period of active employment shall
be shortened or extended.

      8. RETIREMENT BENEFIT AND POST RETIREMENT DEATH BENEFIT. Subject to
Section 409A of the Code, when the Executive reaches his/her Retirement Date,
the Corporation, commencing with the first day of the month following the date
of such retirement, shall pay Executive an annual benefit equal to 25% of
Executive's Annual Direct Salary in equal monthly installments (of 1/12 of the
annual benefit) for a period of one hundred eighty (180) months, provided that
if less than one hundred eighty (180) such monthly payments have been made prior
to the death of the Executive, the Corporation shall continue such monthly
payments to whomever the Executive shall designate in writing and filed with the
Corporation, until the full number of one hundred eighty (180) monthly payments
have been made. In the absence of any effective designation of beneficiary, any
such amounts becoming due and payable upon the death of the Executive shall be
payable to the duly qualified executor or administrator of Executive's estate.

                                       5
<PAGE>

      9. BENEFIT ACCOUNTING. The Corporation shall account for this benefit
using the regulatory accounting principles of the Corporation's primary federal
regulator consistent with Generally Applicable Accounting Principles. The
Corporation shall establish an unfunded accrued liability retirement account for
the Executive.

      10. OTHER TERMINATION OF EMPLOYMENT. In the event that the employment of
the Executive shall terminate prior to Retirement Date from active employment,
as provided in Paragraph 5, by Executive's voluntary action, then this Agreement
shall terminate upon the date of such termination of employment and, subject to
Section 409A of the Code, the Corporation shall pay to the Executive as Early
Retirement compensation an amount of money as of attained age under Vesting
Schedule (Paragraph 11) and subject to the payment schedule described in
Paragraph 8. If the Executive has not attained the minimum age shown is
Paragraph 11 or the Executive is discharged by the Corporation for Cause, the
Executive will have no compensation payable under this Agreement.

In the event the Executive's death should occur after such Early Retirement
defined above, but prior to the completion of the monthly payments provided for
in this Paragraph 10, the remaining installments shall be paid to such
individual or individuals as the Executive may have designated in writing, and
filed with the Corporation. In the absence of any effective designation of
beneficiary, any such amounts shall be payable to the duly qualified executor or
administrator of Executive's estate.

      11. VESTING AND PAYMENT SCHEDULE. The benefits contemplated under this
Agreement are payable in accordance with the following vesting schedule. Five
years of employment and the attainment of the following ages while actively
employed with the Corporation:

         15 % of Executive's Annual Direct Salary at age fifty-five (55)

         20 % of Executive's Annual Direct Salary at age sixty (60)

         25 % of Executive's Annual Direct Salary at age sixty-two (62)

      12. DEATH BENEFIT PRIOR TO RETIREMENT. In the event the Executive dies
while actively employed by the Corporation at any time after the date of this
Agreement but prior to his attaining the age of sixty-two years (or such later
date as may be agreed upon), the Corporation will pay an annual benefit equal
the amount due the Executive as if the death of the Executive was an Early
Retirement as defined in Paragraph 10. The amount paid will be according to the
vesting schedule of Paragraph 11 and such vesting must have occurred for payment
of this death benefit as defined in this Paragraph. This payment will be based
upon Executive's Annual Direct Salary in equal monthly installments (each equal
to 1/12 of the annual benefit) for a period of one hundred eighty (180) months
to such individual or individuals as the Executive may have designated in
writing and filed with the Corporation. The said monthly payments shall begin
the first day of the first month following the month of the death of the
Executive. In the absence of any effective designation of beneficiary, any such
amounts becoming due and payable upon the death of the executive shall be
payable to the duly qualified executor or administrator of Executive's estate.

                                       6
<PAGE>

      13. CHANGE OF CONTROL. In the event there is a Change of Control as
defined herein, the Executive shall become 100% vested and the benefit described
in Paragraph 8 (calculated on the basis of the higher of the Executive's Annual
Direct Salary on the date of the Change of Control or at his date of
termination) beginning on the Executive's Retirement Date and paid as provided
in (and subject to) Paragraph 10.

      14. PARTICIPATION IN OTHER PLANS. The benefits provided hereunder shall be
in addition to Executive's annual salary as determined by the board of directors
of the Company, and shall not affect the right of Executive to participate in
any current or future Corporation retirement plan, group insurance, bonus, or in
any supplemental compensation arrangement which constitutes a part of the
Corporation's regular compensation structure.

      15. NON-COMPETE. In consideration of the retirement benefits available
under this Agreement:

            (a)   Executive hereby acknowledges and recognizes the highly
                  competitive nature of the business of the Corporation.
                  Accordingly, in consideration of the Benefit described in this
                  Agreement, during and for two (2) year(s) following
                  termination of Executive's employment with Corporation,
                  ("Non-Competition Period") Executive shall not:

                  (i)   Provide financial or executive assistance to any person,
                        firm, corporation or enterprise engaged in (1) the
                        banking or financial services industry (including bank
                        holding company), or (2) any other activity in which
                        Corporation engaged at the beginning of the
                        Non-Competition Period, within fifty (50) miles of the
                        Corporation's Main Office (the "Non-Competition Area");
                        or

                  (ii)  Directly or indirectly contact, solicit or induce any
                        person, corporation or other entity who or which is a
                        customer or referral source of Corporation during the
                        term of Executive's employment or on the date of
                        termination of Executive's employment, to become a
                        customer or referral source for any person or entity
                        other than Corporation; or

                  (iii) Directly or indirectly solicit, induce or encourage any
                        employee of Corporation or its subsidiaries, who is
                        employed during the term of Executive's employment or on
                        the date of termination of Executive's employment, to
                        leave the employ of Corporation or its subsidiaries or
                        to seek, obtain or accept employment with any person or
                        entity other than Corporation or its subsidiaries.

            (b)   It is expressly understood and agreed that, although Executive
                  and RFC consider the restrictions contained in Paragraph 15(a)
                  reasonable for the purpose of preserving for Corporation, its
                  good will and other proprietary

                                       7
<PAGE>

                  rights, if a final judicial determination is made by a court
                  having jurisdiction that the Non-Competition Area, the
                  Non-Competition Period or any other restriction contained in
                  Paragraph 15 is an unreasonable or otherwise unenforceable
                  restriction against Executive, the provisions of Paragraph 15
                  shall not be rendered void, but shall be deemed amended to
                  apply as to such maximum time and territory and to such other
                  extent as such court may judicially determine or indicate to
                  be reasonable.

            (c)   The existence of any immaterial claim or cause of action of
                  the Executive against Corporation, whether predicated on this
                  Agreement or otherwise, shall not constitute a defense to the
                  enforcement by Corporation of this covenant. The Executive
                  agrees that any breach of the restrictions set forth in this
                  Paragraph 15 will result in irreparable injury to Corporation
                  for which it will have no adequate remedy at law and the
                  Corporation shall be entitled to injunctive relief in order to
                  enforce the provisions hereof and/or seek specific performance
                  and damages.

Prior to the application of Paragraph 16 (if applicable), the Corporation will
make reasonable efforts to allocate to value the undertaking described in this
paragraph and to allocate to that calculation the maximum amount due under this
Agreement.

      16. GOLDEN PARACHUTE PROVISIONS. Notwithstanding any provision in this
Agreement to the contrary (other than Paragraphs 27 and 31 which will apply
under the circumstances described in those paragraphs and below), if, as of the
date of the Change of Control, the Change Entity (after consulting with an
independent accounting or compensation consulting company) ascertains that the
compensation and benefits provided to the Executive pursuant to or under this
Agreement (other than the amounts described in Paragraphs 27 and 31, either
alone or when combined with other compensation and benefits received by the
Executive, would constitute "parachute payments" within the meaning of Section
280G of the Code, or the regulations adopted thereunder, then:

            (a)   The relevant provisions of any change of control agreement to
                  which the Corporation and the Executive are parties on the
                  Date of the Change of Control will apply; or

            (b)   If the Executive and the Corporation are not parties to a
                  change of control agreement on the Date of the Change of
                  Control such parachute payments shall be retroactively (if
                  necessary) reduced to the extent necessary to avoid excise
                  taxes otherwise arising under Section 4999 of the Code. Upon
                  written notice to Executive, together with calculations of
                  Corporation's independent auditors, Executive shall remit to
                  Corporation the amount of the reduction plus such interest as
                  may be necessary to avoid the imposition of such excise tax.
                  Notwithstanding the foregoing or any other provision of this
                  Agreement to the contrary, if any portion of the amount herein
                  payable to the Executive is determined to be non-deductible
                  pursuant to the regulations promulgated

                                       8
<PAGE>
                  under Section 280G of the Internal Revenue Code of 1986, as
                  amended (the "Code"), the Corporation shall be required only
                  to pay to Executive the amount determined to be deductible
                  under Section 280G.

If the Internal Revenue Service subsequently and finally decides that the amount
of compensation and benefits (including after the reduction applied under this
Paragraph 16) will generate Excise Taxes on compensation and benefits (other
than those amounts described in Paragraphs 27 and 31), the Executive will
immediately remit an additional amount to the Change Entity equal to the
difference between the amount paid (other than those amounts described in
Paragraphs 27 and 31) and the amount paid (other than those amounts described in
Paragraphs 27 and 31). Also, the Executive agrees to promptly notify the
Corporation of an assessment or inquiry from the Internal Revenue Service
relating to payments under this Agreement that would, if made final, result in
imposition of an Excise Tax and also agrees to cooperate in resisting any Excise
Tax assessment. However, the Corporation will have complete control over
resolution of any claim by the Internal Revenue Service that might generate an
Excise Tax (although it will have no dispositive power over any other tax matter
that may be subject to the same audit) and the Corporation will bear all costs
associated with that effort.

      17. RESTRICTIONS OF FUNDING. The Corporation shall have no obligation to
set aside, earmark, or entrust any specific fund or money with which to pay its
obligation under this Agreement. The Corporation reserves the absolute right at
its sole discretion to either fund the obligations undertaken by this Agreement
or to refrain from funding the same and determine the extent, nature, and method
of such funding.

      18. GENERAL ASSETS OF THE CORPORATION. The rights of the Executive under
this Agreement and of any beneficiary of the Executive shall be solely those of
an unsecured creditor of the Corporation. If the Corporation shall acquire an
insurance policy or any other asset in connection with the liabilities assumed
by it hereunder, it is expressly understood and agreed that neither Executive
nor any beneficiary of Executive shall have any right with respect to, or claim
against, such policy or other asset. Such policy or asset shall not be deemed to
be held under any trust for the benefit of Executive or his beneficiaries or to
be held in any way as collateral security for the fulfilling of the obligations
of the Corporation under this Agreement. It shall be, and remain, a general,
unpledged, unrestricted asset of the Corporation and Executive or any of his
beneficiaries shall not have a greater claim to the insurance policy or other
assets, or any interest in either of them, than any other general creditor of
the Corporation.

      19. UNAUTHORIZED DISCLOSURE. During the term of his employment, or at any
later time, the Executive shall not, without the written consent of the boards
of directors of RFC or a person authorized thereby, knowingly use or disclose to
any person, other than an employee of the Corporation, or a person to whom
disclosure is reasonably necessary or appropriate in connection with the
performance by the Executive of his duties as an executive of Company any
material Confidential Information obtained by him while in the employ of
Corporation with respect to any of the services, products, improvements,
formulas, designs or styles, processes, customers, customer lists, methods of
business or any business practices of Corporation, or affiliates, the disclosure
of which could be or will be damaging to Corporation, or affiliates; provided,
however, that

                                       9
<PAGE>
Confidential Information shall not include any information known generally to
the public (other than as a result of unauthorized disclosure by the Executive
or any person with the assistance, consent or direction of the Executive) or any
information of a type not otherwise considered confidential by persons engaged
in the same business or a business similar to that conducted by Corporation or
its subsidiaries or affiliates or any information that must be disclosed as
required by law.

      20. NO EMPLOYMENT CONTRACT. This Agreement is not an employment contract.
Nothing contained herein shall guarantee or assure Executive of continued
employment by Corporation.

      21. NOTICE. For the purposes of this Agreement, notices and all other
communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States
certified mail, return receipt requested, postage prepaid, addressed as follows:

          If to the Executive:                      Kenneth A. Joyce
                                                    1309 Heatherdowns  Dr
                                                    Defiance Ohio, 43512

          If to the Corporation or Company:         Michelle Baker
                                                    Human Resource Director
                                                    401 Clinton Street
                                                    Defiance, OH  43512

or to such other address as Executive or Company may have furnished to the other
in writing in accordance herewith, except that notices of change of address
shall be effective only upon receipt.

      22. SUCCESSORS; BINDING AGREEMENT. This Agreement shall inure to the
benefit of and be binding upon the Corporation, and Executive, their respective
personal representatives, heirs, assigns or successors, provided, however, that
the Executive may not commute, anticipate, encumber, dispose or assign any
payment herein except as may be otherwise specified in this Agreement.

      23. SEVERABILITY. If any provision of this Agreement is declared
unenforceable for any reason, the remaining provisions of this Agreement shall
be unaffected thereby and shall remain in full force and effect.

      24. WAIVER; AMENDMENT. No provision of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing and signed by Executive and an executive officer specifically
designated by the board of directors of RFC. No waiver by either party, at any
time, of any breach by the other party of, or compliance with, any condition or
provision of this Agreement to be performed by such other party shall be deemed
a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent

                                       10
<PAGE>
time. This Agreement may be amended or canceled only by mutual agreement of the
parties in writing.

      25. PAYMENT OF MONEY DUE DECEASED/DISABLED EXECUTIVE. Subject to the last
sentence of this paragraph, if Executive dies or develops a permanent disability
while employed, Corporation will have no obligations under this Agreement to
Executive after such event and this Agreement shall terminate. For purposes of
this Agreement, permanent disability shall mean a physical or mental impairment
that renders Executive incapable of performing the essential functions of his
job, on a full-time basis, even taking into account any reasonable accommodation
required by law, as determined by a physician who is selected by the agreement
of Executive and Company, for a period greater than 180 days. However, any
amounts or benefits that become due under this Agreement on account of an event
occurring before the Executive dies or becomes disabled will continue to be due
and will be unaffected by the Executive's death or disability.

      26. LIMITATION OF DAMAGES FOR BREACH OF AGREEMENT. In the event of a
breach of this Agreement, by either the Corporation or the Executive, each
hereby waives to the fullest extent permitted by law, the right to assert any
claim against the others for punitive or exemplary damages. Except as provided
in Paragraph 31, no party will be entitled to the recovery of attorney's fees or
costs.

      27. ARBITRATION. Corporation and Executive recognize that in the event a
dispute should arise between them concerning the interpretation or
implementation of this Agreement, lengthy and expensive litigation will not
afford a practical resolution of the issues within a reasonable period of time.
Consequently, each party agrees that all disputes, disagreements and questions
of interpretation concerning this Agreement, except for any claims brought by
Corporation for equitable relief or an injunction to enforce the restrictive
covenants contained in Paragraph 15, are to be submitted for resolution, in
Defiance, Ohio to the American Arbitration Association (the "Association") in
accordance with the Association's National Rules for the Resolution of
Employment Disputes or other applicable rules then in effect ("Rules").
Corporation or Executive may initiate an arbitration proceeding at any time by
giving notice to the other in accordance with the Rules. Corporation and
Executive may, as a matter of right, mutually agree on the appointment of a
particular arbitrator from the Association's pool. The arbitrator shall not be
bound by the rules of evidence and procedure of the courts of the State of Ohio,
but shall be bound by the substantive law applicable to this Agreement. The
decision of the arbitrator, absent fraud, duress, incompetence or gross and
obvious error of fact, shall be final and binding upon the parties and shall be
enforceable in courts of proper jurisdiction. Following written notice of a
request for arbitration, Corporation and Executive shall be entitled to an
injunction restraining all further proceedings in any pending or subsequently
filed litigation concerning this Agreement, except as otherwise provided herein.

The Corporation will bear all reasonable costs associated with any dispute
arising under this Agreement, including reasonable accounting and legal fees
incurred by the Executive in connection with the arbitration proceedings just
described. If it is subsequently determined that payment of these costs are
excess parachute payments, the Corporation will fully gross-up the Executive for
the income, wage, employment and excise taxes associated with that payment so
that, after all applicable federal, state and local, income, wage, employment
and excise taxes (plus any assessed interest and

                                       11
<PAGE>
penalties), the Executive will have incurred no liability (either for these fees
or the taxes just listed) with respect to the matters encompassed in this
paragraph.

If otherwise due, payments not being contested under the procedures described in
this paragraph will not be deferred during the pendency of procedures described
in this paragraph.

      28. LAW GOVERNING. This Agreement shall be governed by and construed in
accordance with the laws of the State of Ohio, without regard to its conflicts
of law principles.

      29. VALIDITY. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, which shall remain in full force and effect.

      30. HEADINGS. The paragraph headings of this Agreement are for convenience
only and shall not control or affect the meaning or construction or limit the
scope or intent of any of the provisions of this Agreement.

      31. LEGAL FEES. The Corporation shall pay all reasonable legal, accounting
and actuarial fees and expenses incurred by the Executive in enforcing any right
or benefit provided by this Agreement. If it is subsequently determined that
payment of these fees are excess parachute payments, will fully gross-up the
Executive for the income, wage, employment and excise taxes associated with that
payment so that, after all applicable federal, state and local, income, wage,
employment and excise taxes (plus any assessed interest and penalties), the
Executive will have incurred no liability (either for these fees or the taxes
just listed) with respect to the matters encompassed in this paragraph.

      32. MISCELLANEOUS.

            (a)   Except as expressly provided in this Agreement, the
                  Executive's right to receive the payments described in this
                  Agreement will not decrease the amount of, or otherwise
                  adversely affect, any other benefits payable to the Executive
                  under any other plan, agreement or arrangement.

            (b)   The Executive is not required to mitigate the amount of any
                  payment described in this Agreement by seeking other
                  employment or otherwise, nor will the amount of any payment or
                  benefit provided for in this Agreement be reduced by any
                  compensation or benefits the Executive earns, or is entitled
                  to receive, in any capacity after termination or by reason of
                  the Executive's receipt of or right to receive any retirement
                  or other benefits attributable to employment.

            (c)   Except as expressly provided elsewhere in this Agreement, the
                  amount of any payment made under this Agreement will be
                  reduced by amounts the Employer is required to withhold in
                  payment (or in anticipation of payment) of any income, wage or
                  employment taxes imposed on the payment.

                                       12
<PAGE>
            (d)   The right of an Executive or any other person to receive any
                  amount under this Agreement may not be assigned, transferred,
                  pledged or encumbered except by will or by applicable laws of
                  descent and distribution. Any attempt to assign, transfer,
                  pledge or encumber any amount that is or may be receivable
                  under this Agreement will be null and void and of no legal
                  effect. However, this paragraph will not preclude payment
                  under this Agreement of any benefit to which a deceased
                  Executive is entitled.

            (e)   Subject to the preceding subparagraph (d), this Agreement
                  inures to the benefit of and may be enforced by the
                  Executive's personal or legal representatives, executors,
                  administrators, successors, heirs, distributees, devisees and
                  legatees.

      33. ENTIRE AGREEMENT. This Agreement supersedes any and all prior
agreements, either oral or in writing, between the parties (including such
agreement with any subsidiary of RFC) with respect to similar payments and this
Agreement contains all the covenants and agreements between the parties with
respect to same.

      IN WITNESS WHEREOF, the parties hereto, intending to be legally bound
hereby, have caused this Agreement to be duly executed in their respective names
and, in the case of the Corporation, by its authorized representatives the day
and year above mentioned.

ATTEST:                                        RURBAN FINANCIAL CORP.

/s/ Valda L. Colbart                           By /s/ Steven VanDemark, Chairman
-------------------------------                   ------------------------------

Date 3-13-06                                   Date 3/13/2006

WITNESS:                                       EXECUTIVE:

/s/ Valda L. Colbart                           /s/ Kenneth A. Joyce
-------------------------------                ---------------------------------
                                               Kenneth A. Joyce

Date 3-13-06                                   Date 3/10/2006

                                       13

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