Document:

Form of Stock Option Award Agreement

 Exhibit 10.16 
 STOCK OPTION AWARD AGREEMENT 
 PURSUANT TO THE FIRST DEFIANCE FINANCIAL CORP. 
 2005 STOCK OPTION AND INCENTIVE PLAN 
 (Incentive Stock Option) 
 THIS AGREEMENT is made to be effective as of
                , by and between First Defiance Financial Corp. (the “Company”) and
                     (the “Optionee”). 
 WITNESSETH: 
 WHEREAS, pursuant to the provisions of the First Defiance Financial
Corp. 2005 Stock Option and Incentive Plan (the “Plan”), the Stock Option Committee (the “Committee”) has determined that an option to acquire common shares of the Company, $0.01 par value per share (the “Common
Shares”), should be granted to the Optionee upon the terms and conditions set forth in this Agreement; 
 NOW,
THEREFORE, in consideration of the above premises and intending to be legally bound by this Agreement, the parties hereto agree to the following: 
 1. Grant of Option. The Company hereby grants to the Optionee an option to purchase
                     Common Shares (the “Option”). The Option is intended to qualify as an incentive stock option (an
“ISO”) under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 
 2.
Terms and Conditions of the Option. 
 (A) Option Price. The exercise price (the “Option
Price”) to be paid by the Optionee to the Company upon the exercise of the Option shall be $             per share, being 100% of the Fair Market Value (as that term is
defined in the Plan) of a Common Share on                     . 
 (B) Exercise of the Option. Subject to the provisions of the Plan and the other provisions of this Agreement, the
Option is first exercisable in accordance with the following schedule: 
  

			
	 Date
	  	Number of Common Shares First Exercisable
		  	

 The Option may be exercised to purchase less than the total number of Common Shares
subject to the Option. The Option may be exercised by delivering written notice of exercise to the Company. The notice must state the number of Common Shares to be purchased and must be accompanied by payment in full of the Option Price in cash
unless the Committee, in its sole discretion, permits payment of the Option Price in Common Shares already owned by the Optionee or by the surrender of outstanding awards of Options. 
 The Option may not be exercised unless the Common Shares issued upon such exercise are first registered pursuant to any applicable
federal and state laws or regulations or, in the opinion of the counsel to the Company, are exempt from such registration. Nothing contained in the Plan or in this Agreement shall be construed to require the Company to take any action whatsoever to
make exercisable any Option or to make transferable any shares issued upon the exercise of any Option. 
 (C)
Option Term. The Option shall expire on                     . The Option shall in no event be exercisable after the expiration of ten
(10) years from the date of this Agreement. 
 (D) Change of Control. The Option shall become
immediately exercisable in the event of a change in control of the Company, as determined by the Committee. “Change in control” shall mean the acquisition, directly or indirectly, of the beneficial ownership (as such term is defined under
Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder) of 25% or more of the outstanding Common Shares of the Company by any person, trust, entity or group. 
 3. Non-Assignability of the Option. The Option shall not be assignable or transferable except by will or by the laws of descent
and distribution. The terms and conditions of the Option shall be binding upon each and every executor, administrator, heir, beneficiary, or other successor to the Optionee’s interest. 
 4. Incentive Stock Option Qualification. The Option is intended to be an ISO under Section 422 of the Code. The Optionee
acknowledges that in order for the Option to qualify as an ISO, the Optionee must comply with the following additional conditions: 
 (A) The Optionee must remain employed by the Company (or a subsidiary of the Company) at least until three months before the Option is exercised (or one year in the case of an Optionee who is disabled within the
meaning of Section 22(e)(3) of the Code); 
 (B) The Optionee may not dispose of the Common Shares
acquired upon the exercise of the Option (i) within two years of the date of the grant of the Option, and (ii) within one year after the date of the exercise of the Option; and 
  

 -2- 

 (C) The aggregate fair market value (determined as of the date of the
grant of the Option) of the Common Shares with respect to which ISOs are exercisable under all plans of the Company or a subsidiary for the first time by the Optionee during any calendar year shall not exceed $100,000, or such other limit as may be
required by the Code. 
 To the extent that the Optionee does not comply with the foregoing conditions, the Option will not
be deemed to be an ISO under the Code with respect to the number of shares that fail to satisfy each of such conditions. 
 5. Governing Law. The rights and obligations of the Optionee and the Company under this Agreement shall be governed by and construed in accordance with the laws of the State of Ohio in all respects, including, without limitation,
matters relating to the validity, construction, interpretation, administration, effect, enforcement and remedies provisions of the Plan and its rules and regulations, except to the extent preempted by applicable federal law. All disputes and matters
whatsoever arising under, in connection with or incident to this Agreement shall be litigated, if at all, in and before a court located in the State of Ohio, USA, to the exclusion of the courts of any other state or country. 
 6. Rights and Remedies Cumulative. All rights and remedies of the Company and of the Optionee enumerated in this Agreement shall
be cumulative and, except as expressly provided otherwise in this Agreement, none shall exclude any other rights or remedies allowed by law or in equity, and each of such rights or remedies may be exercised and enforced concurrently. 
 7. Captions. The captions contained in this Agreement are included only for convenience of reference and do not define, limit,
explain or modify this Agreement or its interpretation, construction or meaning and are in no way to be construed as a part of this Agreement. 
 8. Severability. If any provision of this Agreement or the application of any provision hereof to any person or any circumstance shall be determined to be invalid or unenforceable, then such determination shall
not affect any other provision of this Agreement or the application of such provision to any other person or circumstance, all of which other provisions shall remain in full force and effect. It is the intention of each party to this Agreement that
if any provision of this Agreement is susceptible of two or more constructions, one of which would render the provision enforceable and the other or others of which would render the provision unenforceable, then the provision shall have the meaning
which renders it enforceable. 
 9. Plan as Controlling. All terms and conditions of the Plan applicable to options
granted thereunder which are not set forth in this Agreement shall be deemed incorporated herein by reference. In the event that any provision in this Agreement conflicts with any term in the Plan, the term in the Plan shall be deemed controlling.

  

 -3- 

 10. Entire Agreement. This Agreement constitutes the entire agreement between the
Company and the Optionee regarding the subject matter of this Agreement, and this Agreement supersedes all prior and contemporaneous agreements between the parties hereto in connection with the subject matter of this Agreement. All representations
of any type relied upon by the Optionee and the Company in making this Agreement are specifically set forth herein, and the Optionee and the Company each acknowledge that they have relied on no other representation in entering into this Agreement.
No change, termination or attempted waiver of any of the provisions of this Agreement shall be binding upon any party hereto unless contained in a writing signed by the party to be charged. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed to be effective as of
                    . 
  

			
	 FIRST DEFIANCE FINANCIAL CORP.

		
	 By: 
	 	 
		 	 William J. Small

		 	 its Chairman, President & CEO

	
	 OPTIONEE

	
	 
	 XXXXXXXXXX

  

 -4-Amendment to all Employment Agreements for CPP

 Exhibit 10.17 
 AMENDMENT TO EMPLOYMENT AGREEMENT 
 THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is entered into effective as of the 5th day of
December, 2008, by and among First Defiance Financial Corp. (“First Defiance”) an Ohio-chartered corporation and savings and loan holding company, First Federal Bank of the Midwest (“First Federal”), a federally chartered stock
savings bank, both of which are located in Defiance, Ohio, and William J. Small (the “Executive”). First Defiance and First Federal are referred to jointly herein as the “Companies.” 
 WITNESSETH: 
 WHEREAS, the
Executive is presently Chairman, President and Chief Executive Officer of First Defiance and Chairman and Chief Executive Officer of First Federal and is serving the Companies pursuant to the terms of an Employment Agreement dated September 27,
2007 (the “Employment Agreement”); 
 WHEREAS, First Defiance is participating in the Capital Participation Program
of the United State Department of the Treasury (the “Program”), the terms of which impose restrictions on certain compensation arrangements; 
 WHEREAS, the Executive desires to cooperate with the Companies to facilitate participation by First Defiance in the Program by agreeing to amend the Employment Agreement; 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Companies and the Executive agree as follows: 
 1. Section 6 of the
EMPLOYMENT AGREEMENT is hereby amended in its entirety to read as follows: 
         6. Limitation of Benefits under Certain Circumstances. If the payments and benefits pursuant to Section 5 hereof, either alone or together with other payments and benefits that Executive
has the right to receive from the Companies, would constitute a “parachute payment” under Section 280G(e) of the Code, such payments and benefits shall be reduced by the amount, if any, that is the minimum necessary to result in no
portion of the payments or benefits constituting a parachute payment under Section 280G of the Code. The determination of any reduction in the payments and benefits made pursuant to this Section 6 shall be based upon the opinion of tax
counsel selected by the Companies’ independent public accountants and paid by the Companies and reasonably acceptable to the Companies and Executive. Such counsel shall promptly prepare the foregoing opinion, but in no event later than thirty
(30) days from the Date of Termination or applicable severance from employment, and may use such technical advisors as such counsel deems necessary or advisable for this purpose. 

 2. Except as expressly modified by this Amendment, the Employment Agreement shall remain
in full force and effect. 
 IN WITNESS WHEREOF, the Companies have caused this Amendment to be executed by their duly
authorized officers, and the Executive has signed this Amendment, all as of the day and year first above written. 
  

			
	 FIRST DEFIANCE FINANCIAL CORP.

		
	 By:
	 	 /s/ James L. Rohrs

	 Name:
	 	 James L. Rohrs

	 Title:
	 	 Executive Vice President

  

			
	 FIRST FEDERAL BANK OF THE MIDWEST

		
	 By:
	 	 /s/ James L. Rohrs

	 Name:
	 	 James L. Rohrs

	 Title:
	 	 President

  

			
	 EMPLOYEE

	
	
	 /s/ William J. Small

	 William J. Small

  

 2 

 AMENDMENT TO EMPLOYMENT AGREEMENT 
 THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is entered
into effective as of the 5th day of December, 2008, by and among First Defiance Financial Corp. (“First Defiance”) an Ohio-chartered
corporation and savings and loan holding company, First Federal Bank of the Midwest (“First Federal”), a federally chartered stock savings bank, both of which are located in Defiance, Ohio, and John C. Wahl (the “Executive”).
First Defiance and First Federal are referred to jointly herein as the “Companies.” 
 WITNESSETH: 
 WHEREAS, the Executive is presently Executive Vice President and Chief Financial Officer of First Defiance and Chairman and Executive
Vice President and Chief Financial Officer of First Federal and is serving the Companies pursuant to the terms of an Employment Agreement dated September 27, 2007 (the “Employment Agreement”); 
 WHEREAS, First Defiance is participating in the Capital Participation Program of the United State Department of the Treasury (the
“Program”), the terms of which impose restrictions on certain compensation arrangements; 
 WHEREAS, the Executive
desires to cooperate with the Companies to facilitate participation by First Defiance in the Program by agreeing to amend the Employment Agreement; 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Companies and the Executive agree
as follows: 
 1. Section 6 of the EMPLOYMENT AGREEMENT is hereby amended in its entirety to read as follows:

 6. Limitation of Benefits under Certain Circumstances. If the payments and benefits pursuant to
Section 5 hereof, either alone or together with other payments and benefits that Executive has the right to receive from the Companies, would constitute a “parachute payment” under Section 280G(e) of the Code, such payments and
benefits shall be reduced by the amount, if any, that is the minimum necessary to result in no portion of the payments or benefits constituting a parachute payment under Section 280G of the Code. The determination of any reduction in the
payments and benefits made pursuant to this Section 6 shall be based upon the opinion of tax counsel selected by the Companies’ independent public accountants and paid by the Companies and reasonably acceptable to the Companies and
Executive. Such counsel shall promptly prepare the foregoing opinion, but in no event later than thirty (30) days from the Date of Termination or applicable severance from employment, and may use such technical advisors as such counsel deems
necessary or advisable for this purpose. 
  

 3 

 2. Except as expressly modified by this Amendment, the Employment Agreement shall remain
in full force and effect. 
 IN WITNESS WHEREOF, the Companies have caused this Amendment to be executed by their duly
authorized officers, and the Executive has signed this Amendment, all as of the day and year first above written. 
  

			
	FIRST DEFIANCE FINANCIAL CORP.
		
	 By:
	 	 /s/ William J. Small

	 Name:
	 	William J. Small
	 Title:
	 	Chairman and CEO
	
	FIRST FEDERAL BANK OF THE MIDWEST
		
	 By:
	 	 /s/ William J. Small

	 Title:
	 	Chairman
	
	 EMPLOYEE

	
	 /s/ John C. Wahl

	 John C. Wahl

  

 4 

 AMENDMENT TO EMPLOYMENT AGREEMENT 
 THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is entered
into effective as of the 5th day of December, 2008, by and among First Defiance Financial Corp. (“First Defiance”) an Ohio-chartered
corporation and savings and loan holding company, First Federal Bank of the Midwest (“First Federal”), a federally chartered stock savings bank, both of which are located in Defiance, Ohio, and James L. Rohrs (the “Executive”).
First Defiance and First Federal are referred to jointly herein as the “Companies.” 
 WITNESSETH: 
 WHEREAS, the Executive is presently Executive Vice President of First Defiance and President and Chief Operating Officer of First Federal
and is serving the Companies pursuant to the terms of an Employment Agreement dated September 27, 2007 (the “Employment Agreement”); 
 WHEREAS, First Defiance is participating in the Capital Participation Program of the United State Department of the Treasury (the “Program”), the terms of which impose restrictions on certain compensation
arrangements; 
 WHEREAS, the Executive desires to cooperate with the Companies to facilitate participation by First Defiance
in the Program by agreeing to amend the Employment Agreement; 
 NOW, THEREFORE, in consideration of the mutual covenants
herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Companies and the Executive agree as follows: 
 1. Section 6 of the EMPLOYMENT AGREEMENT is hereby amended in its entirety to read as follows: 
 6. Limitation of Benefits under Certain Circumstances. If the payments and benefits pursuant to Section 5 hereof, either alone or together with other payments and benefits that Executive has
the right to receive from the Companies, would constitute a “parachute payment” under Section 280G(e) of the Code, such payments and benefits shall be reduced by the amount, if any, that is the minimum necessary to result in no
portion of the payments or benefits constituting a parachute payment under Section 280G of the Code. The determination of any reduction in the payments and benefits made pursuant to this Section 6 shall be based upon the opinion of tax
counsel selected by the Companies’ independent public accountants and paid by the Companies and reasonably acceptable to the Companies and Executive. Such counsel shall promptly prepare the foregoing opinion, but in no event later than thirty
(30) days from the Date of Termination or applicable severance from employment, and may use such technical advisors as such counsel deems necessary or advisable for this purpose. 
  

 5 

 2. Except as expressly modified by this Amendment, the Employment Agreement shall remain
in full force and effect. 
 IN WITNESS WHEREOF, the Companies have caused this Amendment to be executed by their duly
authorized officers, and the Executive has signed this Amendment, all as of the day and year first above written. 
  

			
	 FIRST DEFIANCE FINANCIAL CORP.
  

	 By:
	 	 /s/ William J. Small

	 Name:
	 	 William J. Small

	 Title:
	 	 Chairman and CEO

  

			
	FIRST FEDERAL BANK OF THE MIDWEST

  

			
	 By:
	 	 /s/ William J. Small

	 Title:
	 	 Chairman

  

			
	 EMPLOYEE

  

	
	 /s/ James L. Rohrs

	 James L. Rohrs

  

 6 

 AMENDMENT TO EMPLOYMENT AGREEMENT 
 THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is entered
into effective as of the 5th day of December, 2008, by and among First Defiance Financial Corp. (“First Defiance”) an Ohio-chartered
corporation and savings and loan holding company, First Federal Bank of the Midwest (“First Federal”), a federally chartered stock savings bank, both of which are located in Defiance, Ohio, and Gregory R. Allen (the “Executive”).
First Defiance and First Federal are referred to jointly herein as the “Companies.” 
 W I T N E S S E T H : 
 WHEREAS, the Executive is presently Executive Vice President of First Defiance and Market Area President of First Federal and is serving
the Companies pursuant to the terms of an Employment Agreement dated September 27, 2007 (the “Employment Agreement”); 
 WHEREAS, First Defiance is participating in the Capital Participation Program of the United State Department of the Treasury (the “Program”), the terms of which impose restrictions on certain compensation
arrangements; 
 WHEREAS, the Executive desires to cooperate with the Companies to facilitate participation by First Defiance
in the Program by agreeing to amend the Employment Agreement; 
 NOW, THEREFORE, in consideration of the mutual covenants
herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Companies and the Executive agree as follows: 
 1. Section 6 of the EMPLOYMENT AGREEMENT is hereby amended in its entirety to read as follows: 
 6. Limitation of Benefits under Certain Circumstances. If the payments and benefits pursuant to Section 5 hereof,
either alone or together with other payments and benefits that Executive has the right to receive from the Companies, would constitute a “parachute payment” under Section 280G(e) of the Code, such payments and benefits shall be
reduced by the amount, if any, that is the minimum necessary to result in no portion of the payments or benefits constituting a parachute payment under Section 280G of the Code. The determination of any reduction in the payments and benefits
made pursuant to this Section 6 shall be based upon the opinion of tax counsel selected by the Companies’ independent public accountants and paid by the Companies and reasonably acceptable to the Companies and Executive. Such counsel shall
promptly prepare the foregoing opinion, but in no event later than thirty (30) days from the Date of Termination or applicable severance from employment, and may use such technical advisors as such counsel deems necessary or advisable for this
purpose. 
  

 7 

 2. Except as expressly modified by this Amendment, the Employment Agreement shall remain
in full force and effect. 
 IN WITNESS WHEREOF, the Companies have caused this Amendment to be executed by their duly
authorized officers, and the Executive has signed this Amendment, all as of the day and year first above written. 
  

			
	FIRST DEFIANCE FINANCIAL CORP.
		
	 By:
	 	/s/ William J. Small
	 Name:
	 	William J. Small
	 Title:
	 	Chairman and CEO
	
	FIRST FEDERAL BANK OF THE MIDWEST
		
	 By:
	 	/s/ William J. Small
	 Name:
	 	William J. Small
	 Title:
	 	Chairman
	
	EMPLOYEE
	
	 /s/ Gregory R. Allen

	 Gregory R. Allen

  

 8

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