SEC Contract Filing

Filing Date: 2017-07-07

Document Content:
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<TYPE>EX-10.2
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<FILENAME>d399300dex102.htm
<DESCRIPTION>EX-10.2
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>SEVERANCE AND CHANGE IN CONTROL AGREEMENT </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS SEVERANCE AND CHANGE IN CONTROL AGREEMENT (this &#147;Agreement&#148;), is entered into this 30<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> day of June, 2017 (&#147;Effective Date&#148;) by and among United Community Financial Corp., a bank holding company incorporated under Ohio law (&#147;UCFC&#148;), Home Savings Bank, an Ohio
charted bank (&#147;Home Savings&#148;) (collectively with UCFC, the &#147;Company&#148;) and Matthew T. Garrity, an individual (hereinafter referred to as the &#147;Executive&#148;). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WITNESSETH: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the
Executive and the Company desire to enter into this Agreement to provide Executive with the opportunity to receive severance protections in connection with termination of employment or a Change in Control (defined below) of the Company. The purpose
of the Agreement is to retain talent and to assure the present and future continuity, objectivity and dedication of management in the event of any Change in Control in order to maximize the value of the Company on a Change in Control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which is acknowledged by the parties, the Company and the Executive, each party intending to be legally bound, hereby agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term</U>. Upon the terms and subject to the conditions of this Agreement, the Agreement
shall be effective on the Effective Date and shall end one year from the date thereof (the &#147;Term&#148;), except as otherwise provided in Section&nbsp;1(b). The Term may be terminated as set forth in this Section&nbsp;2 of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Renewal</U>. The Term of this Agreement shall be extended automatically for an
additional period of 12 months, unless either the Company or the Executive provides the other party with written notice that the Term shall not be so extended within at least 90 days prior to the end of the Term. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination of Employment and this Agreement</U>. For purposes of this Agreement, any reference to the
Executive&#146;s &#147;termination of employment&#148; (or any form thereof) shall mean the Executive&#146;s &#147;separation from service&#148; within the meaning of Section&nbsp;409A of the Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;), and Treasury Regulation &#167;1.409A-1(h). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Death of
Executive</U>. The Term will terminate upon the Executive&#146;s termination of employment due to his death, and the Executive&#146;s beneficiary (as designated by the Executive in writing with the Company prior to the Executive&#146;s death) will
be entitled to the following payments and benefits: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Any Base Salary that is accrued but unpaid and any business expenses that are unreimbursed &#150; all, as of the date of termination of employment, paid within 30 days after the date of the Executive&#146;s death;
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<TD WIDTH="6%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">Any rights and benefits (if any) provided under any employee benefit plans and programs of the Company, determined in accordance with the </TD></TR></TABLE>

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applicable terms and provisions of such plans and programs (the payments described in Sections 2(a)(i) and (ii)&nbsp;are hereinafter collectively referred to as the