(e)       On September 28, 2017, Wayne Savings Community Bank (the “Bank”), the wholly owned subsidiary of Wayne Savings Bancshares, Inc. (the “Company”), executed an employment agreement with James R. VanSickle, II, President and Chief Executive Officer of the Bank.

The initial term of the employment agreement with Mr. VanSickle is from August 29, 2017 through December 31, 2019, unless terminated earlier in accordance with its terms. The Board of Directors will review the agreement annually thereafter and may renew the agreement for successive one-year terms in the Board’s sole discretion. The agreement provides a base annual salary of not less than $200,000, which shall be reviewed by the Board of Directors on or before January 1, 2019, and at least annually thereafter so long as the agreement and any renewals remain in effect. Mr. VanSickle will also be eligible for an annual bonus of up to 35% of his annual salary, based upon achieving specified goals to be set by the Board with Mr. VanSickle’s input. The employment agreement will provide for termination by the Company for cause at any time. For both involuntary termination without cause or resignation for good reason within the year following a change in control of the Company, Mr. VanSickle would be entitled to a lump-sum cash severance payment equal to three times Mr. VanSickle’s annual base salary and bonus. For both involuntary termination without cause or resignation for good reason where there has been no change in control within the preceding year, Mr. VanSickle would be entitled to a lump-sum cash severance payment equal to one times Mr. VanSickle’s annual base salary and bonus. The foregoing summary of the employment agreement does not purport to be complete and is qualified in its entirety by reference to the form of the employment agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Effective September 28, 2017, the Company also entered into an indemnification agreement with Mr. VanSickle on behalf of itself and the Bank. The indemnification agreement is in form identical to the indemnification agreements to which all of the directors of the Company are parties, and provides Mr. VanSickle, among other things, with indemnification against liabilities relating to his services as an officer and director of the Company and with advancement of expenses under certain circumstances. The foregoing summary of the indemnification agreement does not purport to be complete and is qualified in its entirety by reference to the form of the Company’s indemnification agreement, which was filed as Exhibit 10.6 to the Company’s Current Report on Form 8-K, dated August 2, 2017, and incorporated herein by reference.