Company: CFBK
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0000950170-25-060182
Chunk: 39

Company: CF BANKSHARES INC.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 39
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, and will remain exercisable in accordance with the terms of each applicable option award agreement.

Mr. O’Dell’s employment agreement also requires him to comply with a non-solicitation covenant during his employment with CFBank and the Company during the term of the employment agreement and for a period of one year thereafter (or, if longer, the number of months of severance payments under the employment agreement).

Mr. O’Dell’s employment agreement also provides for a clawback of any incentive paid to, credited to an account on behalf of, or vested in Mr. O’Dell within the prior twenty-four (24) months under certain circumstances if it is later determined that the incentive is directly attributable to materially misleading financial statements. If applicable law or exchange listing regulation would require a more extensive clawback of any incentive, Mr. O’Dell’s employment agreement will be deemed to require the minimum clawback necessary to comply with such law or regulation.

Employment Agreements with Bradley Ringwald and Kevin Beerman

On January 25, 2023, the Company and CFBank entered into an employment agreement with each of Bradley Ringwald, President of CFBank, and Kevin Beerman, Executive Vice President and Chief Financial Officer of the Company and CFBank. On June 6, 2024, the Company and CFBank entered into a First Amendment to Mr. Ringwald’s employment agreement to increase the multiple used in calculating the amount of the lump sum cash payment payable to Mr. Ringwald in connection with a “change of control.” Each employment agreement has a current term ending on December 31, 2027. The Board of Directors of the Company will periodically review each employment agreement to determine whether extension of the employment agreement for an additional 12-month period (a “Renewal Term”) is appropriate, and each employment agreement will be extended for a Renewal Term unless the Company provides the executive with a written notice of non-renewal not less than 30 days prior to the end of the applicable term.

Pursuant to the employment agreements, Mr. Ringwald will receive an initial base annual salary of $325,000 and Mr. Beerman will receive an initial base annual salary of $215,000. In addition to the base annual salary, Messrs. Ringwald and Beerman are eligible under their respective employment agreements to receive an annual performance bonus contingent upon the satisfaction of reasonable performance goals established in good faith by the Board of the Company, or a committee thereof,