Company: CFBK
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0000950170-25-060182
Chunk: 37

Company: CF BANKSHARES INC.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 37
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 O’Dell

Effective as of August 15, 2016, the Company and CFBank entered into an employment agreement with Timothy T. O’Dell, President and Chief Executive Officer of the Company and Chief Executive Officer of CFBank. The employment agreement with Mr. O’Dell was subsequently amended and restated effective as of April 22, 2019. On June 6, 2024, the Company and CFBank entered into a First Amendment to Mr. O’Dell’s employment agreement to modify the calculation of the amount of the lump sum cash payment payable to Mr. O’Dell in connection with a “change of control.”

As amended, Mr. O’Dell’s employment agreement has a current term ending on December 31, 2027. Annually, the Boards of Directors of CFBank and the Company review the employment agreement to determine whether extension of the employment agreement for an additional 12 months is appropriate. Pursuant to his employment agreement, Mr. O’Dell is entitled to receive a base annual salary of not less than $315,000. In addition to the base annual salary, Mr. O’Dell’s employment agreement provides for, among other things, participation in incentive programs and other employee benefit plans and other fringe benefits applicable to executive employees.

Mr. O’Dell’s employment agreement provides for certain payments if he executes a release of claims against CFBank and the Company and either: (i) has an involuntary termination without “cause” not in connection with a “change of control,” (ii) voluntarily terminates with “good reason” not in connection with a “change of control,” (iii) has an involuntary termination without “cause” during the first 24 months after a “change of control”, (iv) voluntarily terminates with “good reason” during the first 24 months after a “change of control,” (v) dies, or (vi) becomes disabled.

In the event of involuntary termination without “cause” or voluntary termination with “good reason,” Mr. O’Dell would be entitled to receive a severance benefit equal to:

Salary continuation for 24 months;

Payment of a pro rata portion (calculated based on the ratio of the number of days of employment during the performance period to the total number of days during the performance period) of any incentive compensation payable to Mr. O’Dell with respect to the year in which his employment is terminated and payable when, if and to