Company: CFBK
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0000950170-25-060182
Chunk: 12

Company: CF BANKSHARES INC.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 12
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 independence of our independent registered public accounting firm, the performance of our internal audit function and of our independent registered public accounting firm, and any other areas of potential financial risk to the Company as specified by the Board. The Audit Committee also is responsible for the appointment, retention and oversight of our independent registered public accounting firm, including pre-approval of all audit and non-audit services to be performed by the independent registered public accounting firm, and for the review and approval, on an ongoing basis, of all related-party transactions for potential conflict-of-interest situations. The Audit Committee Report appears on page 33 of this Proxy Statement. During 2024, the Audit Committee held eleven (11) meetings. The following directors currently serve as members of the Audit Committee:

| Audit Committee Members |
| Thomas P. Ash (Chair)   |
| Edward W. Cochran       |
| James H. Frauenberg     |
| Sundeep Rana            |
| David L. Royer          |

Each director who currently serves on the Audit Committee qualifies, and each director who served as a member of the Audit Committee during 2024 qualified, as “independent” under the standards set forth in the NASDAQ Marketplace Rules and Rule 10A-3 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). None of such members of the Audit Committee has participated in the preparation of the financial statements of the Company or any of its current subsidiaries at any time during the past three years, and all of such members are able to read and understand fundamental financial statements, including our balance sheets, income statements and cash flow statements. The Board has also determined that Thomas P. Ash, the Chair of the Audit Committee, qualifies as an “audit committee financial expert” under applicable regulations of the SEC. COMPENSATION AND MANAGEMENT DEVELOPMENT COMMITTEE . The Compensation and Management Development Committee (the “Compensation Committee”) has overall responsibility for reviewing, evaluating and approving the director, officer and employee compensation plans, policies and programs of the Company and CFBank. The Compensation Committee is responsible for administering our equity compensation plans and for establishing, in consultation with executive management, the Company’s general compensation philosophy and overseeing the development and implementation of executive compensation programs.

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During 2024, the Compensation Committee held one (1) meeting. The following directors currently serve as members of the Compensation Committee:

| Compensation Committee Members |
| Robert E. Hoeweler (Chair)     |
| Edward W.