Company: CFBK
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0000950170-25-060182
Chunk: 40

Company: CF BANKSHARES INC.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 40
---
 from time to time. The employment agreements provide that the performance bonus opportunity for 2023 will be 65% of base salary for Mr. Ringwald and 50% of base salary for Mr. Beerman. The employment agreements also provide that Messrs. Ringwald and Beerman will participate in other employee benefit plans and other fringe benefits applicable to executive employees.

The employment agreements provide for certain payments if (a) the executive executes a release of claims against CFBank and the Company, (b) the executive remains in compliance with certain covenants, as described below, and (c) the executive (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, or (iv) voluntarily terminates with “good reason” during the first 24 months after a change of control.

In the event of involuntary termination without “cause” or voluntary termination with “good reason,” other than in connection with a change of control, the terminated executive is entitled to receive a severance benefit equal to:

Salary continuation for 12 months; and

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 the executive with respect to the year in which the employment is terminated and payable when, if and to the extent that the bonus otherwise would have been payable had the executive remained employed.

<div align='center'>22</div>

In the event there is a “change of control” of CFBank, as defined in the employment agreements, and Mr. Ringwald’s or Mr. Beerman’s employment is involuntarily terminated by the Company and CFBank without “cause” or voluntarily terminated by the executive with “good reason” before the second anniversary of the date of the change of control, the executive will be entitled to receive a lump sum payment equal to one and one-half (1 ½) times (for Mr. Ringwald) or one (1) times (for Mr. Beerman) the sum of the terminated executive’s base salary on the date of termination and the average bonus paid to such executive over the 24 month period preceding such termination. The lump sum will be paid within 60 days following the executive’s