Company: CFBK
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0000950170-25-060182
Chunk: 31

Company: CF BANKSHARES INC.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 31
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 2009 Plan and that are later forfeited or expire), to be awarded pursuant to stock options, stock appreciation rights, restricted stock or restricted stock units. An amendment to the Company’s 2019 Plan was approved by stockholders on May 29, 2024 to increase the number of shares of Common Stock reserved for awards thereunder from 300,000 to 500,000. The 2019 Plan was developed to provide incentives and rewards to those employees and directors who are largely responsible for the success and growth of the Company and its affiliates, and to assist the Company and CFBank in attracting and retaining directors, executive officers and other key employees with experience and ability. The 2019 Plan provides for discretionary grants of stock options, stock appreciation rights and restricted stock. Stock Options expire after ten years and vest over a three-year period; the exercise price of the options is set based upon the fair market value of our Common Stock at the date of the grant. Shares of restricted stock vest over a three-year period beginning on the first anniversary of the grant date.

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Similar to the 2019 Plan, the 2009 Plan provided for discretionary grants of stock options, stock appreciation rights and restricted stock. Stock Options granted under the 2009 Plan had ten-year expiration dates and were subject to vesting over a three-year period, and shares of restricted stock granted under the 2009 Plan were subject to vesting over a three-year period. The 2009 Plan terminated in accordance with its terms on March 19, 2019 and, as a result, no further awards may be granted under the 2009 Plan. Awards for 2024 Fiscal Year Effective as of April 11, 2024 and June 11, 2024, the Compensation Committee approved grants of 15,000 and 17,500 shares, respectively, of restricted stock to Mr. O’Dell under the Company’s 2019 Plan. The shares of restricted stock vest ratably over a three-year period, with one-third of the shares vesting on the first anniversary of each respective grant date. These restricted stock grants to Mr. O’Dell are longer term in nature than cash compensation since they are subject to three-year vesting periods. Effective as of March 24, 2025, Mr. Ringwald and Mr. Beerman were granted 10,000 shares and 8,000 shares, respectively, of restricted stock pursuant to the In