Company: CFBK
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0000950170-25-060182
Chunk: 34

Company: CF BANKSHARES INC.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 34
---
. O’Dell, Ringwald, and Beerman. Messrs. O’Dell, Ringwald and Beerman received cash incentive bonuses in the amount of $381,009, $131,187 and $66,758, respectively, for 2024.

The cash incentive amount paid to each named executive officer with respect to the 2024 incentive awards is included under the “Non-Equity Incentive Plan Compensation” column of the Summary Compensation Table under the heading “2024 COMPENSATION” above. The equity amounts awarded to Messrs. Ringwald and Beerman with respect to the 2024 incentive awards is included under the “Stock Awards” column of the Summary Compensation Table under the heading “2024 COMPENSATION” above.

<div align='center'>19</div>

DEFERRED CASH INCENTIVE AGREEMENTS

Deferred Cash Incentive Agreements

In 2021, CFBank entered into Deferred Cash Incentive Agreements with certain officers of CFBank, including two Named Executive Officers – Kevin Beerman and Bradley Ringwald. In 2022, CFBank entered into a similar Deferred Cash Incentive Agreement with Timothy T. O’Dell. The purpose of these deferred cash incentive agreements (the “DCI Agreements”) is to provide deferred cash compensation as an incentive and reward for contribution to the success of CFBank.

Pursuant to the DCI Agreements, CFBank determines on an annual basis (1) the percentage of the participant’s annual base salary that may be earned as a deferred incentive bonus for such year and (2) the performance objectives and thresholds for attaining the deferred incentive bonus for such year. Based on the foregoing, CFBank determines the amount of the deferred incentive bonus earned by each participant following the end of each year and contributes such amount to the participant’s “deferral account.” CFBank, in its sole discretion, may elect to add additional amounts to a participant’s deferral account and may also elect to reduce the annual deferral amount if certain quality control measures are not achieved. On an annual basis, the balance in the deferral account will be credited with interest at a fixed rate determined by CFBank. The participant deferral accounts are unfunded and represent general unsecured obligations of CFBank, and are used solely as a device for measuring amounts to be paid as benefits under the DCI Agreements. Notwithstanding the foregoing, CFBank has purchased certain bank owned