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                                                                    EXHIBIT 10.3

AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN CENTRAL FEDERAL CORPORATION AND DAVID
                                   C. VERNON

                        AMENDMENT TO EMPLOYMENT AGREEMENT
                           CENTRAL FEDERAL CORPORATION

This AMENDMENT TO EMPLOYMENT AGREEMENT (this "AMENDMENT") is entered into and
made effective as of May 10, 2004 between Central Federal Corporation, a
Delaware corporation FKA Grand Central Financial Corp. ("GCFC"), and David C.
Vernon, an Ohio resident (the "EXECUTIVE").

A.    GCFC and the Executive entered into an Employment Agreement as of February
      28, 2003 (the "Agreement") for a term of 36 months.

B.    GCFC values the services and contributions that the Executive has made to
      it and seeks to extend the period of service under the Agreement by an
      additional 24 months.

C.    The Executive is willing to extend the period of his service to GCFC.

NOW, THEREFORE, in consideration of the mutual covenants and promises set forth
in this Amendment, GCFC and the Executive agree as follows:

1.    Section 2(a) is hereby amended by deleting "thirty six (36)" and
substituting "sixty (60)" therefore.

2.    Section 3(b) is hereby amended by adding ", whether or not made available
to any other senior executive or key management employee of GCFC" to the end of
the second sentence of the Subsection.

3.    All provisions of the Agreement, other than as modified in this Amendment,
are hereby ratified and shall remain in full force and effect.

IN WITNESS WHEREOF, GCFC and the Executive have executed this Amendment as of
the day and year first written above.

GCFC:                                                THE EXECUTIVE:

CENTRAL FEDERAL CORPORATION

                                                         /s/ David C. Vernon
                                                         ----------------------
By: /s/ Thomas P. Ash                                    David C. Vernon
    --------------------
Name in
Print: Thomas P. Ash
       For the Compensation and
       Management Development
       Committee of the Board of Directors

                                       55<PAGE>

                                                                    EXHIBIT 10.4

      AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN CFBANK AND DAVID C. VERNON

                        AMENDMENT TO EMPLOYMENT AGREEMENT
                                     CF BANK

This AMENDMENT TO EMPLOYMENT AGREEMENT (this "AMENDMENT") is entered into and
made effective as of May 10, 2004 between CFBank, a federally chartered savings
association fka Central Federal Bank fka Central Federal Savings and Loan
Association of Wellsville (the "ASSOCIATION"), and David C. Vernon, an Ohio
resident (the "EXECUTIVE").

A.    The Association and the Executive entered into an Employment Agreement as
      of February 28, 2003 (the "Agreement") for a term of 36 months.

B.    The Association values the services and contributions that the Executive
      has made to it and seeks to extend the period of service under the
      Agreement by an additional 24 months.

C.    The Executive is willing to extend the period of his service to the
      Association.

NOW, THEREFORE, in consideration of the mutual covenants and promises set forth
in this Amendment, the Association and the Executive agree as follows:

1.    Section 2(a) is hereby amended by deleting "thirty six (36) and
      substituting "sixty (60)" therefore.

2.    Section 3(b) is hereby amended by adding ", whether or not made available
      to any other senior executive or key management employee of the
      Association" to the end of the second sentence of the Subsection.

3.    All provisions of the Agreement, other than as modified in this Amendment,
      are hereby ratified and shall remain in full force and effect.

IN WITNESS WHEREOF, the Association and the Executive have executed this
Amendment as of the day and year first written above.

THE ASSOCIATION:                            THE EXECUTIVE:

CENTRAL FEDERAL CORPORATION

                                                      /s/ David C. Vernon
                                                      ------------------------
By: /s/ Thomas P. Ash                                 David C. Vernon
    ------------------
Name in
Print: Thomas P. Ash
       For the Board of Directors

                                      56<PAGE>

                                                                    EXHIBIT 10.5

 SECOND AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN CENTRAL FEDERAL CORPORATION
                              AND DAVID C. VERNON

                    SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
                           CENTRAL FEDERAL CORPORATION

This SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (this "AMENDMENT") is entered into
and made effective as of December 16, 2004 between Central Federal Corporation,
a Delaware corporation fka Grand Central Financial Corp. (the "HOLDING
COMPANY"), and David C. Vernon, an Ohio resident (the "EXECUTIVE").

A.    The Holding Company and the Executive entered into an Employment Agreement
      as of February 28, 2003, which agreement was amended as of May 10, 2004
      (the Employment Agreement, as amended, the "Agreement").

B.    A cogent and realistic management succession plan is key to the continued
      stability and growth of the Holding Company.

C.    The Executive has participated in and has been integral to the ongoing
      plan for management succession of the Holding Company.

D.    The Corporate Governance and Nominating Committee of the Holding Company,
      the Compensation and Management Committee of the Holding Company, and the
      Executive recommended the finalization of a succession plan for executive
      management of the Holding Company.

E.    The recommended succession plan calls for an executive other than the
      Executive to be President and Chief Executive Officer of the Holding
      Company.

F.    Notwithstanding the recommended succession plan, the Board of Directors of
      the Holding Company values the services of the Executive and desires to
      have him continue to provide services to the Holding Company.

NOW, THEREFORE, in consideration of the mutual covenants and promises set forth
in this Amendment, the Holding Company and the Executive agree as follows:

1. Section 1 of the Agreement is hereby deleted and the following is substituted
therefore in its entirety:

            (a) Effective February 1, 2005, and so long as Executive continues
      to serve, if elected, as a director of the Holding Company, Executive
      agrees to serve as Chairman of the Board of Directors of the Holding
      Company through December 31, 2005 and thereafter as Vice Chairman of the
      Board of Directors until the scheduled expiration of Executive's
      employment under Section 2(a) of this Agreement. Executive shall render
      such administrative and management services to the Holding Company as are
      customarily performed by persons in a similar executive capacity. During
      such period, Executive also agrees to serve, if elected, as a director of
      any subsidiary of the Holding Company.

                                       57

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            (b) If during any period until April 17, 2014 Executive shall not be
      elected to continue to serve as a director of the Holding Company, then he
      agrees to provide, and the Holding Company agrees to retain, his in this
      Amendment, the Holding Company and

            (c) The Holding Company agrees that at the scheduled expiration of
      Executive's employment under Section 2(a) of this Agreement, and so long
      as he shall continue to be elected as a director of the Holding Company,
      he shall be elected to serve as Chairman Emeritus of the Board of
      Directors of the Holding Company.

2.    Section 2 of the Agreement is hereby amended by the insertion of the
      following new Subsection:

            (d) Subject to the provisions of Section 2(c) of this Agreement, and
      from and after the scheduled expiration of his employment under Section
      2(a) of this Agreement, Executive shall continue to serve as a consultant
      to or employee of the Holding Company. Executive shall be available to
      perform special project services for and on behalf of the Holding Company
      until April 17, 2014.

3.    Section 3 of the Agreement is hereby amended by the insertion of the
      following new Subsection:

            (f) In lieu of compensation under Subsections (a), (b), (d) and (e)
      of Section 3 of this Agreement, Executive shall receive reasonable
      compensation for his services during the period from and after the
      scheduled expiration of his employment under Section 2(a) of this
      Agreement until the expiration of his services to the Holding Company
      under Section 2(d) of this Agreement. Compensation to Executive shall be
      commensurate with his duties and responsibilities, but in any event not
      less than $100 per month. Executive shall continue to receive reasonable
      reimbursement under Section 3(c) of this Agreement.

4. The changes to Section 1 of the Agreement as set forth in Paragraph 1 of this
Amendment do not constitute an Event of Termination, as defined in Section 4 of
the Agreement.

5. The vesting schedule relating to any and all restricted stock and incentive
stock options awarded to the Executive during the course of the Agreement, as
amended by this Amendment, shall remain unaffected by this Amendment.

6. All provisions of the Agreement, other than as modified in this Amendment,
are hereby ratified and shall remain in full force and effect.

IN WITNESS WHEREOF, the Holding Company and the Executive have executed this
Amendment as of the day and year first written above.

THE HOLDING COMPANY:                        THE EXECUTIVE:

CENTRAL FEDERAL CORPORATION
                                                /s/ David C. Vernon
                                                -------------------------------
                                                David C. Vernon

By: /s/ Thomas P. Ash
    ---------------------------
Name in
Print: Thomas P. Ash

       For the Compensation and
       Management Development Committee
       of the Board of Directors

                                       58

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