Document:

EX-10.20

 Exhibit 10.20 
 EXCHANGE AGREEMENT 
 This Exchange Agreement (“Agreement”) is
entered into by and among the Interinsurance Exchange of the Automobile Club, located at 3333 Fairview Road, Costa Mesa, California 92626 (“IEAC”), the Automobile Club of Southern California, located at 3333 Fairview
Road, Costa Mesa, California 92626 (the “Club,” and, collectively with IEAC, “AAA”) and Broadway Financial Corporation, located at 4800 Wilshire Boulevard, Los Angeles, California 90010
(“Broadway”) with reference to the following facts: 
 WHEREAS, Broadway desires to acquire all of the issued
and outstanding shares of its Noncumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”) in exchange for shares of its common stock (“Common Stock”) on the terms and conditions set forth in
this Agreement; and 
 WHEREAS, AAA is currently the owner of 55,199 shares, comprising all of the issued and outstanding
shares, of the Series A Preferred Stock; and 
 WHEREAS, AAA is willing to exchange the Series A Preferred Stock held by it for
Common Stock on the terms and conditions set forth in this Agreement (the “AAA Exchange”); and 
 WHEREAS,
concurrently with the AAA Exchange, Broadway proposes (i) to issue shares of its Common Stock to the United States Department of Treasury (the “Treasury Department”) in exchange for all of the issued and outstanding shares of
Broadway’s Fixed Rate Cumulative Perpetual Preferred Stock, Series D and Broadway’s Fixed Rate Cumulative Perpetual Preferred Stock, Series E (collectively, the “TARP Preferred Stock”) held by the Treasury Department and
comprising all of the issued and outstanding shares of the TARP Preferred Stock (the “Treasury Exchanges”), and (ii) to enter into and complete exchanges of its Common Stock for all of the issued and outstanding shares of
Broadway’s Series B Noncumulative Perpetual Preferred Stock and Series C Noncumulative Perpetual Convertible Preferred Stock with the holders of such respective series of preferred stock (the “Other Preferred Stock Exchanges,”
and, collectively with Treasury Exchanges, the “Other Exchanges”); and 
 WHEREAS, concurrently with the AAA
Exchange and the Other Exchanges described above, Broadway proposes to sell Common Stock to investors for cash in a private placement transaction (the “Equity Offering”). 

NOW THEREFORE, in consideration of the mutual covenants herein set forth, the parties hereto agree as follows: 

1. SHARE EXCHANGE. On the terms and subject to the conditions set forth herein, AAA agrees to transfer to Broadway all of its
right, title and interest in and to the shares of Series A Preferred Stock of which the Club, IEAC or a nominee of either of them is the registered owner (the “Shares”) in exchange for and against delivery of Common Stock at an
exchange ratio equal to (A) 50% of the aggregate liquidation preference of all of the shares of Series A Preferred Stock exchanged, divided by (B) the per share value assigned to the Common

  
 1 

 
Stock in connection with Broadway’s exchange of Common Stock with the Treasury Department for the TARP Preferred Stock held by the Treasury Department, which value Broadway and the Treasury
Department have agreed will be the lowest price per share paid by the investors in the Equity Offering. 
 2. CLOSING.
The completion of the transactions contemplated by this Agreement (the “Closing”) shall take place concurrently with the completion of the Treasury Exchanges prior to June 30, 2012 (or such later date to which AAA consents)
(the “Closing Date”), as follows: AAA shall deliver or cause to be delivered the Shares to be exchanged hereunder to Broadway or Broadway’s agent in such manner as shall be acceptable to Broadway and effective to convey all
right, title and interest of AAA in the Shares to Broadway against delivery by Broadway through the transfer agent for Broadway Common Stock, or such other means as shall be acceptable to AAA, of the number of shares of Common Stock provided for
herein, registered in such names as AAA shall specify to Broadway at least three (3) business days prior to the Closing. 

3. CONDITIONS TO CLOSING. The obligation of AAA to consummate the AAA Exchange is also subject to the fulfillment (or waiver by
AAA) at or prior to the Closing of each of the following conditions: 
 (a) Broadway shall complete the Other Exchanges
concurrently with the AAA Exchange. 
 (b) Broadway shall complete the Equity Offering concurrently with the AAA Exchange.

 (c) The representations and warranties of Broadway set forth in this Agreement shall be true and correct in all material
respects as though made on and as of the Closing Date (other than representations and warranties that by their terms speak as of another date, which representations and warranties shall be true and correct in all respects as of such other date).

 (d) Broadway shall have performed in all material respects all obligations required to be performed by it under this
Agreement at or prior to the Closing. 
 4. MUTUAL REPRESENTATIONS AND WARRANTIES. Broadway hereby makes the following
representations and warranties to AAA, and IEAC and Club each hereby makes the following representations and warranties to Broadway: 
 (a) Broadway is a corporation duly incorporated, validly existing and in good standing under the laws of Delaware. Club is a corporation duly incorporated, validly existing and in good standing under the
laws of California. IEAC is an interinsurance exchange, duly formed, validly existing and in good standing under the laws of California. 
 (b) (i) Each has full power and authority to enter into this Agreement and to consummate the transactions contemplated hereby, and (ii) the person or entity who has executed this Agreement is duly
authorized to do so and thereby bind the party on whose behalf he, she or it is purporting to act. 
 (c) This Agreement is a
valid and binding agreement, enforceable against each party in accordance with its terms. 

  
 2 

 5. REPRESENTATIONS AND WARRANTIES OF BROADWAY. Broadway hereby makes the following
representations and warranties to AAA: 
 (a) Upon issuance, the Common Stock to be issued by Broadway pursuant hereto
(i) will be duly and validly authorized and issued, fully paid and nonassessable, and AAA will acquire such Common Stock free and clear of any liens, encumbrances, pledges, security interests or other restrictions or claims of third parties,
and (ii) will, when considered with the 85,232 shares of Common Stock that AAA currently owns, will comprise less than 5% of Broadway’s issued and outstanding shares of Common Stock. 

(b) Broadway is a certified Community Development Financial Institution and that its business strategy emphasizes serving the credit and
other banking needs of the low-to-moderate income communities it serves. 
 (c) Neither the execution and delivery of this
Agreement, nor the consummation of the transactions contemplated hereby, will violate, result in a breach of any of the terms or provisions of, constitute a default (or in any event that, with the giving of notice or the passage of time or both
would constitute a default) under, accelerate any obligations under, or conflict with, (i) Broadway’s charter, articles or certificate of incorporation or bylaws, or other organizational documents, if applicable, or any agreement,
indenture or other instrument to which Broadway is a party or by which Broadway or Broadway’s properties are bound, (ii) any judgment, decree, order or award of any court, governmental body or arbitrator to which Broadway is subject, or
(iii) any law, rule or regulation applicable to Broadway. 
 (d) Neither Broadway nor any person acting on its behalf has
taken any action (including any offering of any securities of Broadway under circumstances which would require the integration of such offering with the offering of the Common Stock or Common Stock Equivalents (as defined below) under the Securities
Act of 1933, as amended, (the “Act”) and the rules and regulations of the Securities and Exchange Commissions promulgated thereunder), which might subject the offering, issuance or sale of the Common Stock or Common Stock
Equivalents to AAA pursuant to this Agreement to the registration requirements of the Act. 
 (e) No broker, finder or
investment banker is entitled to any financial advisory, brokerage, finder’s or other fee or commission in connection with this Agreement or the transactions contemplated hereby based upon arrangements made by or on behalf of Broadway or any
subsidiary of Broadway for which AAA could have any liability. 
 6. REPRESENTATIONS AND WARRANTIES OF AAA. IEAC and Club
each hereby represents and warrants to Broadway that it is the sole legal and beneficial owner of the Shares to be exchanged by it pursuant to this Agreement, and, upon the Closing, Broadway will acquire the Shares free and clear of any liens,
encumbrances, pledges, security interests or other restrictions or claims of third parties. 
 7. SURVIVAL OF REPRESENTATIONS
AND WARRANTIES. All representations, warranties and agreements of each party hereto shall survive the Closing. 

  
 3 

 8. RETIREMENT OR PURCHASE OF COMMON STOCK. Should Broadway at any time and for any
reason desire to retire or repurchase shares of its outstanding Common Stock, Broadway shall give AAA thirty (30) days’ prior written notice of such intent. Such notice shall specify the number of outstanding shares of Common Stock prior
to such retirement or repurchase, and the number of outstanding shares of Common Stock after giving effect to such retirement or repurchase. Upon receipt of such notice, AAA shall have the right to sell to Broadway, at the Fair Market Value, the
minimum number of shares of Common Stock that would result in AAA owning less than 5% of the outstanding shares of Common Stock of Broadway after giving effect to such retirement or repurchase and such sale by AAA to Broadway. Within ten
(10) days after the receipt of such notice by AAA, AAA shall notify Broadway in writing of its intent to exercise its rights to sell shares of Common Stock to Broadway pursuant to this Section 8, which shall include the number of shares of
Common Stock to be sold by AAA to Broadway in accordance with this Section 8, the owner of such shares and the proposed closing date, which date shall be no later than the business day preceding the date of the retirement or repurchase. Such
option shall be in effect as long as AAA maintains a beneficial ownership in Broadway Common Stock. 
 9. TRANSFER OF COMMON
STOCK. Subject to compliance with applicable securities laws, AAA shall be permitted to transfer, sell, assign or otherwise dispose of (“Transfer”) all or a portion of AAA’s Common Stock at any time, and Broadway shall take
all steps as may be reasonably requested by AAA to facilitate the Transfer of Common Stock. 
 10. ISSUANCE OF EQUITY
SECURITIES. Broadway agrees not to issue equity securities ranking senior to the Common Stock for a period of two (2) years from the Closing Date, except in the following circumstances: (i) in connection with the provisions of a
shareholders’ rights plan of Broadway; (ii) in connection with a rights offering or other distribution to shareholders of Common Stock in proportion to their respective ownership interests; or (iii) if approved by the shareholders of
Common Stock. 
 11. POSSIBLE COMMON STOCK EQUIVALENT TRANSACTION. 

(a) Broadway does not currently have sufficient authorized but unissued shares of Common Stock available under its certificate of
incorporation to enable it to complete the AAA Exchange, each of the Other Exchanges, and the Equity Offering. In addition, issuance of Common Stock for such purposes would ordinarily require approval by Broadway’s stockholders pursuant to Rule
5635 of the corporate governance rules of the Nasdaq Stock Market. Accordingly, Broadway has agreed with the Treasury Department that Broadway will, as a condition to completion of the exchange with the Treasury Department, either: (i) obtain
the required Broadway stockholder approval under the Nasdaq corporate governance rules and complete the other steps required to amend its certificate of incorporation to authorize the issuance of a sufficient number of shares of Common Stock for
such purposes; or (ii) file a certificate of designations with the Secretary of State of the State of Delaware to designate a new series of preferred stock out of Broadway’s authorized but unissued preferred stock, to be designated Series
F Common Stock Equivalent (the “Common Stock Equivalents”), the terms of which will include that such preferred stock shall be mandatorily convertible into the number of shares of Common Stock that would, upon the affirmative vote
of the stockholders of Broadway, be issued directly if the exchange were made for Common Stock and an escalating cumulative 

  
 4 

 
dividend requirement to provide an incentive to the stockholders of Broadway to provide such vote. The certificate of designations for such series of preferred stock shall be substantially in the
form attached as Exhibit A to this Agreement. Broadway and the Treasury Department have further agreed in such event that the exchange to be conducted by Broadway for the outstanding shares of TARP Preferred Stock shall be for shares of the Common
Stock Equivalents rather than shares of Common Stock. The number of shares of Common Stock Equivalents to be issued in such alternative transaction (excluding shares to be issues in respect of accrued cumulative dividends under the terms of the TARP
Preferred Stock) shall be the number of shares of Common Stock Equivalents that has an aggregate liquidation preference equal to 50% of the liquidation preference of all of the TARP Preferred stock to be exchanged. 

(b) AAA hereby agrees that if the exchange with the Treasury Department for TARP Preferred Stock is completed using Common Stock
Equivalents, then AAA will exchange all of its shares of Series A Preferred Stock for shares of Common Stock Equivalents on the same basis, as adjusted to reflect the different per share liquidation preferences of the Series A Preferred Stock and
the TARP Preferred Stock, that is, the number of shares of Common Stock Equivalents to be issued to AAA shall equal the number determined by dividing (A) 50% of the aggregate liquidation preference of all of the Shares exchanged by AAA by
(B) $1,000, which is the per share liquidation preference of the Common Stock Equivalents. 
 (c) Broadway represents and
warrants that the Common Stock Equivalents will have been duly and validly authorized by all necessary action, and, when issued and delivered pursuant to this Agreement, such Common Stock Equivalents will be duly and validly issued and fully paid
and nonassessable, will not be issued in violation of any preemptive rights, will not subject the holder thereof to personal liability, and such shares will rank pari passu with or senior to all other series or classes of preferred stock,
whether or not issued or outstanding. 
 12. NOTICE. Any notice required or permitted to be given to either party under
this Agreement shall be deemed duly given and effective if such notice is either served personally or placed in the United States mail, postage prepaid, addressed as indicated below: 

As to AAA: 

Interinsurance Exchange of the Automobile Club 
 Automobile Club of Southern California 
 3333 Fairview Road 

Costa Mesa, California 92626-1698 
 Attn: Senior Vice President and Chief Financial Officer 
 As to Broadway:

 Broadway Financial Corporation 
 4800 Wilshire Boulevard 
 Los Angeles, CA 90010 

Attn: Chief Financial Officer 
 13. FURTHER ASSURANCES. Each party hereto shall promptly execute and deliver such further agreements and instruments, and take such further actions, as either of the other parties may reasonably
request in order to carry out the purpose and intent of this Agreement. 

  
 5 

 14. ASSIGNABILITY AND PARTIES IN INTEREST. This Agreement shall not be assignable by
any of the parties hereto without the prior written consent of all the other parties hereto. This Agreement shall inure to the benefit of and be binding upon the parties and their respective permitted successors and assigns. 

15. GOVERNING LAW. This Agreement shall be governed by and construed and enforce in accordance with the internal substantive law,
and not the law pertaining to conflicts or choice of law, of the State of California. 
 16. COUNTERPARTS. This Agreement
may be executed in several counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. 
 17. COMPLETE AGREEMENT. This Agreement is an integrated agreement containing the entire agreement between the parties hereto with respect to the subject matter hereof, and shall supersede all
previous and all contemporaneous oral or written negotiations, commitments or understandings. 
 18. MODIFICATIONS.
AMENDMENTS AND WAIVERS. This Agreement may be modified, amended, or otherwise supplemented only by a writing signed by the parties against whom it is sought to be enforced in such amended, modified or supplemented form. No waiver of any right or
power hereunder shall be deemed effective unless and until a writing waiving such right or power is executed by the parties waiving such right or power. 
 19. NO THIRD PARTY BENEFICIARIES. There are no third party beneficiaries under this Agreement or intended by any party hereto. 

20. CAPTIONS. The paragraph captions contained in this Agreement are for convenience only and do not constitute a part of the
provisions. 
 [signature page follows] 

  
 6 

 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the first
date written above. 
  

									
	BROADWAY FINANCIAL CORPORATION	 		 	AUTOMOBILE CLUB OF SOUTHERN CALIFORNIA
					
	By:	 	

	 		 	By:	 	

		 	  
	 		 		 	  

	Name:	 	Wayne-Kent A. Bradshaw	 		 	Name:	 	David M. Mattingly
		 	  
	 		 		 	  

	Title:	 	Chief Executive Officer and President	 		 	Title:	 	Senior Vice President, Chief Financial Officer & Treasurer
		 	  
	 		 		 	  

					
	Date:	 	3-15-12	 		 	Date:	 	3/19/12
		 	  
	 		 		 	  

				
		 		 		 	INTERINSURANCE EXCHANGE OF THE AUTOMOBILE CLUB
					
		 		 		 	By:	 	ACSC Management Services, Inc., Attorney-in Fact
					
		 		 		 	By:	 	

		 		 		 		 	  

		 		 		 	Name:	 	David M. Mattingly
		 		 		 		 	  

		 		 		 	Title:	 	Senior Vice President, Chief Financial Officer & Treasurer
		 		 		 		 	  

					
		 		 		 	Date:	 	3/19/12
		 		 		 		 	  

  
 

     

  
 7EX-10.21

 Exhibit 10.21 
 Stock Purchase Agreement 
 This Stock Purchase Agreement
(“Agreement”) is entered into and dated as of July 2, 2012, by Broadway Financial Corporation, a Delaware corporation (the “Company”), and Albert O. Maddox and Dorothy Deloise Maddox as
Trustees U/D/T dated February 19, 1991 (the “Purchaser”). 
 A. The Purchaser is a director and/or
senior executive officer of the Company and is thoroughly familiar with the business and affairs of the Company as a result of his service in such capacity. 
 B. The Company is currently seeking to effect a series of recapitalization transactions that would include, among other steps, exchanges of all outstanding shares of the Company’s preferred stock for
common stock of the Company and sales of common stock to investors for cash to raise funds that the Company needs to continue operations (the “Recapitalization”). There is currently no assurance that the Company will be able to
complete the Recapitalization. 
 C. The purchase of the Shares provided for in this Agreement is not contingent upon completion
of the Recapitalization by the Company. It is the Purchaser’s intention that his purchase of the Shares provided for herein shall be final and binding upon the Purchaser and Company whether or not the Recapitalization is completed in its
currently contemplated form or in any other form. In addition, while it is expected that other directors and/or senior executive officers of the Company will purchase shares of common stock of the Company on the same terms as those set forth herein,
the Purchaser’s purchase of Shares contemplated herein shall not be conditioned upon the completion of any other such purchase transactions. 
  

	SECTION 1.	PURCHASE OF SHARES. 

(a) Purchase and Sale. On the terms and conditions set forth in this Agreement, the Purchaser agrees to purchase from the Company,
and the Company agrees to sell to Purchaser 19,231 shares of the common stock of the Company (each a “Share” and, collectively, the “Shares”). The purchase and sale of the Shares shall occur at the
offices of the Company on the date of this Agreement set forth above or at such other place and time as the parties may agree. 

(b) Purchase Price. The Purchaser agrees to pay $1.30 for each Share or, if greater, the amount per Share that
equals the “fair market value” of a Share as defined in Nasdaq Listing Rule 5005(a)(22), which term means the consolidated closing bid price per Share as reported by Nasdaq immediately preceding the entry of the parties into this
Agreement, it being acknowledged by the parties that this Agreement has been entered into after the close of the regular trading session of Nasdaq at 4 p.m. Eastern Time on the date of this Agreement set forth above. The aggregate price for the
Shares is referred to herein as the “Purchase Price.” Payment of the Purchase Price shall be made on the date of purchase in cash or cash equivalents in an amount equal to the Purchase Price. 

 (c) Notwithstanding the preceding provisions of this Section 1, in the event that the
Company sells Shares of its common stock to other purchasers in the Recapitalization within the period of three months following the date hereof at a price per share greater than the per share purchase price set forth in this Agreement, the Company
and the Purchaser agree that the Purchase Price set forth herein shall be deemed retroactively adjusted to such higher purchase price and the number of Shares purchased by the Purchaser shall be correspondingly reduced to the nearest number of whole
Shares at such adjusted Purchase Price. In such event, the Purchaser shall surrender to the Company the number of Shares initially purchased by the Purchaser necessary to achieve such reduction promptly upon receipt of the Company’s request to
do so. The Company shall thereupon pay cash to the Purchaser in such amount, if any, as shall be necessary to settle any fractional share amounts. 
  

	SECTION 2.	RESTRICTIONS ON TRANSFER. 

(a) Purchaser Representations and Warranties. In connection with the issuance and sale of the Shares contemplated by this
Agreement, the Purchaser hereby represents and warrants to the Company as follows: 
 (i) The Purchaser is
acquiring and will hold the Shares for investment for his account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act. 

(ii) The Purchaser understands that (A) the Shares have not been registered under the Securities Act in reliance by
the Company on the availability of a specific exemption from the general registration requirements of the Securities Act, the availability of which exemption depends on the accuracy of the Purchaser’s representations and warranties set forth in
this Section 2, and (B) the Shares must be held indefinitely, unless they are subsequently registered under the Securities Act or the Purchaser obtains an opinion of counsel, in form and substance satisfactory to the Company and its
counsel, that such registration is not required. The Purchaser further acknowledges and understands that the Company is under no obligation to register the offer or sale of the Shares under the Securities Act. 

(iii) The Purchaser is aware of Rule 144 by the Securities and Exchange Commission (the “SEC”) under the
Securities Act, which permits limited public resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions, including (without limitation) the availability of certain current public information about the
issuer, the resale occurring only after the holding period required by Rule 144 has been satisfied, the sale occurring through an unsolicited “broker’s transaction,” and the amount of securities being sold during any three-month
period not exceeding specified limitations. The Purchaser acknowledges and understands that the conditions for resale set forth in Rule 144 to be satisfied. 
 (iv) The Purchaser will not sell, transfer or otherwise dispose of the Shares in violation of the Securities Act, the Securities Exchange Act of 1934, or the rules promulgated thereunder, including Rule
144 under the Securities Act. The Purchaser agrees that he will not dispose of the Shares unless and until he has complied with all 

  
 2 

 
requirements of this Agreement applicable to the disposition of Shares and he has provided the Company with written assurances, in substance and form satisfactory to the Company, that
(A) the proposed disposition does not require registration of the Shares under the Securities Act or all appropriate action necessary for compliance with the registration requirements of the Securities Act or with any exemption from
registration available under the Securities Act (including Rule 144) has been taken and (B) the proposed disposition will not result in the contravention of any transfer restrictions applicable to the Shares under the securities laws or
regulations of any State. 
 (v) The Purchaser has been furnished with, and has had access to, such information
as he considers necessary or appropriate for deciding whether to invest in the Shares, and the Purchaser has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the issuance of the Shares
and any other matters the Purchaser considers relevant to his purchase of the Shares. 
 (vi) The Purchaser is
aware that his or her investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss. The Purchaser is able, without impairing his financial condition, to hold the Shares for an
indefinite period and to suffer a complete loss of his or her investment in the Shares. 
 (b) Securities Law
Restrictions. Regardless of whether the offering and sale of Shares under this Agreement have been registered under the Securities Act or have been registered or qualified under the securities laws of any State, the Company at its discretion may
impose restrictions upon the sale, pledge or other transfer of the Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions
are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any state or any other law. 
 (c) Rights of the Company. The Company shall not be required to (i) transfer on its books any Shares that have been sold or transferred in contravention of this Agreement or (ii) treat as
the owner of Purchased Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee to whom Purchased Shares have been transferred in contravention of this Agreement. 

 

	SECTION 3.	LEGENDS. 

 All certificates evidencing
Shares shall bear the following legends: 
 THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER
DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE REGISTERED HOLDER OF THE SHARES). THE SECRETARY OF THE COMPANY WILL UPON
WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE. 

  
 3 

 THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY
NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. 

If required by the authorities of any State in connection with the issuance and sale of the Shares, the legend or legends required by
such State authorities shall also be endorsed on all such certificates. 
  

	SECTION 4.	GENERAL TERMS. 

 (a)
Successors and Assigns. Except as otherwise expressly provided to the contrary, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and be binding upon the Purchaser
and the Purchaser’s legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law, whether or not any such person has become a party to this Agreement or has agreed in writing to join herein and to be bound
by the terms, conditions and restrictions hereof. 
 (b) Notice. Any notice required by the terms of this Agreement shall
be given in writing. It shall be deemed effective upon (i) personal delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or (iii) deposit with Federal Express
Corporation or other nationally recognized courier delivery service, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive office and to the Purchaser at the address that he or she most recently provided
to the Company in the manner provided in this Section 4(b). 
 (c) Entire Agreement. This Agreement constitutes the
entire contract between the parties hereto with regard to the purchase of the Shares by the Purchaser. It supersedes any other agreements, representations or understandings (whether oral or written and whether express or implied) that relate to the
subject matter hereof. 
 (d) Choice of Law. This Agreement shall be governed by, and construed in accordance with, the
laws of the State of Delaware, as such laws are applied to contracts entered into and performed in such State. 

  
 4 

 In witness whereof, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as of the day and year first above written. 
  

							
	Purchaser:	 		 	Broadway Financial Corporation
				
	 /s/ Albert O. Maddox
	 		 	By:	 	 /s/ Sam Sarpong

				
		 		 	Name:	 	 Sam Sarpong

				
		 		 	Title:	 	 CFO

  
 5 

 Stock Purchase Agreement 

This Stock Purchase Agreement (“Agreement”) is entered into and dated as of July 2, 2012, by Broadway
Financial Corporation, a Delaware corporation (the “Company”), and Daniel Medina and Laura Martin Family Trust (the “Purchaser”). 
 A. The Purchaser is a director and/or senior executive officer of the Company and is thoroughly familiar with the business and affairs of the Company as a result of his service in such capacity.

 B. The Company is currently seeking to effect a series of recapitalization transactions that would include, among other
steps, exchanges of all outstanding shares of the Company’s preferred stock for common stock of the Company and sales of common stock to investors for cash to raise funds that the Company needs to continue operations (the
“Recapitalization”). There is currently no assurance that the Company will be able to complete the Recapitalization. 
 C. The purchase of the Shares provided for in this Agreement is not contingent upon completion of the Recapitalization by the Company. It is the Purchaser’s intention that his purchase of the Shares
provided for herein shall be final and binding upon the Purchaser and Company whether or not the Recapitalization is completed in its currently contemplated form or in any other form. In addition, while it is expected that other directors and/or
senior executive officers of the Company will purchase shares of common stock of the Company on the same terms as those set forth herein, the Purchaser’s purchase of Shares contemplated herein shall not be conditioned upon the completion of any
other such purchase transactions. 
  

	SECTION 1.	PURCHASE OF SHARES. 

(a) Purchase and Sale. On the terms and conditions set forth in this Agreement, the Purchaser agrees to purchase from the Company,
and the Company agrees to sell to Purchaser 19,231 shares of the common stock of the Company (each a “Share” and, collectively, the “Shares”). The purchase and sale of the Shares shall occur at the
offices of the Company on the date of this Agreement set forth above or at such other place and time as the parties may agree. 

(b) Purchase Price. The Purchaser agrees to pay $1.30 for each Share or, if greater, the amount per Share that
equals the “fair market value” of a Share as defined in Nasdaq Listing Rule 5005(a)(22), which term means the consolidated closing bid price per Share as reported by Nasdaq immediately preceding the entry of the parties into this
Agreement, it being acknowledged by the parties that this Agreement has been entered into after the close of the regular trading session of Nasdaq at 4 p.m. Eastern Time on the date of this Agreement set forth above. The aggregate price for the
Shares is referred to herein as the “Purchase Price.” Payment of the Purchase Price shall be made on the date of purchase in cash or cash equivalents in an amount equal to the Purchase Price. 

(c) Notwithstanding the preceding provisions of this Section 1, in the event that the Company sells Shares of its common stock to
other purchasers in the Recapitalization within the 

 
period of three months following the date hereof at a price per share greater than the per share purchase price set forth in this Agreement, the Company and the Purchaser agree that the Purchase
Price set forth herein shall be deemed retroactively adjusted to such higher purchase price and the number of Shares purchased by the Purchaser shall be correspondingly reduced to the nearest number of whole Shares at such adjusted Purchase Price.
In such event, the Purchaser shall surrender to the Company the number of Shares initially purchased by the Purchaser necessary to achieve such reduction promptly upon receipt of the Company’s request to do so. The Company shall thereupon pay
cash to the Purchaser in such amount, if any, as shall be necessary to settle any fractional share amounts. 
  

	SECTION 2.	RESTRICTIONS ON TRANSFER. 

(a) Purchaser Representations and Warranties. In connection with the issuance and sale of the Shares contemplated by this
Agreement, the Purchaser hereby represents and warrants to the Company as follows: 
 (i) The Purchaser is
acquiring and will hold the Shares for investment for his account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act. 

(ii) The Purchaser understands that (A) the Shares have not been registered under the Securities Act in reliance by
the Company on the availability of a specific exemption from the general registration requirements of the Securities Act, the availability of which exemption depends on the accuracy of the Purchaser’s representations and warranties set forth in
this Section 2, and (B) the Shares must be held indefinitely, unless they are subsequently registered under the Securities Act or the Purchaser obtains an opinion of counsel, in form and substance satisfactory to the Company and its
counsel, that such registration is not required. The Purchaser further acknowledges and understands that the Company is under no obligation to register the offer or sale of the Shares under the Securities Act. 

(iii) The Purchaser is aware of Rule 144 by the Securities and Exchange Commission (the “SEC”) under the
Securities Act, which permits limited public resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions, including (without limitation) the availability of certain current public information about the
issuer, the resale occurring only after the holding period required by Rule 144 has been satisfied, the sale occurring through an unsolicited “broker’s transaction,” and the amount of securities being sold during any three-month
period not exceeding specified limitations. The Purchaser acknowledges and understands that the conditions for resale set forth in Rule 144 to be satisfied. 
 (iv) The Purchaser will not sell, transfer or otherwise dispose of the Shares in violation of the Securities Act, the Securities Exchange Act of 1934, or the rules promulgated thereunder, including Rule
144 under the Securities Act. The Purchaser agrees that he will not dispose of the Shares unless and until he has complied with all requirements of this Agreement applicable to the disposition of Shares and he has provided the Company with written
assurances, in substance and form satisfactory to the 

  
 2 

 
Company, that (A) the proposed disposition does not require registration of the Shares under the Securities Act or all appropriate action necessary for compliance with the registration
requirements of the Securities Act or with any exemption from registration available under the Securities Act (including Rule 144) has been taken and (B) the proposed disposition will not result in the contravention of any transfer restrictions
applicable to the Shares under the securities laws or regulations of any State. 
 (v) The Purchaser has been
furnished with, and has had access to, such information as he considers necessary or appropriate for deciding whether to invest in the Shares, and the Purchaser has had an opportunity to ask questions and receive answers from the Company regarding
the terms and conditions of the issuance of the Shares and any other matters the Purchaser considers relevant to his purchase of the Shares. 
 (vi) The Purchaser is aware that his or her investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss. The Purchaser is able, without
impairing his financial condition, to hold the Shares for an indefinite period and to suffer a complete loss of his or her investment in the Shares. 
 (b) Securities Law Restrictions. Regardless of whether the offering and sale of Shares under this Agreement have been registered under the Securities Act or have been registered or qualified under
the securities laws of any State, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of the Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer
instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any state or any other law. 

(c) Rights of the Company. The Company shall not be required to (i) transfer on its books any Shares that have been sold or
transferred in contravention of this Agreement or (ii) treat as the owner of Purchased Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee to whom Purchased Shares have been transferred in contravention of
this Agreement. 
  

	SECTION 3.	LEGENDS. 

 All certificates evidencing
Shares shall bear the following legends: 
 THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER
DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE REGISTERED HOLDER OF THE SHARES). THE SECRETARY OF THE COMPANY WILL UPON
WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE. 
 THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH
REGISTRATION IS NOT REQUIRED. 

  
 3 

 If required by the authorities of any State in connection with the issuance and sale of the
Shares, the legend or legends required by such State authorities shall also be endorsed on all such certificates. 
  

	SECTION 4.	GENERAL TERMS. 

 (a)
Successors and Assigns. Except as otherwise expressly provided to the contrary, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and be binding upon the
Purchaser and the Purchaser’s legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law, whether or not any such person has become a party to this Agreement or has agreed in writing to join herein and to
be bound by the terms, conditions and restrictions hereof. 
 (b) Notice. Any notice required by the terms of this
Agreement shall be given in writing. It shall be deemed effective upon (i) personal delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or (iii) deposit with
Federal Express Corporation or other nationally recognized courier delivery service, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive office and to the Purchaser at the address that he or she most
recently provided to the Company in the manner provided in this Section 4(b). 
 (c) Entire Agreement. This
Agreement constitutes the entire contract between the parties hereto with regard to the purchase of the Shares by the Purchaser. It supersedes any other agreements, representations or understandings (whether oral or written and whether express or
implied) that relate to the subject matter hereof. 
 (d) Choice of Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Delaware, as such laws are applied to contracts entered into and performed in such State. 

  
 4 

 In witness whereof, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as of the day and year first above written. 
  

							
	Purchaser:	 		 	Broadway Financial Corporation
				
	 /s/ Daniel A. Medina
	 		 	By:	 	 /s/ Sam Sarpong

	Daniel A Medina as
TTF Martin Medina Family
Trust UTD 6/30/94	 		 	  
 Name:
	 	  
 Sam Sarpong

	 		 	  
 Title:
	 	  
 CFO

  
 5 

 Stock Purchase Agreement 

This Stock Purchase Agreement (“Agreement”) is entered into and dated as of July 2, 2012, by Broadway
Financial Corporation, a Delaware corporation (the “Company”), and Paul C. Hudson (the “Purchaser”). 
 A. The Purchaser is a director and/or senior executive officer of the Company and is thoroughly familiar with the business and affairs of the Company as a result of his service in such capacity.

 B. The Company is currently seeking to effect a series of recapitalization transactions that would include, among other
steps, exchanges of all outstanding shares of the Company’s preferred stock for common stock of the Company and sales of common stock to investors for cash to raise funds that the Company needs to continue operations (the
“Recapitalization”). There is currently no assurance that the Company will be able to complete the Recapitalization. 
 C. The purchase of the Shares provided for in this Agreement is not contingent upon completion of the Recapitalization by the Company. It is the Purchaser’s intention that his purchase of the Shares
provided for herein shall be final and binding upon the Purchaser and Company whether or not the Recapitalization is completed in its currently contemplated form or in any other form. In addition, while it is expected that other directors and/or
senior executive officers of the Company will purchase shares of common stock of the Company on the same terms as those set forth herein, the Purchaser’s purchase of Shares contemplated herein shall not be conditioned upon the completion of any
other such purchase transactions. 
  

	SECTION 1.	PURCHASE OF SHARES. 

(a) Purchase and Sale. On the terms and conditions set forth in this Agreement, the Purchaser agrees to purchase from the Company,
and the Company agrees to sell to Purchaser 19,231 shares of the common stock of the Company (each a “Share” and, collectively, the “Shares”). The purchase and sale of the Shares shall occur at the
offices of the Company on the date of this Agreement set forth above or at such other place and time as the parties may agree. 

(b) Purchase Price. The Purchaser agrees to pay $1.30 for each Share or, if greater, the amount per Share that
equals the “fair market value” of a Share as defined in Nasdaq Listing Rule 5005(a)(22), which term means the consolidated closing bid price per Share as reported by Nasdaq immediately preceding the entry of the parties into this
Agreement, it being acknowledged by the parties that this Agreement has been entered into after the close of the regular trading session of Nasdaq at 4 p.m. Eastern Time on the date of this Agreement set forth above. The aggregate price for the
Shares is referred to herein as the “Purchase Price.” Payment of the Purchase Price shall be made on the date of purchase in cash or cash equivalents in an amount equal to the Purchase Price. 

(c) Notwithstanding the preceding provisions of this Section 1, in the event that the Company sells Shares of its common stock to
other purchasers in the Recapitalization within the 

 
period of three months following the date hereof at a price per share greater than the per share purchase price set forth in this Agreement, the Company and the Purchaser agree that the Purchase
Price set forth herein shall be deemed retroactively adjusted to such higher purchase price and the number of Shares purchased by the Purchaser shall be correspondingly reduced to the nearest number of whole Shares at such adjusted Purchase Price.
In such event, the Purchaser shall surrender to the Company the number of Shares initially purchased by the Purchaser necessary to achieve such reduction promptly upon receipt of the Company’s request to do so. The Company shall thereupon pay
cash to the Purchaser in such amount, if any, as shall be necessary to settle any fractional share amounts. 
  

	SECTION 2.	RESTRICTIONS ON TRANSFER. 

(a) Purchaser Representations and Warranties. In connection with the issuance and sale of the Shares contemplated by this
Agreement, the Purchaser hereby represents and warrants to the Company as follows: 
 (i) The Purchaser is
acquiring and will hold the Shares for investment for his account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act. 

(ii) The Purchaser understands that (A) the Shares have not been registered under the Securities Act in reliance by
the Company on the availability of a specific exemption from the general registration requirements of the Securities Act, the availability of which exemption depends on the accuracy of the Purchaser’s representations and warranties set forth in
this Section 2, and (B) the Shares must be held indefinitely, unless they are subsequently registered under the Securities Act or the Purchaser obtains an opinion of counsel, in form and substance satisfactory to the Company and its
counsel, that such registration is not required. The Purchaser further acknowledges and understands that the Company is under no obligation to register the offer or sale of the Shares under the Securities Act. 

(iii) The Purchaser is aware of Rule 144 by the Securities and Exchange Commission (the “SEC”) under the
Securities Act, which permits limited public resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions, including (without limitation) the availability of certain current public information about the
issuer, the resale occurring only after the holding period required by Rule 144 has been satisfied, the sale occurring through an unsolicited “broker’s transaction,” and the amount of securities being sold during any three-month
period not exceeding specified limitations. The Purchaser acknowledges and understands that the conditions for resale set forth in Rule 144 to be satisfied. 
 (iv) The Purchaser will not sell, transfer or otherwise dispose of the Shares in violation of the Securities Act, the Securities Exchange Act of 1934, or the rules promulgated thereunder, including Rule
144 under the Securities Act. The Purchaser agrees that he will not dispose of the Shares unless and until he has complied with all requirements of this Agreement applicable to the disposition of Shares and he has provided the Company with written
assurances, in substance and form satisfactory to the 

  
 2 

 
Company, that (A) the proposed disposition does not require registration of the Shares under the Securities Act or all appropriate action necessary for compliance with the registration
requirements of the Securities Act or with any exemption from registration available under the Securities Act (including Rule 144) has been taken and (B) the proposed disposition will not result in the contravention of any transfer restrictions
applicable to the Shares under the securities laws or regulations of any State. 
 (v) The Purchaser has been
furnished with, and has had access to, such information as he considers necessary or appropriate for deciding whether to invest in the Shares, and the Purchaser has had an opportunity to ask questions and receive answers from the Company regarding
the terms and conditions of the issuance of the Shares and any other matters the Purchaser considers relevant to his purchase of the Shares. 
 (vi) The Purchaser is aware that his or her investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss. The Purchaser is able, without
impairing his financial condition, to hold the Shares for an indefinite period and to suffer a complete loss of his or her investment in the Shares. 
 (b) Securities Law Restrictions. Regardless of whether the offering and sale of Shares under this Agreement have been registered under the Securities Act or have been registered or qualified under
the securities laws of any State, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of the Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer
instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any state or any other law. 

(c) Rights of the Company. The Company shall not be required to (i) transfer on its books any Shares that have been sold or
transferred in contravention of this Agreement or (ii) treat as the owner of Purchased Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee to whom Purchased Shares have been transferred in contravention of
this Agreement. 
  

	SECTION 3.	LEGENDS. 

 All certificates evidencing
Shares shall bear the following legends: 
 THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER
DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE REGISTERED HOLDER OF THE SHARES). THE SECRETARY OF THE COMPANY WILL UPON
WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE. 
 THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH
REGISTRATION IS NOT REQUIRED. 

  
 3 

 If required by the authorities of any State in connection with the issuance and sale of the
Shares, the legend or legends required by such State authorities shall also be endorsed on all such certificates. 
  

	SECTION 4.	GENERAL TERMS. 

 (a)
Successors and Assigns. Except as otherwise expressly provided to the contrary, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and be binding upon the
Purchaser and the Purchaser’s legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law, whether or not any such person has become a party to this Agreement or has agreed in writing to join herein and to
be bound by the terms, conditions and restrictions hereof. 
 (b) Notice. Any notice required by the terms of this
Agreement shall be given in writing. It shall be deemed effective upon (i) personal delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or (iii) deposit with
Federal Express Corporation or other nationally recognized courier delivery service, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive office and to the Purchaser at the address that he or she most
recently provided to the Company in the manner provided in this Section 4(b). 
 (c) Entire Agreement. This
Agreement constitutes the entire contract between the parties hereto with regard to the purchase of the Shares by the Purchaser. It supersedes any other agreements, representations or understandings (whether oral or written and whether express or
implied) that relate to the subject matter hereof. 
 (d) Choice of Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Delaware, as such laws are applied to contracts entered into and performed in such State. 

  
 4 

 In witness whereof, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as of the day and year first above written. 
  

							
	Purchaser:	 		 	Broadway Financial Corporation
				
	 /s/ Paul C. Hudson
	 		 	By:	 	 /s/ Sam Sarpong

				
		 		 	Name:	 	 Sam Sarpong

				
		 		 	Title:	 	 CFO

  
 5 

 Stock Purchase Agreement 

This Stock Purchase Agreement (“Agreement”) is entered into and dated as of July 2, 2012, by Broadway
Financial Corporation, a Delaware corporation (the “Company”), and The Robert and Alice Davidson Trust (the “Purchaser”). 
 A. The Purchaser is a director and/or senior executive officer of the Company and is thoroughly familiar with the business and affairs of the Company as a result of his service in such capacity.

 B. The Company is currently seeking to effect a series of recapitalization transactions that would include, among other
steps, exchanges of all outstanding shares of the Company’s preferred stock for common stock of the Company and sales of common stock to investors for cash to raise funds that the Company needs to continue operations (the
“Recapitalization”). There is currently no assurance that the Company will be able to complete the Recapitalization. 
 C. The purchase of the Shares provided for in this Agreement is not contingent upon completion of the Recapitalization by the Company. It is the Purchaser’s intention that his purchase of the Shares
provided for herein shall be final and binding upon the Purchaser and Company whether or not the Recapitalization is completed in its currently contemplated form or in any other form. In addition, while it is expected that other directors and/or
senior executive officers of the Company will purchase shares of common stock of the Company on the same terms as those set forth herein, the Purchaser’s purchase of Shares contemplated herein shall not be conditioned upon the completion of any
other such purchase transactions. 
  

	SECTION 1.	PURCHASE OF SHARES. 

(a) Purchase and Sale. On the terms and conditions set forth in this Agreement, the Purchaser agrees to purchase from the Company,
and the Company agrees to sell to Purchaser 19,231 shares of the common stock of the Company (each a “Share” and, collectively, the “Shares”). The purchase and sale of the Shares shall occur at the
offices of the Company on the date of this Agreement set forth above or at such other place and time as the parties may agree. 

(b) Purchase Price. The Purchaser agrees to pay $1.30 for each Share or, if greater, the amount per Share that
equals the “fair market value” of a Share as defined in Nasdaq Listing Rule 5005(a)(22), which term means the consolidated closing bid price per Share as reported by Nasdaq immediately preceding the entry of the parties into this
Agreement, it being acknowledged by the parties that this Agreement has been entered into after the close of the regular trading session of Nasdaq at 4 p.m. Eastern Time on the date of this Agreement set forth above. The aggregate price for the
Shares is referred to herein as the “Purchase Price.” Payment of the Purchase Price shall be made on the date of purchase in cash or cash equivalents in an amount equal to the Purchase Price. 

(c) Notwithstanding the preceding provisions of this Section 1, in the event that the Company sells Shares of its common stock to
other purchasers in the Recapitalization within the 

 
period of three months following the date hereof at a price per share greater than the per share purchase price set forth in this Agreement, the Company and the Purchaser agree that the Purchase
Price set forth herein shall be deemed retroactively adjusted to such higher purchase price and the number of Shares purchased by the Purchaser shall be correspondingly reduced to the nearest number of whole Shares at such adjusted Purchase Price.
In such event, the Purchaser shall surrender to the Company the number of Shares initially purchased by the Purchaser necessary to achieve such reduction promptly upon receipt of the Company’s request to do so. The Company shall thereupon pay
cash to the Purchaser in such amount, if any, as shall be necessary to settle any fractional share amounts. 
  

	SECTION 2.	RESTRICTIONS ON TRANSFER. 

(a) Purchaser Representations and Warranties. In connection with the issuance and sale of the Shares contemplated by this
Agreement, the Purchaser hereby represents and warrants to the Company as follows: 
 (i) The Purchaser is
acquiring and will hold the Shares for investment for his account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act. 

(ii) The Purchaser understands that (A) the Shares have not been registered under the Securities Act in reliance by
the Company on the availability of a specific exemption from the general registration requirements of the Securities Act, the availability of which exemption depends on the accuracy of the Purchaser’s representations and warranties set forth in
this Section 2, and (B) the Shares must be held indefinitely, unless they are subsequently registered under the Securities Act or the Purchaser obtains an opinion of counsel, in form and substance satisfactory to the Company and its
counsel, that such registration is not required. The Purchaser further acknowledges and understands that the Company is under no obligation to register the offer or sale of the Shares under the Securities Act. 

(iii) The Purchaser is aware of Rule 144 by the Securities and Exchange Commission (the “SEC”) under the
Securities Act, which permits limited public resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions, including (without limitation) the availability of certain current public information about the
issuer, the resale occurring only after the holding period required by Rule 144 has been satisfied, the sale occurring through an unsolicited “broker’s transaction,” and the amount of securities being sold during any three-month
period not exceeding specified limitations. The Purchaser acknowledges and understands that the conditions for resale set forth in Rule 144 to be satisfied. 
 (iv) The Purchaser will not sell, transfer or otherwise dispose of the Shares in violation of the Securities Act, the Securities Exchange Act of 1934, or the rules promulgated thereunder, including Rule
144 under the Securities Act. The Purchaser agrees that he will not dispose of the Shares unless and until he has complied with all requirements of this Agreement applicable to the disposition of Shares and he has provided the Company with written
assurances, in substance and form satisfactory to the 

  
 2 

 
Company, that (A) the proposed disposition does not require registration of the Shares under the Securities Act or all appropriate action necessary for compliance with the registration
requirements of the Securities Act or with any exemption from registration available under the Securities Act (including Rule 144) has been taken and (B) the proposed disposition will not result in the contravention of any transfer restrictions
applicable to the Shares under the securities laws or regulations of any State. 
 (v) The Purchaser has been
furnished with, and has had access to, such information as he considers necessary or appropriate for deciding whether to invest in the Shares, and the Purchaser has had an opportunity to ask questions and receive answers from the Company regarding
the terms and conditions of the issuance of the Shares and any other matters the Purchaser considers relevant to his purchase of the Shares. 
 (vi) The Purchaser is aware that his or her investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss. The Purchaser is able, without
impairing his financial condition, to hold the Shares for an indefinite period and to suffer a complete loss of his or her investment in the Shares. 
 (b) Securities Law Restrictions. Regardless of whether the offering and sale of Shares under this Agreement have been registered under the Securities Act or have been registered or qualified under
the securities laws of any State, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of the Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer
instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any state or any other law. 

(c) Rights of the Company. The Company shall not be required to (i) transfer on its books any Shares that have been sold or
transferred in contravention of this Agreement or (ii) treat as the owner of Purchased Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee to whom Purchased Shares have been transferred in contravention of
this Agreement. 
  

	SECTION 3.	LEGENDS. 

 All certificates evidencing
Shares shall bear the following legends: 
 THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER
DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE REGISTERED HOLDER OF THE SHARES). THE SECRETARY OF THE COMPANY WILL UPON
WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE. 
 THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH
REGISTRATION IS NOT REQUIRED. 

  
 3 

 If required by the authorities of any State in connection with the issuance and sale of the
Shares, the legend or legends required by such State authorities shall also be endorsed on all such certificates. 
  

	SECTION 4.	GENERAL TERMS. 

 (a)
Successors and Assigns. Except as otherwise expressly provided to the contrary, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and be binding upon the Purchaser
and the Purchaser’s legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law, whether or not any such person has become a party to this Agreement or has agreed in writing to join herein and to be bound
by the terms, conditions and restrictions hereof. 
 (b) Notice. Any notice required by the terms of this Agreement shall
be given in writing. It shall be deemed effective upon (i) personal delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or (iii) deposit with Federal Express
Corporation or other nationally recognized courier delivery service, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive office and to the Purchaser at the address that he or she most recently provided
to the Company in the manner provided in this Section 4(b). 
 (c) Entire Agreement. This Agreement constitutes the
entire contract between the parties hereto with regard to the purchase of the Shares by the Purchaser. It supersedes any other agreements, representations or understandings (whether oral or written and whether express or implied) that relate to the
subject matter hereof. 
 (d) Choice of Law. This Agreement shall be governed by, and construed in accordance with, the
laws of the State of Delaware, as such laws are applied to contracts entered into and performed in such State. 

  
 4 

 In witness whereof, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as of the day and year first above written. 
  

							
	Purchaser:	 		 	Broadway Financial Corporation
				
	 /s/ Robert C. Davidson Jr.
	 		 	By:	 	 /s/ Sam Sarpong

	Trustee	 		 	  
 Name:
	 	  
 Sam Sarpong

				
		 		 	Title:	 	 CFO

  
 5 

 Stock Purchase Agreement 

This Stock Purchase Agreement (“Agreement”) is entered into and dated as of July 2, 2012, by Broadway
Financial Corporation, a Delaware corporation (the “Company”), and IRA for the benefit of Virgil Roberts (the “Purchaser”). 
 A. The Purchaser is a director and/or senior executive officer of the Company and is thoroughly familiar with the business and affairs of the Company as a result of his service in such capacity.

 B. The Company is currently seeking to effect a series of recapitalization transactions that would include, among other
steps, exchanges of all outstanding shares of the Company’s preferred stock for common stock of the Company and sales of common stock to investors for cash to raise funds that the Company needs to continue operations (the
“Recapitalization”). There is currently no assurance that the Company will be able to complete the Recapitalization. 
 C. The purchase of the Shares provided for in this Agreement is not contingent upon completion of the Recapitalization by the Company. It is the Purchaser’s intention that his purchase of the Shares
provided for herein shall be final and binding upon the Purchaser and Company whether or not the Recapitalization is completed in its currently contemplated form or in any other form. In addition, while it is expected that other directors and/or
senior executive officers of the Company will purchase shares of common stock of the Company on the same terms as those set forth herein, the Purchaser’s purchase of Shares contemplated herein shall not be conditioned upon the completion of any
other such purchase transactions. 
  

	SECTION 1.	PURCHASE OF SHARES. 

(a) Purchase and Sale. On the terms and conditions set forth in this Agreement, the Purchaser agrees to purchase from the Company,
and the Company agrees to sell to Purchaser 3,846 shares of the common stock of the Company (each a “Share” and, collectively, the “Shares”). The purchase and sale of the Shares shall occur at the
offices of the Company on the date of this Agreement set forth above or at such other place and time as the parties may agree. 

(b) Purchase Price. The Purchaser agrees to pay $1.30 for each Share or, if greater, the amount per Share that
equals the “fair market value” of a Share as defined in Nasdaq Listing Rule 5005(a)(22), which term means the consolidated closing bid price per Share as reported by Nasdaq immediately preceding the entry of the parties into this
Agreement, it being acknowledged by the parties that this Agreement has been entered into after the close of the regular trading session of Nasdaq at 4 p.m. Eastern Time on the date of this Agreement set forth above. The aggregate price for the
Shares is referred to herein as the “Purchase Price.” Payment of the Purchase Price shall be made on the date of purchase in cash or cash equivalents in an amount equal to the Purchase Price. 

(c) Notwithstanding the preceding provisions of this Section 1, in the event that the Company sells Shares of its common stock to
other purchasers in the Recapitalization within the 

 
period of three months following the date hereof at a price per share greater than the per share purchase price set forth in this Agreement, the Company and the Purchaser agree that the Purchase
Price set forth herein shall be deemed retroactively adjusted to such higher purchase price and the number of Shares purchased by the Purchaser shall be correspondingly reduced to the nearest number of whole Shares at such adjusted Purchase Price.
In such event, the Purchaser shall surrender to the Company the number of Shares initially purchased by the Purchaser necessary to achieve such reduction promptly upon receipt of the Company’s request to do so. The Company shall thereupon pay
cash to the Purchaser in such amount, if any, as shall be necessary to settle any fractional share amounts. 
  

	SECTION 2.	RESTRICTIONS ON TRANSFER. 

(a) Purchaser Representations and Warranties. In connection with the issuance and sale of the Shares contemplated by this
Agreement, the Purchaser hereby represents and warrants to the Company as follows: 
 (i) The Purchaser is
acquiring and will hold the Shares for investment for his account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act. 

(ii) The Purchaser understands that (A) the Shares have not been registered under the Securities Act in reliance by
the Company on the availability of a specific exemption from the general registration requirements of the Securities Act, the availability of which exemption depends on the accuracy of the Purchaser’s representations and warranties set forth in
this Section 2, and (B) the Shares must be held indefinitely, unless they are subsequently registered under the Securities Act or the Purchaser obtains an opinion of counsel, in form and substance satisfactory to the Company and its
counsel, that such registration is not required. The Purchaser further acknowledges and understands that the Company is under no obligation to register the offer or sale of the Shares under the Securities Act. 

(iii) The Purchaser is aware of Rule 144 by the Securities and Exchange Commission (the “SEC”) under the
Securities Act, which permits limited public resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions, including (without limitation) the availability of certain current public information about the
issuer, the resale occurring only after the holding period required by Rule 144 has been satisfied, the sale occurring through an unsolicited “broker’s transaction,” and the amount of securities being sold during any three-month
period not exceeding specified limitations. The Purchaser acknowledges and understands that the conditions for resale set forth in Rule 144 to be satisfied. 
 (iv) The Purchaser will not sell, transfer or otherwise dispose of the Shares in violation of the Securities Act, the Securities Exchange Act of 1934, or the rules promulgated thereunder, including Rule
144 under the Securities Act. The Purchaser agrees that he will not dispose of the Shares unless and until he has complied with all requirements of this Agreement applicable to the disposition of Shares and he has provided the Company with written
assurances, in substance and form satisfactory to the 

  
 2 

 
Company, that (A) the proposed disposition does not require registration of the Shares under the Securities Act or all appropriate action necessary for compliance with the registration
requirements of the Securities Act or with any exemption from registration available under the Securities Act (including Rule 144) has been taken and (B) the proposed disposition will not result in the contravention of any transfer restrictions
applicable to the Shares under the securities laws or regulations of any State. 
 (v) The Purchaser has been
furnished with, and has had access to, such information as he considers necessary or appropriate for deciding whether to invest in the Shares, and the Purchaser has had an opportunity to ask questions and receive answers from the Company regarding
the terms and conditions of the issuance of the Shares and any other matters the Purchaser considers relevant to his purchase of the Shares. 
 (vi) The Purchaser is aware that his or her investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss. The Purchaser is able, without
impairing his financial condition, to hold the Shares for an indefinite period and to suffer a complete loss of his or her investment in the Shares. 
 (b) Securities Law Restrictions. Regardless of whether the offering and sale of Shares under this Agreement have been registered under the Securities Act or have been registered or qualified under
the securities laws of any State, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of the Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer
instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any state or any other law. 

(c) Rights of the Company. The Company shall not be required to (i) transfer on its books any Shares that have been sold or
transferred in contravention of this Agreement or (ii) treat as the owner of Purchased Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee to whom Purchased Shares have been transferred in contravention of
this Agreement. 
  

	SECTION 3.	LEGENDS. 

 All certificates evidencing
Shares shall bear the following legends: 
 THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER
DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE REGISTERED HOLDER OF THE SHARES). THE SECRETARY OF THE COMPANY WILL UPON
WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE. 
 THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH
REGISTRATION IS NOT REQUIRED. 

  
 3 

 If required by the authorities of any State in connection with the issuance and sale of the
Shares, the legend or legends required by such State authorities shall also be endorsed on all such certificates. 
  

	SECTION 4.	GENERAL TERMS. 

 (a)
Successors and Assigns. Except as otherwise expressly provided to the contrary, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and be binding upon the Purchaser and
the Purchaser’s legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law, whether or not any such person has become a party to this Agreement or has agreed in writing to join herein and to be bound by
the terms, conditions and restrictions hereof. 
 (b) Notice. Any notice required by the terms of this Agreement shall be
given in writing. It shall be deemed effective upon (i) personal delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or (iii) deposit with Federal Express
Corporation or other nationally recognized courier delivery service, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive office and to the Purchaser at the address that he or she most recently provided
to the Company in the manner provided in this Section 4(b). 
 (c) Entire Agreement. This Agreement constitutes the
entire contract between the parties hereto with regard to the purchase of the Shares by the Purchaser. It supersedes any other agreements, representations or understandings (whether oral or written and whether express or implied) that relate to the
subject matter hereof. 
 (d) Choice of Law. This Agreement shall be governed by, and construed in accordance with, the
laws of the State of Delaware, as such laws are applied to contracts entered into and performed in such State. 

  
 4 

 In witness whereof, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as of the day and year first above written. 
  

							
	Purchaser:	 		 	Broadway Financial Corporation
				
	 /s/ Virgil Roberts
	 		 	By:	 	 /s/ Sam Sarpong

				
		 		 	Name:	 	 Sam Sarpong

				
		 		 	Title:	 	 CFO

  
 5 

 Stock Purchase Agreement 

This Stock Purchase Agreement (“Agreement”) is entered into and dated as of July 2, 2012, by Broadway
Financial Corporation, a Delaware corporation (the “Company”), and Virgil and Brenda Roberts Defined Benefit Pension Plan (the “Purchaser”). 

A. The Purchaser is a director and/or senior executive officer of the Company and is thoroughly familiar with the business and affairs of
the Company as a result of his service in such capacity. 
 B. The Company is currently seeking to effect a series of
recapitalization transactions that would include, among other steps, exchanges of all outstanding shares of the Company’s preferred stock for common stock of the Company and sales of common stock to investors for cash to raise funds that the
Company needs to continue operations (the “Recapitalization”). There is currently no assurance that the Company will be able to complete the Recapitalization. 
 C. The purchase of the Shares provided for in this Agreement is not contingent upon completion of the Recapitalization by the Company. It is the Purchaser’s intention that his purchase of the Shares
provided for herein shall be final and binding upon the Purchaser and Company whether or not the Recapitalization is completed in its currently contemplated form or in any other form. In addition, while it is expected that other directors and/or
senior executive officers of the Company will purchase shares of common stock of the Company on the same terms as those set forth herein, the Purchaser’s purchase of Shares contemplated herein shall not be conditioned upon the completion of any
other such purchase transactions. 
  

	SECTION 1.	PURCHASE OF SHARES. 

(a) Purchase and Sale. On the terms and conditions set forth in this Agreement, the Purchaser agrees to purchase from the Company,
and the Company agrees to sell to Purchaser 15,385 shares of the common stock of the Company (each a “Share” and, collectively, the “Shares”). The purchase and sale of the Shares shall occur at the
offices of the Company on the date of this Agreement set forth above or at such other place and time as the parties may agree. 

(b) Purchase Price. The Purchaser agrees to pay $1.30 for each Share or, if greater, the amount per Share that
equals the “fair market value” of a Share as defined in Nasdaq Listing Rule 5005(a)(22), which term means the consolidated closing bid price per Share as reported by Nasdaq immediately preceding the entry of the parties into this
Agreement, it being acknowledged by the parties that this Agreement has been entered into after the close of the regular trading session of Nasdaq at 4 p.m. Eastern Time on the date of this Agreement set forth above. The aggregate price for the
Shares is referred to herein as the “Purchase Price.” Payment of the Purchase Price shall be made on the date of purchase in cash or cash equivalents in an amount equal to the Purchase Price. 

(c) Notwithstanding the preceding provisions of this Section 1, in the event that the Company sells Shares of its common stock to
other purchasers in the Recapitalization within the 

 
period of three months following the date hereof at a price per share greater than the per share purchase price set forth in this Agreement, the Company and the Purchaser agree that the Purchase
Price set forth herein shall be deemed retroactively adjusted to such higher purchase price and the number of Shares purchased by the Purchaser shall be correspondingly reduced to the nearest number of whole Shares at such adjusted Purchase Price.
In such event, the Purchaser shall surrender to the Company the number of Shares initially purchased by the Purchaser necessary to achieve such reduction promptly upon receipt of the Company’s request to do so. The Company shall thereupon pay
cash to the Purchaser in such amount, if any, as shall be necessary to settle any fractional share amounts. 
  

	SECTION 2.	RESTRICTIONS ON TRANSFER. 

(a) Purchaser Representations and Warranties. In connection with the issuance and sale of the Shares contemplated by this
Agreement, the Purchaser hereby represents and warrants to the Company as follows: 
 (i) The Purchaser is
acquiring and will hold the Shares for investment for his account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act. 

(ii) The Purchaser understands that (A) the Shares have not been registered under the Securities Act in reliance by
the Company on the availability of a specific exemption from the general registration requirements of the Securities Act, the availability of which exemption depends on the accuracy of the Purchaser’s representations and warranties set forth in
this Section 2, and (B) the Shares must be held indefinitely, unless they are subsequently registered under the Securities Act or the Purchaser obtains an opinion of counsel, in form and substance satisfactory to the Company and its
counsel, that such registration is not required. The Purchaser further acknowledges and understands that the Company is under no obligation to register the offer or sale of the Shares under the Securities Act. 

(iii) The Purchaser is aware of Rule 144 by the Securities and Exchange Commission (the “SEC”) under the
Securities Act, which permits limited public resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions, including (without limitation) the availability of certain current public information about the
issuer, the resale occurring only after the holding period required by Rule 144 has been satisfied, the sale occurring through an unsolicited “broker’s transaction,” and the amount of securities being sold during any three-month
period not exceeding specified limitations. The Purchaser acknowledges and understands that the conditions for resale set forth in Rule 144 to be satisfied. 
 (iv) The Purchaser will not sell, transfer or otherwise dispose of the Shares in violation of the Securities Act, the Securities Exchange Act of 1934, or the rules promulgated thereunder, including Rule
144 under the Securities Act. The Purchaser agrees that he will not dispose of the Shares unless and until he has complied with all requirements of this Agreement applicable to the disposition of Shares and he has provided the Company with written
assurances, in substance and form satisfactory to the 

  
 2 

 
Company, that (A) the proposed disposition does not require registration of the Shares under the Securities Act or all appropriate action necessary for compliance with the registration
requirements of the Securities Act or with any exemption from registration available under the Securities Act (including Rule 144) has been taken and (B) the proposed disposition will not result in the contravention of any transfer restrictions
applicable to the Shares under the securities laws or regulations of any State. 
 (v) The Purchaser has been
furnished with, and has had access to, such information as he considers necessary or appropriate for deciding whether to invest in the Shares, and the Purchaser has had an opportunity to ask questions and receive answers from the Company regarding
the terms and conditions of the issuance of the Shares and any other matters the Purchaser considers relevant to his purchase of the Shares. 
 (vi) The Purchaser is aware that his or her investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss. The Purchaser is able, without
impairing his financial condition, to hold the Shares for an indefinite period and to suffer a complete loss of his or her investment in the Shares. 
 (b) Securities Law Restrictions. Regardless of whether the offering and sale of Shares under this Agreement have been registered under the Securities Act or have been registered or qualified under
the securities laws of any State, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of the Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer
instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any state or any other law. 

(c) Rights of the Company. The Company shall not be required to (i) transfer on its books any Shares that have been sold or
transferred in contravention of this Agreement or (ii) treat as the owner of Purchased Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee to whom Purchased Shares have been transferred in contravention of
this Agreement. 
  

	SECTION 3.	LEGENDS. 

 All certificates evidencing
Shares shall bear the following legends: 
 THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER
DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE REGISTERED HOLDER OF THE SHARES). THE SECRETARY OF THE COMPANY WILL UPON
WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE. 
 THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH
REGISTRATION IS NOT REQUIRED. 

  
 3 

 If required by the authorities of any State in connection with the issuance and sale of the
Shares, the legend or legends required by such State authorities shall also be endorsed on all such certificates. 
  

	SECTION 4.	GENERAL TERMS. 

 (a)
Successors and Assigns. Except as otherwise expressly provided to the contrary, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and be binding upon the Purchaser
and the Purchaser’s legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law, whether or not any such person has become a party to this Agreement or has agreed in writing to join herein and to be bound
by the terms, conditions and restrictions hereof. 
 (b) Notice. Any notice required by the terms of this Agreement shall
be given in writing. It shall be deemed effective upon (i) personal delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or (iii) deposit with Federal Express
Corporation or other nationally recognized courier delivery service, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive office and to the Purchaser at the address that he or she most recently provided
to the Company in the manner provided in this Section 4(b). 
 (c) Entire Agreement. This Agreement constitutes the
entire contract between the parties hereto with regard to the purchase of the Shares by the Purchaser. It supersedes any other agreements, representations or understandings (whether oral or written and whether express or implied) that relate to the
subject matter hereof. 
 (d) Choice of Law. This Agreement shall be governed by, and construed in accordance with, the
laws of the State of Delaware, as such laws are applied to contracts entered into and performed in such State. 

  
 4 

 In witness whereof, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as of the day and year first above written. 
  

							
	Purchaser:	 		 	Broadway Financial Corporation
				
	 /s/ Virgil Roberts
	 		 	By:	 	 /s/ Sam Sarpong

				
		 		 	Name:	 	 Sam Sarpong

				
		 		 	Title:	 	 CFO

  
 5 

 Stock Purchase Agreement 

This Stock Purchase Agreement (“Agreement”) is entered into and dated as of July 2, 2012, by Broadway
Financial Corporation, a Delaware corporation (the “Company”), and Wayne-Kent A. Bradshaw (the “Purchaser”). 
 A. The Purchaser is a director and/or senior executive officer of the Company and is thoroughly familiar with the business and affairs of the Company as a result of his service in such capacity.

 B. The Company is currently seeking to effect a series of recapitalization transactions that would include, among other
steps, exchanges of all outstanding shares of the Company’s preferred stock for common stock of the Company and sales of common stock to investors for cash to raise funds that the Company needs to continue operations (the
“Recapitalization”). There is currently no assurance that the Company will be able to complete the Recapitalization. 
 C. The purchase of the Shares provided for in this Agreement is not contingent upon completion of the Recapitalization by the Company. It is the Purchaser’s intention that his purchase of the Shares
provided for herein shall be final and binding upon the Purchaser and Company whether or not the Recapitalization is completed in its currently contemplated form or in any other form. In addition, while it is expected that other directors and/or
senior executive officers of the Company will purchase shares of common stock of the Company on the same terms as those set forth herein, the Purchaser’s purchase of Shares contemplated herein shall not be conditioned upon the completion of any
other such purchase transactions. 
  

	SECTION 1.	PURCHASE OF SHARES. 

(a) Purchase and Sale. On the terms and conditions set forth in this Agreement, the Purchaser agrees to purchase from the Company,
and the Company agrees to sell to Purchaser 19,231 shares of the common stock of the Company (each a “Share” and, collectively, the “Shares”). The purchase and sale of the Shares shall occur at the
offices of the Company on the date of this Agreement set forth above or at such other place and time as the parties may agree. 

(b) Purchase Price. The Purchaser agrees to pay $1.30 for each Share or, if greater, the amount per Share that
equals the “fair market value” of a Share as defined in Nasdaq Listing Rule 5005(a)(22), which term means the consolidated closing bid price per Share as reported by Nasdaq immediately preceding the entry of the parties into this
Agreement, it being acknowledged by the parties that this Agreement has been entered into after the close of the regular trading session of Nasdaq at 4 p.m. Eastern Time on the date of this Agreement set forth above. The aggregate price for the
Shares is referred to herein as the “Purchase Price.” Payment of the Purchase Price shall be made on the date of purchase in cash or cash equivalents in an amount equal to the Purchase Price. 

(c) Notwithstanding the preceding provisions of this Section 1, in the event that the Company sells Shares of its common stock to
other purchasers in the Recapitalization within the 

 
period of three months following the date hereof at a price per share greater than the per share purchase price set forth in this Agreement, the Company and the Purchaser agree that the Purchase
Price set forth herein shall be deemed retroactively adjusted to such higher purchase price and the number of Shares purchased by the Purchaser shall be correspondingly reduced to the nearest number of whole Shares at such adjusted Purchase Price.
In such event, the Purchaser shall surrender to the Company the number of Shares initially purchased by the Purchaser necessary to achieve such reduction promptly upon receipt of the Company’s request to do so. The Company shall thereupon pay
cash to the Purchaser in such amount, if any, as shall be necessary to settle any fractional share amounts. 
  

	SECTION 2.	RESTRICTIONS ON TRANSFER. 

(a) Purchaser Representations and Warranties. In connection with the issuance and sale of the Shares contemplated by this
Agreement, the Purchaser hereby represents and warrants to the Company as follows: 
 (i) The Purchaser is
acquiring and will hold the Shares for investment for his account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act. 

(ii) The Purchaser understands that (A) the Shares have not been registered under the Securities Act in reliance by
the Company on the availability of a specific exemption from the general registration requirements of the Securities Act, the availability of which exemption depends on the accuracy of the Purchaser’s representations and warranties set forth in
this Section 2, and (B) the Shares must be held indefinitely, unless they are subsequently registered under the Securities Act or the Purchaser obtains an opinion of counsel, in form and substance satisfactory to the Company and its
counsel, that such registration is not required. The Purchaser further acknowledges and understands that the Company is under no obligation to register the offer or sale of the Shares under the Securities Act. 

(iii) The Purchaser is aware of Rule 144 by the Securities and Exchange Commission (the “SEC”) under the
Securities Act, which permits limited public resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions, including (without limitation) the availability of certain current public information about the
issuer, the resale occurring only after the holding period required by Rule 144 has been satisfied, the sale occurring through an unsolicited “broker’s transaction,” and the amount of securities being sold during any three-month
period not exceeding specified limitations. The Purchaser acknowledges and understands that the conditions for resale set forth in Rule 144 to be satisfied. 
 (iv) The Purchaser will not sell, transfer or otherwise dispose of the Shares in violation of the Securities Act, the Securities Exchange Act of 1934, or the rules promulgated thereunder, including Rule
144 under the Securities Act. The Purchaser agrees that he will not dispose of the Shares unless and until he has complied with all requirements of this Agreement applicable to the disposition of Shares and he has provided the Company with written
assurances, in substance and form satisfactory to the 

  
 2 

 
Company, that (A) the proposed disposition does not require registration of the Shares under the Securities Act or all appropriate action necessary for compliance with the registration
requirements of the Securities Act or with any exemption from registration available under the Securities Act (including Rule 144) has been taken and (B) the proposed disposition will not result in the contravention of any transfer restrictions
applicable to the Shares under the securities laws or regulations of any State. 
 (v) The Purchaser has been
furnished with, and has had access to, such information as he considers necessary or appropriate for deciding whether to invest in the Shares, and the Purchaser has had an opportunity to ask questions and receive answers from the Company regarding
the terms and conditions of the issuance of the Shares and any other matters the Purchaser considers relevant to his purchase of the Shares. 
 (vi) The Purchaser is aware that his or her investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss. The Purchaser is able, without
impairing his financial condition, to hold the Shares for an indefinite period and to suffer a complete loss of his or her investment in the Shares. 
 (b) Securities Law Restrictions. Regardless of whether the offering and sale of Shares under this Agreement have been registered under the Securities Act or have been registered or qualified under
the securities laws of any State, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of the Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer
instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any state or any other law. 

(c) Rights of the Company. The Company shall not be required to (i) transfer on its books any Shares that have been sold or
transferred in contravention of this Agreement or (ii) treat as the owner of Purchased Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee to whom Purchased Shares have been transferred in contravention of
this Agreement. 
  

	SECTION 3.	LEGENDS. 

 All certificates evidencing
Shares shall bear the following legends: 
 THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER
DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE REGISTERED HOLDER OF THE SHARES). THE SECRETARY OF THE COMPANY WILL UPON
WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE. 
 THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH
REGISTRATION IS NOT REQUIRED. 

  
 3 

 If required by the authorities of any State in connection with the issuance and sale of the
Shares, the legend or legends required by such State authorities shall also be endorsed on all such certificates. 
  

	SECTION 4.	GENERAL TERMS. 

 (a)
Successors and Assigns. Except as otherwise expressly provided to the contrary, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and be binding upon the Purchaser
and the Purchaser’s legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law, whether or not any such person has become a party to this Agreement or has agreed in writing to join herein and to be bound
by the terms, conditions and restrictions hereof. 
 (b) Notice. Any notice required by the terms of this Agreement shall
be given in writing. It shall be deemed effective upon (i) personal delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or (iii) deposit with Federal Express
Corporation or other nationally recognized courier delivery service, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive office and to the Purchaser at the address that he or she most recently provided
to the Company in the manner provided in this Section 4(b). 
 (c) Entire Agreement. This Agreement constitutes the
entire contract between the parties hereto with regard to the purchase of the Shares by the Purchaser. It supersedes any other agreements, representations or understandings (whether oral or written and whether express or implied) that relate to the
subject matter hereof. 
 (d) Choice of Law. This Agreement shall be governed by, and construed in accordance with, the
laws of the State of Delaware, as such laws are applied to contracts entered into and performed in such State. 

  
 4 

 In witness whereof, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as of the day and year first above written. 
  

							
	Purchaser:	 		 	Broadway Financial Corporation
				
	 /s/ Wayne-Kent A. Bradshaw
	 		 	By:	 	 /s/ Sam Sarpong

				
		 		 	Name:	 	 Sam Sarpong

				
		 		 	Title:	 	 CFO

  
 5 

 Stock Purchase Agreement 

This Stock Purchase Agreement (“Agreement”) is entered into and dated as of November 26, 2012, by
Broadway Financial Corporation, a Delaware corporation (the “Company”), and “NORMAN E. BELLEFEUILLE, JR. and CATHERINE G. BELLEFEUILLE, as Trustees of THE BELLEFEUILLE FAMILY TRUST UTD April 14, 2005”
(the “Purchaser”). 
 A. The Purchaser is a director and/or senior executive officer of the Company and is
thoroughly familiar with the business and affairs of the Company as a result of his service in such capacity. 
 B. The Company
is currently seeking to effect a series of recapitalization transactions that would include, among other steps, exchanges of all outstanding shares of the Company’s preferred stock for common stock of the Company and sales of common stock to
investors for cash to raise funds that the Company needs to continue operations (the “Recapitalization”). There is currently no assurance that the Company will be able to complete the Recapitalization. 

C. The purchase of the Shares provided for in this Agreement is not contingent upon completion of the Recapitalization by the Company. It
is the Purchaser’s intention that his purchase of the Shares provided for herein shall be final and binding upon the Purchaser and Company whether or not the Recapitalization is completed in its currently contemplated form or in any other form.
In addition, while it is expected that other directors and/or senior executive officers of the Company will purchase shares of common stock of the Company on the same terms as those set forth herein, the Purchaser’s purchase of Shares
contemplated herein shall not be conditioned upon the completion of any other such purchase transactions. 
 SECTION 1. PURCHASE OF SHARES.

 (a) Purchase and Sale. On the terms and conditions set forth in this Agreement, the Purchaser agrees to purchase
from the Company, and the Company agrees to sell to Purchaser 57,471 shares of the common stock of the Company (each a “Share” and, collectively, the “Shares”). The purchase and sale of the Shares
shall occur at the offices of the Company on the date of this Agreement set forth above or at such other place and time as the parties may agree. 
 (b) Purchase Price. The Purchaser agrees to pay $.87 for each Share or, if greater, the amount per Share that equals the “fair market value” of a Share as defined in Nasdaq
Listing Rule 5005(a)(22), which term means the consolidated closing bid price per Share as reported by Nasdaq immediately preceding the entry of the parties into this Agreement, it being acknowledged by the parties that this Agreement has been
entered into after the close of the regular trading session of Nasdaq at 4 p.m. Eastern Time on the date of this Agreement set forth above. The aggregate price for the Shares is referred to herein as the “Purchase Price.”
Payment of the Purchase Price shall be made on the date of purchase in cash or cash equivalents in an amount equal to the Purchase Price. 

 (c) Notwithstanding the preceding provisions of this Section 1, in the event that the
Company sells Shares of its common stock to other purchasers in the Recapitalization within the period of three months following the date hereof at a price per share greater than the per share purchase price set forth in this Agreement, the Company
and the Purchaser agree that the Purchase Price set forth herein shall be deemed retroactively adjusted to such higher purchase price and the number of Shares purchased by the Purchaser shall be correspondingly reduced to the nearest number of whole
Shares at such adjusted Purchase Price. In such event, the Purchaser shall surrender to the Company the number of Shares initially purchased by the Purchaser necessary to achieve such reduction promptly upon receipt of the Company’s request to
do so. The Company shall thereupon pay cash to the Purchaser in such amount, if any, as shall be necessary to settle any fractional share amounts. 
 SECTION 2. RESTRICTIONS ON TRANSFER. 
 (a) Purchaser Representations and
Warranties. In connection with the issuance and sale of the Shares contemplated by this Agreement, the Purchaser hereby represents and warrants to the Company as follows: 

(i) The Purchaser is acquiring and will hold the Shares for investment for his account only and not with a view to, or for
resale in connection with, any “distribution” thereof within the meaning of the Securities Act. 
 (ii)
The Purchaser understands that (A) the Shares have not been registered under the Securities Act in reliance by the Company on the availability of a specific exemption from the general registration requirements of the Securities Act, the
availability of which exemption depends on the accuracy of the Purchaser’s representations and warranties set forth in this Section 2, and (B) the Shares must be held indefinitely, unless they are subsequently registered under the
Securities Act or the Purchaser obtains an opinion of counsel, in form and substance satisfactory to the Company and its counsel, that such registration is not required. The Purchaser further acknowledges and understands that the Company is under no
obligation to register the offer or sale of the Shares under the Securities Act. 
 (iii) The Purchaser is aware
of Rule 144 by the Securities and Exchange Commission (the “SEC”) under the Securities Act, which permits limited public resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions,
including (without limitation) the availability of certain current public information about the issuer, the resale occurring only after the holding period required by Rule 144 has been satisfied, the sale occurring through an unsolicited
“broker’s transaction,” and the amount of securities being sold during any three-month period not exceeding specified limitations. The Purchaser acknowledges and understands that the conditions for resale set forth in Rule 144 to be
satisfied. 
 (iv) The Purchaser will not sell, transfer or otherwise dispose of the Shares in violation of the
Securities Act, the Securities Exchange Act of 1934, or the rules promulgated thereunder, including Rule 144 under the Securities Act. The Purchaser agrees that he will not dispose of the Shares unless and until he has complied with all

  
 2 

 
requirements of this Agreement applicable to the disposition of Shares and he has provided the Company with written assurances, in substance and form satisfactory to the Company, that
(A) the proposed disposition does not require registration of the Shares under the Securities Act or all appropriate action necessary for compliance with the registration requirements of the Securities Act or with any exemption from
registration available under the Securities Act (including Rule 144) has been taken and (B) the proposed disposition will not result in the contravention of any transfer restrictions applicable to the Shares under the securities laws or
regulations of any State. 
 (v) The Purchaser has been furnished with, and has had access to, such information
as he considers necessary or appropriate for deciding whether to invest in the Shares, and the Purchaser has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the issuance of the Shares
and any other matters the Purchaser considers relevant to his purchase of the Shares. 
 (vi) The Purchaser is
aware that his or her investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss. The Purchaser is able, without impairing his financial condition, to hold the Shares for an
indefinite period and to suffer a complete loss of his or her investment in the Shares. 
 (b) Securities Law
Restrictions. Regardless of whether the offering and sale of Shares under this Agreement have been registered under the Securities Act or have been registered or qualified under the securities laws of any State, the Company at its discretion may
impose restrictions upon the sale, pledge or other transfer of the Shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions
are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any state or any other law. 
 (c) Rights of the Company. The Company shall not be required to (i) transfer on its books any Shares that have been sold or transferred in contravention of this Agreement or (ii) treat as
the owner of Purchased Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee to whom Purchased Shares have been transferred in contravention of this Agreement. 

SECTION 3. LEGENDS. 
 All certificates
evidencing Shares shall bear the following legends: 
 THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY
MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE REGISTERED HOLDER OF THE SHARES). THE SECRETARY OF THE COMPANY WILL
UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE. 

  
 3 

 THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY
NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. 

If required by the authorities of any State in connection with the issuance and sale of the Shares, the legend or legends required by
such State authorities shall also be endorsed on all such certificates. 
 SECTION 4. GENERAL TERMS. 

(a) Successors and Assigns. Except as otherwise expressly provided to the contrary, the provisions of this Agreement shall inure to
the benefit of, and be binding upon, the Company and its successors and assigns and be binding upon the Purchaser and the Purchaser’s legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law, whether or
not any such person has become a party to this Agreement or has agreed in writing to join herein and to be bound by the terms, conditions and restrictions hereof. 
 (b) Notice. Any notice required by the terms of this Agreement shall be given in writing. It shall be deemed effective upon (i) personal delivery, (ii) deposit with the United States
Postal Service, by registered or certified mail, with postage and fees prepaid or (iii) deposit with Federal Express Corporation or other nationally recognized courier delivery service, with shipping charges prepaid. Notice shall be addressed
to the Company at its principal executive office and to the Purchaser at the address that he or she most recently provided to the Company in the manner provided in this Section 4(b). 

(c) Entire Agreement. This Agreement constitutes the entire contract between the parties hereto with regard to the purchase of the
Shares by the Purchaser. It supersedes any other agreements, representations or understandings (whether oral or written and whether express or implied) that relate to the subject matter hereof. 

(d) Choice of Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, as
such laws are applied to contracts entered into and performed in such State. 

  
 4 

 In witness whereof, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as of the day and year first above written. 
  

									
	Purchaser:	 		 	Broadway Financial Corporation
				
	/s/ Norman E. Bellefeuille, Jr.	 		 	By:	 	/s/ Daniele Johnson
					
		 		 		 	Name:  	 	Daniele Johnson
					
		 		 		 	Title:	 	Corporate Secretary

  
 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}]]