Document:

PVF Capital Corp. Form of Restricted Stock Award

 EXHIBIT 10.1 
 RESTRICTED STOCK AWARD AGREEMENT 
 FOR THE PVF CAPITAL CORP. 2008 EQUITY
INCENTIVE PLAN 
 This Award Agreement is provided to [—] (the
“Participant”) by PVF Capital Corp. (the “Company”) as of September 16, 2010, the date the Compensation Committee of the Board of Directors (the “Committee”) awarded the Participant a restricted stock award
pursuant to the PVF Capital Corp. 2008 Equity Incentive Plan (the “2008 Plan”), subject to the terms and conditions of the 2008 Plan and this Award Agreement: 

 

					
	1.	  	 Number of Shares Subject
 to Your Restricted Stock Award:
	  	10,000 shares of Common Stock (“Shares”), subject to adjustment as may be necessary pursuant to Article 10 of the 2008 Plan.
			
	2.	  	Grant Date:	  	December 29, 2010

 Unless sooner
vested in accordance with Section 3 of the Terms and Conditions (attached hereto) or otherwise in the discretion of the Committee, the restrictions imposed under Section 2 of the Terms and Conditions will expire on the vesting dates set
forth below and the Shares will be distributed; provided that the Participant is still employed by or in service with the Company or any of its subsidiaries on such date: 

 

					
	 Percentage of
Shares Vesting
	  	Number of Shares
Vesting	  	Vesting
Date
	 33%
	  	3,333	  	December 29, 2011
	 33%
	  	3,333	  	December 29, 2012
	 34%
	  	3,334	  	December 29, 2013

 IN
WITNESS WHEREOF, PVF Capital Corp., acting by and through the Committee, has caused this Award Agreement to be executed as of the Grant Date set forth above. 

 

			
	PVF CAPITAL CORP.
		
	By:	 	  

		 	On behalf of the Compensation Committee

  

			
	Accepted by Participant:
	
	  

	[—]
		
	  
	 	, 2011
	Date

 TERMS AND CONDITIONS 
  

	1.	Grant of Shares. The Grant Date and number of Shares underlying your Restricted Stock Award are stated on page 1 of this Award Agreement. Capitalized terms
used herein and not otherwise defined shall have the meanings assigned to such terms in the 2008 Plan. 

  

	2.	Restrictions. The unvested Shares underlying your Restricted Stock Award (the “Restricted Shares”) are subject to the following restrictions until they
expire or terminate. 

  

	 	(a)	Restricted Shares may not be sold, transferred, exchanged, assigned, pledged, hypothecated or otherwise encumbered. 

 

	 	(b)	If your employment or service with the Company or any Affiliate terminates for any reason other than as set forth in paragraph (b) of Section 3 hereof, then
you will forfeit all of your rights, title and interest in and to the Restricted Shares as of the date of termination, and the Restricted Shares shall revert to the Company under the terms of the 2008 Plan. 

 

	 	(c)	Restricted Shares are subject to the vesting schedule set forth on page 1 of this Award Agreement. 

 

	3.	Expiration and Termination of Restrictions. The restrictions imposed under Section 2 will expire on the earliest to occur of any of the following (the
period prior to such expiration being referred to herein as the “Restricted Period”): 

  

	 	(a)	If applicable, as to the percentages of the Restricted Shares specified in the vesting schedule on page 1 of this Award Agreement, on the respective vesting dates
specified in the vesting schedule on page 1; provided you are then still employed by or in the service of the Company or an Affiliate on such date(s). Notwithstanding the foregoing, no Restricted Shares shall vest during the Restricted Period to the
extent that, on the date on which such Restricted Shares would otherwise vest (each, a “Vesting Date”), either PVF Capital Corp. (“Holding Company”) or Park View Federal Savings Bank (“Bank”) has not attained the
minimum regulatory capital levels and asset quality levels set forth in the Cease and Desist Order by and between the Office of Thrift Supervision and the Holding Company dated October 19, 2009 or the Cease and Desist Order by and between the
Office of Thrift Supervision and the Bank dated October 19, 2009, respectively (collectively, the “Vesting Conditions”). Any Restricted Shares that do not vest because the Vesting Conditions have not been satisfied, shall not be
forfeited, but may vest on any succeeding vesting date, to the extent that such Vesting Conditions have been satisfied on such date; provided, however, that if, on the last vesting date, the Vesting Conditions have not been satisfied, the Restricted
Shares shall be forfeited. 

  

	 	(b)	Upon termination of your employment by reason of death or Disability, provided that the Vesting Conditions have been satisfied upon your termination of employment by
reason of death or Disability. 

  

	 	(c)	Upon a Change in Control (as defined in the 2008 Plan), provided that the Vesting Conditions have been satisfied upon the Change in Control. 

 

	4.	Delivery of Shares. Once the Shares are vested (see vesting schedule on page 1), the Shares (and accumulated dividends and earnings (if any), unless the
Compensation Committee elects to pay out the accumulated dividends and earnings prior to vesting), will be distributed in accordance with your instructions. 

 

	5.	Voting and Dividend Rights. As beneficial owner of the Shares, you have full voting and dividend rights with respect to the Shares during and after the
Restricted Period. If you forfeit your rights under this Award Agreement in accordance with Section 2, you will no longer have any rights as a shareholder with respect to the Restricted Shares and you will no longer be entitled to receive
dividends on the Shares. 

	6.	Changes in Capital Structure. Upon the occurrence of a corporate event (including, without limitation, any stock dividend, stock split, extraordinary cash
dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of shares), your award will be adjusted as necessary to preserve the benefits or potential benefits of the award. Without limiting the
above, in the event of a subdivision of the outstanding Stock (stock-split), a declaration of a dividend payable in Stock, or a combination or consolidation of the outstanding Stock into a lesser number of Shares, the Shares subject to this Award
Agreement will automatically be adjusted proportionately. 

  

	7.	No Right of Continued Employment. Nothing in this Award Agreement will interfere with or limit in any way the right of the Company or any Affiliate to terminate
your employment or service at any time, nor confer upon you any right to continue in the employ or service of the Company or any Affiliate. 

  

	8.	Payment of Taxes. You may make an election to be taxed upon your Restricted Stock Award under Section 83(b) of the Code within 30 days of the Grant Date.
If you do not make an 83(b) Election, upon vesting of the Restricted Stock Award the Committee is entitled to require as a condition of delivery: (i) that you remit an amount sufficient to satisfy any and all federal, state and local (if
any) tax withholding requirements and employment taxes (i.e., FICA and FUTA), (ii) that the withholding of such sums come from compensation otherwise due to you or from Shares due to you under the 2008 Plan, or (iii) any combination
of the foregoing. Any withholding shall comply with Rule 16b-3 or any amendments or successive rules. Outside Directors of the Company are self-employed and not subject to tax withholding. 

 

	9.	Plan Controls. The terms contained in the 2008 Plan are incorporated into and made a part of this Award Agreement and this Award Agreement shall be governed by
and construed in accordance with the 2008 Plan. In the event of any actual or alleged conflict between the provisions of the Plan and the provisions of this Agreement, the provisions of the Plan will control. 

 

	10.	Severability. If any one or more of the provisions contained in this Agreement is deemed to be invalid, illegal or unenforceable, the other provisions of this
Agreement will be construed and enforced as if the invalid, illegal or unenforceable provision had never been included in this Agreement. 

  

	11.	Notice. Notices and communications under this Agreement must be in writing and either personally delivered or sent by registered or certified United States mail,
return receipt requested, postage prepaid. Notices to the Company must be addressed to: 

 PVF Capital Corp.

 30000 Aurora Road 
 Solon, Ohio 44139 
 Attn: Compensation Committee of the Board of Directors

 or any other address designated by the Company in a written notice to you. Notices to you will be directed to your address as
then currently on file with the Company, or at any other address that you provide in a written notice to the Company. 
  

	12.	Successors. This Award Agreement shall be binding upon any successor of the Company, in accordance with the terms of this Award Agreement and the 2008 Plan.

  

	13.	Forfeiture. The altering, inflating, and/or inappropriate manipulation of performance/financial results or any other infraction of recognized ethical business
standards, will subject you to disciplinary action up to and including termination of employment. In addition, any equity-based compensation, as provided by the 2008 Plan to which you would otherwise be entitled will be revoked.

  

	14.	Miscellaneous. All equity-based compensation earned under this Award Agreement will not be treated as compensation for purposes of benefits received under any
other Company or Bank tax-qualified or non-tax-qualified plans or arrangements.PVF Capital Corp. Form of Stock Option Award

 EXHIBIT 10.2 
 NONQUALIFIED STOCK OPTION AWARD AGREEMENT 
 FOR THE PVF CAPITAL CORP. 2008
EQUITY INCENTIVE PLAN 
 This Award Agreement is provided to [—] (the
“Participant”) by PVF Capital Corp. (the “Company”) as of September 16, 2010, the date the Compensation Committee of the Board of Directors (the “Committee”) granted the Participant the right and option to purchase
Shares pursuant to the PVF Capital Corp. 2008 Equity Incentive Plan (the “2008 Plan”), subject to the terms and conditions of the 2008 Plan and this Award Agreement: 

 

					
	1.	  	Option Grant:	  	You have been granted a Nonqualified Stock Option (referred to in this Agreement as your “Option”).
			
	2.	  	Number of Shares Subject to Your Option:	  	30,000 shares of Common Stock (“Shares”), subject to adjustment as may be necessary pursuant to Article 10 of the 2008 Plan.
			
	3.	  	Grant Date:	  	December 29, 2010
			
	4.	  	Exercise Price:	  	You may purchase Shares covered by your Option at a price of $1.7899 per Share.

 Subject to Section 2 of the Terms and Conditions (attached hereto) or otherwise in the discretion of the Committee, the Options shall vest (become exercisable) in accordance with the following
schedule: 
  

					
	 Percentage of
Options Vesting
	  	Number of Options
Vesting	  	Vesting
Date
	 33%
	  	10,000	  	December 29, 2011
	 33%
	  	10,000	  	December 29, 2012
	 34%
	  	10,000	  	December 29, 2013

 IN
WITNESS WHEREOF, PVF Capital Corp., acting by and through the Committee, has caused this Award Agreement to be executed as of the Grant Date set forth above. 

 

			
	PVF CAPITAL CORP.
		
	By:	 	  

		 	On behalf of the Compensation Committee

  

			
	Accepted by Participant:
	
	  

	[—]
		
	  
	 	, 2011
	Date

  
 1 

 TERMS AND CONDITIONS 
  

	1.	Grant of Option. The Grant Date, Exercise Price and number of Shares subject to your Option are stated on page 1 of this Award Agreement. Capitalized terms
used herein and not otherwise defined shall have the meanings assigned to such terms in the 2008 Plan. The Option is not intended to constitute an Incentive Stock Option within the meaning of Section 422 of the Internal Revenue Code of
1986, as amended. 

  

	2.	Vesting of Options. The Option shall vest (become exercisable) as follows: 

 

	 	(a)	If applicable, as to the percentages of Shares subject to your Option specified in the vesting schedule on page 1 of this Award Agreement, on the respective vesting
dates specified in the vesting schedule on page 1; provided you are then still employed by or in the service of the Company or an Affiliate on such date(s). Notwithstanding the foregoing, no Shares subject to the Option shall vest to the extent
that, on the date on which such Shares subject to the Option would otherwise vest (each, a “Vesting Date”), either PVF Capital Corp. (“Holding Company”) or Park View Federal Savings Bank (“Bank”) has not attained the
minimum regulatory capital levels and asset quality levels set forth in the Cease and Desist Order by and between the Office of Thrift Supervision and the Holding Company dated October 19, 2009 or the Cease and Desist Order by and between the
Office of Thrift Supervision and the Bank dated October 19, 2009, respectively (collectively, the “Vesting Conditions”). Any Shares subject to your Option that do not vest because the Vesting Conditions have not been satisfied, shall
not be forfeited, but may vest on any succeeding vesting date, to the extent that such Vesting Conditions have been satisfied on such date; provided, however, that if, on the last vesting date, the Vesting Conditions have not been satisfied, the
Option shall be canceled and terminated with respect to all unvested Shares. 

  

	 	(b)	Upon termination of your employment by reason of death or Disability, provided that the Vesting Conditions have been satisfied upon your termination of employment by
reason of death or Disability. 

  

	 	(c)	Upon a Change in Control (as defined in the 2008 Plan), provided that the Vesting Conditions have been satisfied upon the Change in Control. 

 

	3.	Term of Options and Limitations on Right to Exercise. The term of the Option will be for a period of ten (10) years, expiring at 5:00 p.m., Eastern Time, on
the tenth anniversary of the Grant Date (the “Expiration Date”). To the extent not previously exercised, the vested portion of your Option will lapse twelve (12) months after the date of your death, if you die while employed. Upon
your death, your beneficiary (designated pursuant to the terms of the 2008 Plan) may exercise your Option. 

  

	4.	Exercise of Option. You may exercise your Option by providing: 

  

	 	(a)	a written notice of intent to exercise in the form specified by the Committee from time to time; and 

 

	 	(b)	payment to the Company in full for the Shares subject to the exercise (unless the exercise is a cashless exercise). Payment for such Shares can be made in cash, Company
common stock (“stock swap”), a combination of cash and Company common stock or by means of “cashless exercise” (if permitted by the Committee). 

 

	5.	Beneficiary Designation. You may, in the manner determined by the Committee, designate a beneficiary to exercise your rights under the 2008 Plan and to receive
any distribution with respect to this Option upon your death. A beneficiary, legal guardian, legal representative, or other person claiming any rights under the 2008 Plan is subject to all terms and conditions of this Award Agreement and the 2008
Plan, and to any additional restrictions deemed necessary or appropriate by the Committee. If you have not designated a beneficiary or none survives you, the Option may be exercised by the legal representative of your estate, and payment will be
made to your estate. You may change or revoke a beneficiary designation at any time, provided the change or revocation is filed with the Company. 

  
 2 

	6.	Withholding. Upon exercise of the Option, you will recognize income equal to the excess of the Fair Market Value of Share on the date of exercise over the
Exercise Price multiplied by the number of Shares with respect to which the Option is being exercised. Upon exercise, the Committee is entitled to require as a condition of exercise: (i) that you remit an amount sufficient to satisfy any and
all federal, state and local (if any) tax withholding requirements and employment taxes (i.e., FICA and FUTA), (ii) that the withholding of such sums come from compensation otherwise due to you or from Shares due to you under the 2008
Plan, or (iii) any combination of the foregoing. Any withholding shall comply with Rule 16b-3 or any amendments or successive rules. Outside Directors of the Company are self-employed and not subject to tax withholding.

  

	7.	Limitation of Rights. This Option does not confer on you or your beneficiary any rights as a shareholder of the Company unless and until Shares are in fact
issued in connection with the Option exercise. Nothing in this Award Agreement will interfere with or limit in any way the right of the Company or any Affiliate to terminate your service at any time, nor confer upon you any right to continue in the
service of the Company or any Affiliate. 

  

	8.	Stock Reserve. The Company shall, at all times during the term of this Award Agreement, reserve and keep available a sufficient number of Shares to satisfy the
requirements of this Award Agreement. 

  

	9.	Restrictions on Transfer and Pledge. You may not pledge, encumber, or hypothecate your rights or interests in this Option to or in favor of any party other than
the Company or an Affiliate, and the Option shall not be subject to any lien, obligation, or liability of the Participant to any other party other than the Company or an Affiliate. You may not assign or transfer the Option, other than by will or the
laws of descent and distribution or pursuant to a domestic relations order that would satisfy Section 414(p)(1)(A) of the Code, if such Section applied to an Option under the 2008 Plan. Only you or a permitted transferee may exercise the Option
during your lifetime. 

  

	10.	Plan Controls. The terms contained in the 2008 Plan are incorporated into and made a part of this Award Agreement and this Award Agreement shall be governed by
and construed in accordance with the 2008 Plan. In the event of any actual or alleged conflict between the provisions of the 2008 Plan and the provisions of this Award Agreement, the provisions of the 2008 Plan will control.

  

	11.	Successors. This Award Agreement shall be binding upon any successor of the Company, in accordance with the terms of this Award Agreement and the 2008 Plan.

  

	12.	Severability. If any one or more of the provisions contained in this Award Agreement is invalid, illegal or unenforceable, the other provisions of this Award
Agreement will be construed and enforced as if the invalid, illegal or unenforceable provision had never been included in the Award Agreement. 

  

	13.	Notice. Notices and communications under this Award Agreement must be in writing and either personally delivered or sent by registered or certified United States
mail, return receipt requested, postage prepaid. Notices to the Company must be addressed to: 

 PVF Capital Corp.

 30000 Aurora Road 
 Solon, Ohio 44139 
 Attn: Compensation Committee of the Board of Directors

 or any other address designated by the Company in a written notice to the Participant. Notices to you will be directed to your
address, then currently on file with the Company, or to any other address that you provide in a written notice to the Company. 

  
 3

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