Document:

EX-10.1

 

Exhibit 10.1

L E A S E

	 	 	 
	LANDLORD:

	 	JUBILEE LIMITED PARTNERSHIP
	 

	 	1798 FREBIS AVENUE
	 

	 	COLUMBUS OH 43206-0410
	 
	 	 
	TENANT:

	 	FILENE’S BASEMENT, INC.
	 

	 	25 CORPORATE DRIVE
	 

	 	SUITE 400
	 

	 	BURLINGTON MA 01803
	 
	 	 
	PREMISES:

	 	Approximately 42,000 square feet at
	 

	 	17651 Biscayne Boulevard, Aventura, Florida

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	SECTION 1.	 	PREMISES
	 	 	1	 
	SECTION 2.	 	LANDLORD’S AND TENANT’S WORK
	 	 	1	 
	SECTION 3.	 	TERM
	 	 	3	 
	SECTION 4.	 	MINIMUM RENT
	 	 	4	 
	SECTION 5.	 	PERCENTAGE RENT
	 	 	5	 
	SECTION 6.	 	TITLE ENCUMBRANCES; LANDLORD REPRESENATATIONS,
WARRANTIES AND COVENANTS
	 	 	6	 
	SECTION 7.	 	RIGHT TO REMODEL
	 	 	7	 
	SECTION 8.	 	UTILITIES
	 	 	8	 
	SECTION 9.	 	GLASS
	 	 	8	 
	SECTION 10.	 	PERSONAL PROPERTY
	 	 	8	 
	SECTION 11.	 	RIGHT TO MORTGAGE
	 	 	8	 
	SECTION 12.	 	SUBLEASE OR ASSIGNMENT
	 	 	9	 
	SECTION 13.	 	COMMON AREAS
	 	 	9	 
	SECTION 14.	 	OPERATION OF COMMON AREAS
	 	 	9	 
	SECTION 15.	 	COMMON AREA MAINTENANCE, TENANT’S SHARE
	 	 	10	 
	SECTION 16.	 	EMINENT DOMAIN
	 	 	12	 
	SECTION 17.	 	TENANT’S TAXES
	 	 	13	 
	SECTION 18.	 	RISK OF GOODS
	 	 	13	 
	SECTION 19.	 	USE AND OCCUPANCY
	 	 	13	 
	SECTION 20.	 	NUISANCES
	 	 	15	 
	SECTION 21.	 	WASTE AND REFUSE REMOVAL
	 	 	15	 
	SECTION 22.	 	DAMAGE AND DESTRUCTION OF PREMISES
	 	 	15	 
	SECTION 23.	 	LANDLORD REPAIRS
	 	 	16	 
	SECTION 24.	 	TENANT’S REPAIRS
	 	 	16	 
	SECTION 25.	 	COVENANT OF TITLE AND PEACEFUL POSSESSION
	 	 	17	 
	SECTION 26.	 	TENANT’S AND LANDLORD’S INSURANCE; INDEMNITY
	 	 	18	 
	SECTION 27.	 	REAL ESTATE TAXES
	 	 	20	 
	SECTION 28.	 	TENANT’S INSURANCE CONTRIBUTION
	 	 	21	 
	SECTION 29.	 	FIXTURES
	 	 	22	 
	SECTION 30.	 	SURRENDER
	 	 	22	 
	SECTION 31.	 	HOLDING OVER
	 	 	22	 
	SECTION 32.	 	NOTICE
	 	 	22	 
	SECTION 33.	 	DEFAULT
	 	 	22	 
	SECTION 34.	 	WAIVER OF SUBROGATION
	 	 	25	 
	SECTION 35.	 	LIABILITY OF LANDLORD; EXCULPATION
	 	 	25	 
	SECTION 36.	 	RIGHTS CUMULATIVE
	 	 	25	 
	SECTION 37.	 	MITIGATION OF DAMAGES
	 	 	25	 
	SECTION 38.	 	SIGNS
	 	 	26	 
	SECTION 39.	 	ENTIRE AGREEMENT
	 	 	26	 
	SECTION 40.	 	TENANT’S PROPERTY
	 	 	26	 
	SECTION 41.	 	BINDING UPON SUCCESSORS
	 	 	26	 
	SECTION 42.	 	HAZARDOUS SUBSTANCES
	 	 	26	 
	SECTION 43.	 	TRANSFER OF INTEREST
	 	 	27	 
	SECTION 44.	 	ACCESS TO PREMISES
	 	 	27	 
	SECTION 45.	 	HEADINGS
	 	 	28	 
	SECTION 46.	 	NON-WAIVER
	 	 	28	 
	SECTION 47.	 	SHORT FORM LEASE
	 	 	28	 
	SECTION 48.	 	ESTOPPEL CERTIFICATE
	 	 	28	 
	SECTION 49.	 	TENANT’S REIMBURSEMENT
	 	 	28	 
	SECTION 50.	 	INTENTIONALLY DELETED
	 	 	29	 
	SECTION 51.	 	NO BROKER
	 	 	29	 
	SECTION 52.	 	UNAVOIDABLE DELAYS
	 	 	29	 
	SECTION 53.	 	TIMELY EXECUTION OF LEASE
	 	 	29	 
	SECTION 54.	 	ACCORD AND SATISFACTION
	 	 	29	 
	SECTION 55.	 	WAIVER OF JURY TRIAL
	 	 	29	 
	SECTION 56.	 	LEASEHOLD FINANCING
	 	 	29	 
	SECTION 57.	 	TENANT’S CONTINGENCY
	 	 	30	 

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LIST OF EXHIBITS:

	 	 	 
	EXHIBIT “A”

	 	SITE PLAN
	EXHIBIT “B”

	 	LEGAL DESCRIPTION
	EXHIBIT “C”

	 	LANDLORD’S WORK
	EXHIBIT “D”

	 	TENANT’S WORK
	EXHIBIT “E”

	 	EXISTING USE EXCLUSIVES AND PROHIBITED USES
	EXHIBIT “F”

	 	SIGNAGE
	EXHIBIT “G”

	 	TENANT IMPROVEMENTS
	EXHIBIT “H”

	 	LANDLORD’S WAIVER

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L E A S E

     THIS AGREEMENT OF LEASE is made this                      day of May, 2007, by and between JUBILEE LIMITED
PARTNERSHIP, an Ohio limited partnership (hereinafter referred to as “Landlord”), with offices at
1798 Frebis Avenue, Columbus, Ohio 43206-3764, and FILENE’S BASEMENT, INC., a Delaware corporation
(hereinafter referred to as “Tenant”) with offices at 25 Corporate Drive, Suite 400, Burlington,
Massachusetts 01803.

W I T N E S S E T H:

SECTION 1. PREMISES

     (a) Landlord, in consideration of the rents to be paid and covenants and agreements to be
performed by Tenant, does hereby lease unto Tenant premises comprised of approximately 42,000
square feet of leasable space on two (2) floors (the “Premises”) (25,000 square feet at grade and
17,000 square feet on the upper level) in the shopping center owned by Landlord containing
approximately 57,000 square feet of leasable space on approximately ___ acres and commonly known
as 17651 Biscayne Boulevard, in the City of Aventura, County of Dade and State of Florida (the
“Center”). The location, size, and area of the Premises and of the Center are substantially as
shown on Exhibit “A” attached hereto and made a part hereof (the “Site Plan”). A legal
description of the Center is attached hereto as Exhibit “B” and made a part hereof.

     (b) The square footage specified in Section 1(a) shall be certified to Tenant by Landlord’s
architect prior to the Rent Commencement Date (defined in Section 3(b) below). Tenant shall have
ninety (90) days from the receipt of such certification to verify or object to Landlord’s
measurement. If Tenant objects to Landlord’s measurement within said ninety (90) day period, the
parties shall work together in good faith to resolve the differing square footage calculations. In
computing the square footage of the Premises, the Premises shall be measured from the exterior
surface of exterior walls and the middle of interior walls, excluding the square footage of any
mechanical and utility rooms, escalators, elevators, stairs and any other common area space located
within the Premises. If the square footage of the Premises as verified and confirmed by Tenant
pursuant to this Section 1(b) is less than the size specified in Section 1(a), Base Rent (defined
in Section 4(a) below) and other charges shall be proportionately adjusted, but the foregoing shall
not be construed as permitting a material variance in dimensions or area.

     (c) Landlord covenants that the Center is or shall be developed in accordance with the Site
Plan and that it shall be used as a retail shopping center throughout the term of this Lease.
Landlord shall not take or consent to any action which materially adversely affects access to,
visibility of, parking for or use of the Premises. Notwithstanding the foregoing, no modification
or replacement to the Center shall (i) reduce the ratio of parking spaces (for standard size
American cars) to gross leasable area of buildings in the Center below three and 7/10th
(3.7) spaces per 1,000 square feet of leasable space, (ii) alter or make any changes, including any
reduction or rearrangement of parking spaces, to that portion of the Center indicated on the Site
Plan as the “Protected Area”, (iii) interfere with truck access to the loading doors of the
Premises, (iv) materially adversely interfere with customer access to the Premises, (v) materially
adversely interfere with the visibility of the Premises from the roads providing direct access to
the Center, or (vi) result in the construction of any buildings in the area designated “No Build
Area” on the Site Plan. In performing any construction work, repairs or maintenance in the Center
permitted under this Lease after Tenant has taken physical possession of the Leased Premises,
Landlord shall use good faith, commercially reasonable efforts to prevent any interference with
parking for, access to or visibility or use of the Premises or the business of Tenant or any
subtenant or licensee of Tenant.

SECTION 2. LANDLORD’S AND TENANT’S WORK

     (a) Prior to delivery of possession of the Premises to Tenant, Landlord shall construct, at
its expense, improvements to the Premises consistent with plans and specifications approved by
Tenant as set forth in Section 2(e) below (the “Landlord’s Work”). Landlord agrees to deliver the
Premises to Tenant with Landlord’s Work substantially completed (as defined in Section 2(c))
between February 1, 2008 and April 1, 2008 (the “Delivery Period”). Landlord

 

 

shall give Tenant notice (the “Estimated Delivery Notice”) no later than August 1, 2007 of the
status of Landlord’s construction and the estimated date that Landlord shall deliver the Premises
to Tenant with Landlord’s Work substantially completed (the “Estimated Delivery Date”). Landlord
may revise the Estimated Delivery Date any time prior to September 1, 2007 (the “Final Delivery
Notice Date”), by which time Landlord shall have given Tenant a final notice (the “Final Delivery
Notice”) of a firm delivery date (the “Final Delivery Date”) upon which the Landlord’s Work shall
be substantially completed and the Leased Premises delivered to Tenant. Upon the sending of the
Final Delivery Notice, Landlord shall have no further right to modify the Final Delivery Date.
Neither the Estimated Delivery Date nor the Final Delivery Date shall be (y) earlier than (i) one
hundred twenty (120) days after the date Tenant receives the Estimated Delivery Notice or the Final
Delivery Notice, as applicable, or (ii) the first day of the Delivery Period or (z) later than the
last day of the Delivery Period. If Landlord does not provide a Final Delivery Notice on or before
the earlier of the Final Delivery Notice Date and one hundred twenty (120) days prior to the
Estimated Delivery Date or if the date provided for in such Final Delivery Notice does not comply
with the requirements of this Section 2, the Estimated Delivery Date shall be deemed to be the
Final Delivery Date, provided such date complies with the requirements of this Section 2. If
Landlord does not provide an Estimated Delivery Date on or before the Final Delivery Notice Date or
if such date does not comply with the requirements of this Section 2, then the Final Delivery Date
shall be deemed to be March 1, 2008.

     (b) In the event that the Premises and Landlord’s Work are not substantially completed and
delivered to Tenant on or before the Final Delivery Date, the Base Rent due hereunder shall be
adjusted so that, after the Rent Commencement Date, Tenant shall receive a credit against Base Rent
thereafter due Landlord equal to one (1) day of Base Rent for each day after the Final Delivery
Date until delivery of the Premises is made to Tenant consistent with the terms of this Lease,
including substantial completion of the Landlord’s Work. Tenant shall not be obligated to accept
possession of the Premises prior to the later of (a) substantial completion of Landlord’s Work, (b)
the first day of the Delivery Period and (c) the Final Delivery Date. Time is of the essence
regarding all dates set forth in this Section 2.

     (c) For purposes of this Lease, the Landlord’s Work shall be deemed “substantially completed”
when (i) all of the Landlord’s Work has been completed except for “punch list items” that do not
affect the Tenant’s use of or the appearance of the Premises or Tenant’s ability to perform
Tenant’s Work (as defined in Section 2(f) below), (ii) Landlord has satisfied the requirements of
Section 2(g), and (iii) Tenant has been furnished with a fully executed non-disturbance agreement
from the holder(s) of any then existing Mortgages, which agreement is consistent with Section 11 of
this Lease. Landlord shall complete the punch list items within thirty (30) days of the date
Tenant notifies Landlord of same. Upon performance of such punch list, Tenant shall promptly
acknowledge Landlord’s completion thereof. Punch list items shall not be deemed completed until an
authorized representative of Tenant has provided Landlord written acknowledgment of same. Landlord
agrees that any and all work performed by Landlord after delivery of the Leased Premises to Tenant
shall not unreasonably interfere with Tenant’s performance of Tenant’s Work, and Landlord shall be
responsible for any and all costs resulting from any such unreasonable interference.

     (d) Actual possession of the Premises shall have been delivered to Tenant water-tight, free of
Hazardous Substances, in a good, structurally sound condition, with all of Landlord’s Work
substantially completed, which substantial completion shall be evidenced by Landlord’s architect to
Tenant.

     (e) The Landlord’s Work and Tenant’s Work shall be performed (i) in a good and workmanlike
manner and in accordance with plans and specifications approved by the other party, which approval
shall not be unreasonably withheld or delayed and (ii) in compliance with all applicable
governmental codes, laws, ordinances and regulations.

     (f) Landlord and Tenant agree that they shall conduct a joint walk through of the Premises
approximately two (2) weeks prior to the Final Delivery Date to ascertain the status of Landlord’s
construction. Tenant agrees to provide, at its expense, upon delivery of the Premises to Tenant,
the improvements to the Premises described on Exhibit “D” attached hereto and made a part
hereof (the “Tenant’s Work”).

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     (g) Completion of Construction of Leased Premises. Prior to the Final Delivery Date,
Landlord shall satisfy the following conditions:

     1. Landlord shall furnish Tenant with a temporary certificate of occupancy and other
necessary approvals which must be issued by the appropriate governmental authorities prior
to the commencement of Tenant’s Work and the occupancy and use of the Premises as
contemplated. Landlord agrees to provide a permanent certificate of occupancy prior to
Tenant’s merchandising and, if required by the issuing authority, the setting of fixtures
for the Premises, and otherwise as soon as available in the ordinary course of the issuing
authority’s practice.

     2. The architect engaged by Landlord shall execute a certificate of completion that the
Premises has been constructed in a good and workmanlike manner in accordance with the plans
and specifications approved by Tenant and the other requirements for Landlord’s Work
hereunder.

     3. Tenant shall have been notified no later than one hundred twenty (120) days prior to
the Final Delivery Date of all applicable local governmental authority code requirements, if
any, for the installation of Tenant’s fixtures at the Premises and for low voltage
electrical work in connection with the installation of Tenant’s music, telephone and
security systems at the Premises.

     4. Tenant shall have been furnished with a list of all subcontractors who performed
work on the Premises, along with direct contact information for, the work discipline of, and
the work performed by each.

     5. Tenant shall have been furnished with two (2) copies of all contractors’,
subcontractors’ and suppliers’ warranties relating to the Premises, if any.

     6. Tenant shall have been furnished with two (2) copies of all operations and
maintenance manuals relating to materials and systems used or installed in the construction
of the Premises.

     7. Tenant shall have been furnished with two (2) copies of the record drawings for the
construction of the Premises, marked to reflect actual locations of all components of the
Premises.

     (h) In addition to any guarantees provided to Tenant elsewhere in this Lease, Landlord hereby
unconditionally guarantees all of Landlord’s Work against defective workmanship and materials for
one (1) year from the Commencement Date (as defined in Section 3(a)).

     (i) Landlord shall perform any additional work not required to be performed by Tenant under
this Lease in order for Landlord to obtain a permanent certificate of occupancy for the Premises,
whether such work relates to the Premises or other portions of the Center.

SECTION 3. TERM

     (a) The “Commencement Date” of this Lease shall be the later of (i) the date actual, physical
possession of the Premises is delivered to Tenant with the Landlord’s Work substantially completed
and (ii) the Final Delivery Date.

     (b) The initial term (the “Initial Term”) of the Lease shall commence on the earlier of (i)
the date on which the Tenant opens for business in the Premises, and (ii) sixty (60) days after the
Commencement Date (the “Rent Commencement Date”) and end on the last day of the fifteenth
(15th) full Lease Year. The term “Lease Year” shall mean a period of twelve (12)
consecutive calendar months. The first Lease Year during the term hereof shall commence on the
first day of the first February following the Rent Commencement Date. Each subsequent Lease Year
shall begin on the anniversary of the first Lease Year. The period from the Rent Commencement Date
to the first day of the first February following the Rent Commencement Date (the “Initial Period”)
shall be a partial Lease Year.

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     (c) If the Commencement Date has not occurred on or before September 1, 2008, for any reason,
Tenant shall have the right and option to terminate this Lease. The remedies set forth in this
paragraph shall be in addition to any and all other rights and remedies provided for Tenant in the
Lease or available to Tenant in law or at equity.

     (d) Tenant shall have three (3) consecutive separate options to extend the term of this Lease
for successive renewal terms of five (5) Lease Years each. Tenant may exercise each such renewal
option by giving written notice to Landlord at least one hundred eighty (180) days prior to the end
of the then current term or renewal term.

     (e) The Initial Term and any renewal terms are hereinafter collectively referred to as the
“term”.

     (f) Beginning on the date of this Lease and ending on the Commencement Date, Tenant, its
employees and agents shall have the right to enter the Premises or any part thereof at reasonable
times during regular business hours for the purpose of making such inspections as Tenant may deem
reasonably necessary. In consideration of Tenant’s right to inspect the Premises, Tenant agrees to
indemnify, defend and hold Landlord harmless from any and all loss, damage, claims, costs, demands
or expenses (including reasonable attorney’s fees) resulting from such entry on the Premises by
Tenant or its agents.

     (g) From the date upon which the Premises are delivered to Tenant for its work until the
Commencement Date of the lease term, Tenant shall observe and perform all of its obligations under
this Lease (except Tenant’s obligation to operate and pay Base Rent, percentage rent and Tenant’s
Proportionate Share (defined in Section 15(c) below) of “Maintenance Costs” (defined and provided
for in Section 15(b) hereof Real Estate Taxes (defined and provided for in Section 27(b) hereof)
and insurance (provided for in Section 28 hereof). In the event Tenant fails to open for business
within one hundred twenty (120) days after the date possession of the Premises has been delivered
to Tenant, Landlord, in addition to any and all other available remedies, may require Tenant to pay
to Landlord, in addition to all other rent and charges herein, as liquidated damages and not as a
penalty, an amount equal to one-three hundred sixty five thousandths (1/365) of the annual Base
Rent for each day such failure to open continues.

SECTION 4. MINIMUM RENT

     (a) From and after the Rent Commencement Date, Tenant covenants and agrees to pay on a monthly
basis during the term “Base Rent” in the following amounts to Landlord at the address listed above
or such other place as Landlord may by thirty (30) days’ prior written notice to Tenant direct:

	 	 	 	 	 	 	 
	Years	 	Per Square Foot	 	Annual Rent	 	Monthly Rent
	1-5 (initial)
	 	$30.00
	 	$1,260.000.00
	 	$105,000.00
	6-10 (initial)
	 	$31.00
	 	$1,302,000.00
	 	$108,500.00
	11-15 (initial)
	 	$34.10
	 	$1,432,200.00
	 	$119,350.00
	16-20 (option)
	 	$37.51
	 	$1,575,420.00
	 	$131,285.00
	21-25 (option)
	 	$41.26
	 	$1,732,920.00
	 	$144,410.00
	26-30 (option)
	 	$45.39
	 	$1,906,380.00
	 	$158,865.00

The monthly installments of Base Rent payable under this Section 4 shall be paid in advance on or
before the first day of each calendar month from and after the Rent Commencement Date during the
term hereof without notice or demand therefor and without any offsets or deductions whatsoever
except as otherwise provided in this Lease. Base Rent for any partial month shall be prorated
based upon a thirty (30) day month. Base Rent for any Initial Period shall be the same as the Base
Rent for the first Lease Year. As used in this Lease, “Rent” shall mean Base Rent in addition to
all other sums due and owing from Tenant to Landlord under this Lease.

     (b) In the event any sums required under this Lease to be paid are not received when due, then
all such amounts shall bear interest from the due date thereof until the date paid at the

4

 

rate of interest equal to two percent (2%) over the prime rate in effect from time to time as
established by National City Bank, Columbus, Ohio (the “Interest Rate”), and shall be due and
payable by Tenant without notice or demand, Tenant shall pay the foregoing interest thereon in
addition to all default remedies of Landlord pursuant to Section 33 below.

     (c) Notwithstanding anything herein contained to the contrary, Tenant shall initially pay to
Landlord as additional Rent, simultaneously with the payment of Base Rent, payable in equal monthly
installments, the estimated monthly amount of Tenant’s Proportionate Share of Maintenance Costs
(provided for in Section 15 hereof), Real Estate Taxes (provided for in Section 27 hereof) and
insurance (provided for in Section 28 hereof).

SECTION 5. PERCENTAGE RENT

     (a) Beginning with the first Lease Year, Tenant shall pay to Landlord, in addition to Base
Rent, upon the conditions and at the times hereinafter set forth, percentage rent equal to two
percent (2%) of Tenant’s gross sales (as hereinafter defined) in excess of the number obtained by
dividing (a) Base Rent for the applicable lease year by (b) the number .055. The annual percentage
rent shall be paid by Tenant to Landlord within ninety (90) days after the end of each Lease Year.
Each such payment shall be accompanied by a statement signed by an authorized representative of
Tenant setting forth Tenant’s gross sales for such Lease Year. For purposes of permitting
verification by Landlord of the gross sales reported by Tenant, Landlord shall have the right, not
more than one (1) time per Lease Year, upon not less than five (5) business days notice to Tenant,
to audit during normal business hours in Tenant’s corporate office, Tenant’s books and records
relating to Tenant’s gross sales for a period of two (2) years after the end of each Lease Year.
Landlord agrees that no contingency fee auditor shall be employed by Landlord for the purpose of
conducting any such audit. If such an audit reveals that Tenant has understated its gross sales by
more than three percent (3%) for any Lease Year, Tenant, in addition to paying the additional
percentage rent due, shall pay the reasonable cost of the audit within thirty (30) days of Tenant’s
receipt of Landlord’s demand for the same and copies of all bills or invoices on which such cost is
based.

     (b) Each Lease Year shall constitute a separate accounting period, and the computation of
percentage rent due for any one period shall be based on the gross sales for such Lease Year.

     (c) The term “gross sales” as used in this Lease is hereby defined to mean the gross dollar
aggregate of all sales or rental or manufacture or production of merchandise and all services,
income and other receipts whatsoever of all business conducted in, at or from any part of the
Premises, whether for cash, credit, check, charge account, gift or merchandise certificate
purchased or for other disposition of value regardless of collection. Should any departments,
divisions or parts of Lessee’s business be conducted by any subleases, concessionaires, licensees,
assignees or others, then there shall be included in Lessee’s gross sales, all “gross sales” of
such department, division or part, whether the receipts be obtained at the Premises or elsewhere in
the same manner as if such business had been conducted by Lessee. Gross sales shall exclude the
following: (i) all credit, refunds, and allowances granted to customers; (ii) all excise taxes,
sales taxes, and other taxes levied or imposed by any governmental authority upon or in connection
with such sales; (iii) bulk sales of goods in connection with the sale of Tenant’s business; (iv)
sales of fixtures, furniture, equipment and other items not made in the ordinary course of
business; (v) salvage sales of damaged merchandise; (vi) discount sales made to employees of the
Tenant and Tenant’s subsidiaries and affiliated corporations, if any; (vii) exchanges of
merchandise between Tenant’s warehouse or other stores and other similar movements of merchandise;
(viii) returns to suppliers; (ix) the proceeds from vending machines and coin operated telephones
and commissions on such proceeds to the extent such proceeds and commissions are less than five
percent (5%) of Gross Sales exclusive of such proceeds and commissions; (x) uncollectible customer
charges and bad checks; (xi) disallowed credit card amounts and credit card service charges or fees
retained by the credit card company; (xii) delivery charges; and (xiii) customer credit insurance.

     (d) The percentage rent, if any, shall be paid within ninety (90) days after the end of each
lease year, accompanied by a statement in writing signed by Tenant setting forth its gross sales
from the sale of all items for such lease year. Tenant shall keep at its principal executive
offices, where now or hereafter located, true and accurate accounts of all receipts from the

5

 

Premises. Landlord, its agents and accountants, shall have access to such records at any and all
times during regular business hours for the purpose of examining or auditing the same. Tenant
shall also furnish to Landlord any and all supporting data in its possession relating to gross
sales and any deductions therefrom as Landlord may reasonably require. Landlord agrees to keep any
information obtained therefrom confidential, except as may be required for Landlord’s tax returns,
or in the event of litigation or arbitration where such matters are material.

     (e) Tenant shall at all times maintain accurate records which shall be available for
Landlord’s inspection at any reasonable time.

     (f) If Landlord, for any reason, questions or disputes any statement of percentage rent
prepared by Tenant, then Landlord, at its own expense, may employ such non-contingency fee
accountants as Landlord may select to audit and determine the amount of gross sales for the period
or periods covered by such statements. If the report of the accountants employed by Landlord shall
show any additional percentage rent payable by Tenant, then Tenant shall pay to Landlord such
additional percentage rent plus interest at one (1) point over the prime rate, commencing on the
date such percentage rents should have been paid, within thirty (30) days after such report has
been forwarded to Tenant, unless Tenant shall, within said thirty (30) day period, notify Landlord
that Tenant questions or disputes the correctness of such report. In the event that Tenant
questions or disputes the correctness of such report, the accountants employed by Tenant and the
accountants employed by Landlord shall endeavor to reconcile the question(s) or dispute(s) within
thirty (30) days after the notice from Tenant questioning or disputing the report of Landlord’s
accountants. In the event that it is finally determined by the parties that Tenant has understated
percentage rent for any Lease year by three percent (3%) or more, Tenant shall pay the cost of the
audit. Furthermore, if Tenant’s gross sales cannot be verified due to the insufficiency or
inadequacy of Tenant’s records, then Tenant shall pay the cost of the audit. The cost of any audit
resulting from failure to report percentage rent after written notification of default shall be at
the sole cost of Tenant.

SECTION 6. TITLE ENCUMBRANCES; LANDLORD REPRESENATATIONS, WARRANTIES AND COVENANTS 

     (a) Tenant’s rights under this Lease are subject and subordinate to those title matters set
forth as items 9, 10, 11 and 12 in Schedule B-II in the owner’s title insurance commitment issued
by First American Title Insurance Company to Landlord, being Commitment No. FA-C-12034, dated April
18, 2007, a copy of which has been provided to Tenant.

     (b) Landlord further represents, warrants and/or covenants:

     1. That it has the right to enter into this Lease and that the person(s) signing this
Lease on its behalf has authority to enter into this Lease and to bind Landlord to the
terms, covenants and conditions contained herein.

     2. That it has good and marketable fee simple title to the Premises and the Center is
free and clear of all easements, restrictions, liens and encumbrances except as described in
Section 6(a) above.

     3. That the Premises, including without limitation, the roof and HVAC system, are or as
of the Commencement Date shall be, in good condition and repair.

     4. That the Premises is, or as of the Commencement Date shall be, properly zoned for
use by the Tenant as an off-price branded apparel and footwear location and there are no
restrictive covenants or other title encumbrances which restrict in any way the use of the
Premises as a retail off-price branded apparel and footwear location.

     5. That Landlord has, or as of the Commencement Date shall have, obtained all necessary
approvals and permits from appropriate governmental authorities for the construction and
occupancy of the Premises by Tenant as a retail off-price branded apparel and footwear
location.

     6. That Landlord has not entered into, and shall not hereafter prior to the expiration
or termination of this Lease enter into, any leases, agreements or restrictive

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covenants
that would prohibit or interfere with the use of the Premises by the Tenant as a retail
off-price branded apparel and footwear location.

     7. In the event the legal description of the Center described on Exhibit “B”
hereto indicates that the Center is composed of more than one (1) parcel or lot, there
exists no strips or gores between such parcels or lots which are not owned by Landlord.

     8. No third-party consents or approvals are required in order for Landlord to enter
into this Lease, or for the performance of Landlord’s Work.

     9. The Center now has, and on the Commencement Date shall have, access to and from
Biscayne Blvd. (U.S. Highway No. 1), as shown on the Site Plan, for the passage of vehicular
traffic.

     (c) Landlord acknowledges that Tenant has expressed a concern regarding the adequacy of
parking at the Center, and in connection therewith and as an inducement to Tenant to enter into the
Lease, Landlord agrees that it shall not lease any other portion of the Center to any tenant or
occupant of the Center who utilizes parking in excess of the parking requirement for a typical soft
goods retailer. Landlord agrees that any food sales, gym or bookstore would violate the foregoing
prohibition.

     (d) Landlord hereby grants to Tenant a first right and option to lease the other 15,000 square
feet in the Center not leased by Tenant if and when such space becomes available during the term
hereof. At such time as Landlord desires to lease such space, Landlord shall advise Tenant thereof
and the market base rent for such adjacent space. Tenant shall have fifteen (15) business days
after receipt of Landlord’s notice to elect to lease such space at the base rent set forth in such
notice, and otherwise on the same terms and conditions set forth in this Lease (excluding Section
49 below). The term with respect to such adjacent space shall be co-terminus with the term of this
Lease. In the event Tenant fails to so elect to lease such additional space within such fifteen
(15) business day period, Tenant shall be deemed to have waived such right; provided, however, that
in the event Landlord is willing to lease such space on terms less favorable than as set forth in
Landlord’s notice to Tenant, then in such event Landlord shall once again comply with the
provisions set forth in this paragraph with respect to such adjacent space.

SECTION 7. RIGHT TO REMODEL

     (a) Tenant may, at Tenant’s expense, make repairs and alterations to the interior
non-structural portions of the Premises and remodel the interior of the Premises, excepting
structural and exterior changes, in such manner and to such extent as may from time to time be
deemed necessary by Tenant for adapting to the Premises to the requirements and uses of Tenant and
for the installation of its fixtures, appliances and equipment. Any structural alterations may
only be made by Tenant with the prior written approval of Landlord, which approval shall not be
unreasonably withheld. All exterior alterations may only be made by Tenant with the prior written
approval of Landlord, which approval may be granted or withheld in Landlord’s sole discretion. All
plans for any structural alterations shall be submitted to Landlord for endorsement of its approval
prior to commencement of work. Upon Landlord’s request, Tenant shall be obligated, if it remodels
and/or alters the Premises, to restore the Premises upon vacating the same. Tenant will indemnify
and save harmless the Landlord from and against all mechanics liens or claims by reason of repairs,
alterations or improvements which may be made by Tenant to the Premises. Inasmuch as any such
alterations, additions or other work in or to the Premises may constitute or create a hazard,
inconvenience or annoyance to the public and other tenants in the Center, Tenant shall, if so
directed in writing by Landlord, erect barricades, temporarily close the Premises, or affected
portion thereof, to the public or take whatever measures are necessary to protect the building
containing the Premises, the public and the other tenants of the Center for the duration of such
alterations, additions or other work. If Landlord determines, in its sole judgment, that Tenant
has failed to take any of such necessary protective measures, and Tenant fails to cure same within
ten (10) days after notice thereof, Landlord may do so and Tenant shall reimburse Landlord for the
cost thereof within ten (10) days after Landlord bills Tenant therefor.

     (b) All such work, including Tenant’s Work pursuant to Exhibit “D” shall be performed
lien free by Tenant. In the event a mechanic’s lien is filed against the premises or the Center,
Tenant shall discharge or bond off same within ten (10) days from the filing thereof. If

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Tenant
fails to discharge said lien, Landlord may bond off or pay same without inquiring into the validity
or merits of such lien, and all sums so advanced shall be paid on demand by Tenant as additional
rent.

SECTION 8. UTILITIES

     (a) Prior to the Commencement Date, Landlord shall provide, at Landlord’s expense, by separate
meter, electric, water, sewer, and other utilities to the Premises sufficient to meet Tenant’s
requirements. Landlord shall further provide, or cause to be provided, all such utility services
to the Premises during the term of this Lease. Tenant agrees to be responsible and pay for all
public utility services rendered or furnished to the Premises during the term hereof, including,
but not limited to, heat, water, gas, electric, steam, telephone service and sewer services,
together with all taxes, levies or other charges on such utility services when the same become due
and payable. Tenant shall be responsible for all utility services and costs inside the premises.
Landlord shall not be liable for the quality or quantity of or interference involving such
utilities unless due directly to Landlord’s negligence.

     (b) During the term hereof, whether the Premises are occupied or unoccupied, Tenant agrees to
maintain heat sufficient to heat the Premises so as to avert any damage to the Premises on account
of cold weather.

     (c) Tenant agrees to be responsible for its rubbish removal from the Premises. Tenant shall
be permitted to maintain and operate, at no extra charge: (i) a trash compactor in the portion of
the Common Areas designated on Site Plan as “Trash Compactor Pad”; and (ii) a trash container(s) in
the portion(s) of the Common Areas designated on Site Plan as “Trash Container Pad”. Tenant, at
its sole cost and expense, shall keep the trash compactor and containers neat and clean and repair
any damage caused by use and storage of such compactor and containers.

SECTION 9. GLASS

     The Tenant shall maintain the glass part of the Premises, promptly replacing any breakage and
fully saving the Landlord harmless from any loss, cost or damage resulting from such breakage or
the replacement thereof.

SECTION 10. PERSONAL PROPERTY

     The Tenant further agrees that all personal property of every kind or description that may at
any time be in or on the Premises shall be at the Tenant’s sole risk, or at the risk of those
claiming under the Tenant, and that the Landlord shall not be liable for any damage to said
property or loss suffered by the business or occupation of the Tenant caused in any manner
whatsoever.

SECTION 11. RIGHT TO MORTGAGE

     (a) Landlord reserves the right to subject and subordinate this Lease at all times to the lien
of any deed of trust, mortgage or mortgages now or hereafter placed upon Landlord’s interest in the
Premises; provided, however, that no default by Landlord, under any deed of trust, mortgage or
mortgages, shall affect Tenant’s rights under this Lease, so long as Tenant performs the
obligations imposed upon it hereunder and is not in default hereunder, and Tenant attorns to the
holder of such deed of trust or mortgage, its assignee or the purchaser at any foreclosure sale.
Any such subordination shall be contingent upon Tenant receiving a commercially reasonable
subordination, non-disturbance and attornment agreement (“SNDA”). It is a condition, however, to
the subordination and lien provisions herein provided, that Landlord shall procure from any such
mortgagee an agreement in writing, which shall be delivered to Tenant or contained in an SNDA,
providing in substance that so long as Tenant shall faithfully discharge the obligations on its
part to be kept and performed under the terms of this Lease and is not in default under the terms
hereof, its tenancy will not be disturbed nor this Lease affected by any default under such
mortgage. Landlord represents and warrants that, as of the date of this Lease and the
Commencement Date, there are and there shall not be any mortgages, ground leases or other
encumbrances that could dispossess Tenant’s leasehold interest hereunder (collectively,
“Mortgages”) on Landlord’s fee title to the Center.

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     (b) Wherever notice is required to be given to Landlord pursuant to the terms of this Lease,
Tenant will likewise give such notice to any mortgagee of Landlord’s interest in the Premises upon
notice of such mortgagee’s name and address from Landlord. Furthermore, such mortgagee shall have
the same rights to cure any default on the part of Landlord that Landlord would have had.

SECTION 12. SUBLEASE OR ASSIGNMENT

     (a) Tenant may assign Tenant’s interest in this Lease or sublet all or any portion of the
Premises to a nationally or regionally recognized retailer without Landlord’s consent. Any other
assignment or subletting not specifically provided for in this Section 12 shall be subject to
Landlord’s prior written consent, which consent shall not be unreasonably withheld. Landlord’s
review of the proposed assignee or subtenant shall be limited to business reputation, business
experience, a retail use compatible with then existing tenant mix of the Center, and financial
ability to perform its obligations under this Lease or the proposed sublease, as the case may be.
In any such event, Tenant shall remain fully and primarily liable hereunder. Tenant’s right to
assign or sublet shall be subject to any then existing exclusives or primary use exclusives for
tenants leasing more than fourteen thousand (14,000) square feet of space in the Center.

     Tenant may, without the consent of Landlord, (i) grant licenses and/or concessions within the
Premises or (ii) assign or sublet all or any portion of the Premises to (a) any parent, affiliate
or subsidiary corporation of Tenant; (b) a transferee or successor by merger, consolidation or
acquisition of Tenant or its parent or subsidiary; or (c) a transferee with a good business
reputation who is acquiring all or substantially all of the stores of Tenant in the State of
Florida or the assets of Tenant, its parent or subsidiary. Any such assignee or sublessee shall be
bound by the terms of this Lease. Tenant shall deliver to Landlord in the ordinary course of its
business an instrument whereby the assignee or entity succeeding to Tenant’s interest hereunder
agrees to be bound by the terms of this Lease.

     (b) Landlord may assign Landlord’s interest in this Lease without the consent of Tenant (a) to
any entity to which Landlord transfers its fee interest in the Premises provided such entity (i)
agrees in writing to be bound by all the terms of this Lease and (ii) such assignment is pursuant
to a bona fide arm’s length transaction not designed to reduce Landlord’s liability or to otherwise
exempt Landlord from any provision of this Lease or (b) subject to Section 12, as security for any
indebtedness undertaken by Landlord.

SECTION 13. COMMON AREAS

     Landlord grants to Tenant and its customers, agents, employees, licensees, invitees and
subtenants, a non-exclusive easement in common with the other tenants of the Center for the use of
all Common Areas. Landlord hereby covenants and agrees that Landlord shall not grant any party
other than tenants of the Center and their customers, agents, employees, licensees, invitees and
subtenants a right to utilize the parking areas in the Center, and Landlord shall use commercially
reasonable efforts to restrict the use of the parking areas to such parties. “Common Areas” means
all areas and facilities in the Center provided and so designated by Landlord and made available by
Landlord in the exercise of good business judgment for the common use and benefit of tenants of the
Center and their customers, employees and invitees. Common Areas shall include (to the extent the
same are constructed), but not be limited to, the parking areas, sidewalks, landscaped areas,
corridors, stairways, boundary walls and fences, incinerators, truckways, service roads, and
service areas not reserved for the exclusive use of Tenant or other tenants.

SECTION 14. OPERATION OF COMMON AREAS

     (a) From and after the Commencement Date, Landlord, at its cost and expense, shall operate the
Center and maintain the Common Areas and the Center in a clean and safe condition and repair so
that Tenant and its customers, guests, invitees, licensees, officers and employees
can use and enjoy the same. The obligations of Landlord pursuant hereto shall include,
without limitation, the maintenance of the Center and any pylon structure(s) (excluding therefrom
Tenant’s advertising panels), regular cleaning of the Common Areas, removal of trash and debris
from the Common Areas, repairing

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the asphalt and concrete portions of the Common Areas (including
potholes, curbs and sidewalks), repairing common utility lines and facilities, repairing storm
drains, repairing parking lot lights, maintaining the landscaped portion of the Common Areas
(including regular grass cutting), maintaining floodlights and other necessary means of
illumination sufficient to illuminate the Common Areas during twilight and evening hours that
Tenant’s store is open for business and in operation, prompt removal of snow and ice on every
occasion where safety of the Common Areas or access to the Premises is impeded, and periodic
restriping of the parking area. Landlord covenants that such maintenance and repair shall be
planned and preventative maintenance undertaken in order to maintain the Common Areas in a good and
usable condition and so as to avoid any breakdown of maintenance and avoidable costly repairs.
Landlord shall at all times have exclusive control of the Common Areas and may at any time and from
time to time: (i) promulgate, modify and amend reasonable rules and regulations for the use of the
Common Areas, which rules and regulations shall be binding upon Tenant upon delivery of a copy
thereof to Tenant; (ii) temporarily close any part of the Common Areas, including but not limited
to closing the streets, sidewalks, road or other facilities to the extent necessary to prevent a
dedication thereof or the accrual of rights of any person or of the public therein; (iii) exclude
and restrain anyone from the use or occupancy of the Common Areas or any part thereof except bona
fide customers and suppliers of the tenants of the Center who use said areas in accordance with the
rules and regulations established by Landlord; and (iv) engage others to operate and maintain all
or any part of the Common Areas, on such terms and conditions as Landlord shall, in its sole
judgment, deem reasonable and proper; and (v) make such changes in the Common Areas as in its
opinion are in the best interest of the Center, including but not limited to changing the location
of walkways, service areas, driveways, entrances, existing automobile parking spaces and other
facilities, changing the direction and flow of traffic and establishing prohibited areas; provided,
however, that any such change shall be subject to the terms and conditions of Section 1(c) of this
Lease.

     (b) Tenant shall keep all Common Areas free of obstructions created or permitted by Tenant.
Tenant shall permit the use of the Common Areas only for normal parking and ingress and egress by
its customers and suppliers to and from the Premises. If in Landlord’s opinion unauthorized
persons are using any of the Common Areas by reason of Tenant’s occupancy of the Premises, Landlord
shall have the right at any time to remove any such unauthorized persons from said areas or to
restrain unauthorized persons from said areas. Landlord, Tenant, and others constructing
improvements or making repairs or alterations in the Center shall have the right to make reasonable
use of portions of the Common Areas.

     (c) Throughout the term, Landlord shall keep the Common Areas fully lighted and open to the
customers of the Center seven (7) days a week from dusk until 11:00 p.m. Monday through Saturday
and until 7:00 p.m. on Sunday (“Normal Hours”). Upon request of Tenant, Landlord shall keep the
Common Areas lighted for as long as after Normal Hours as Tenant shall request, provided Tenant
shall pay for a share of the reasonable cost of said requested lighting, which share shall be equal
to the product of (i) such costs, and (ii) a fraction, the numerator of which shall be the number
of square feet of leasable space within the Premises and the denominator of which shall be the
aggregate number of square feet of leasable space of all premises within the Center (including the
Premises) open later than Normal Hours (excluding, however, those tenants and occupants who
separately control and pay for their own Common Area lighting). In addition to the foregoing,
Landlord shall provide for low level security lighting from one (1) hour after the close of
business in the Premises until dawn.

SECTION 15. COMMON AREA MAINTENANCE, TENANT’S SHARE

     (a) Tenant shall initially pay to Landlord as additional rental, simultaneously with the
payment of Base Rent called for under Section 4(a), the estimated monthly amount of Tenant’s
Proportionate Share of the “Maintenance Costs” (as defined in Section 15(c) below) for the
operation and maintenance of the Common Areas as set forth in Section 4(c), One Dollar ($1.00) per
square foot, payable in equal monthly installments of Three Thousand Five Hundred Dollars
($3,500.00) as the estimated monthly amount of Tenant’s Proportionate Share of the
“Maintenance Costs” (as defined in Section 15(b) below) for the operation and maintenance of
the common areas.

     (b) The Maintenance Costs for the common areas shall be computed on an accrual basis, under
generally accepted accounting principles, and shall include all costs of operating, maintaining,
repairing and replacing the common areas, including by way of example but not limitation: (i) cost
of labor (including worker’s compensation insurance, employee benefits and

10

 

payroll taxes); (ii)
materials, and supplies used or consumed in the maintenance or operation of the common area; (iii)
the cost of operating and repairing of the lighting; (iv) cleaning, painting, removing of rubbish
or debris, snow and ice, private security services, and inspecting the common areas; (v) the cost
of repairing and/or replacing paving, curbs, walkways, markings, directional or other signs;
landscaping, and drainage and lighting facilities; (vi) rental paid for maintenance of machinery
and equipment; and (vii) a reasonable allowance to Landlord for Landlord’s supervision, which
allowance shall not in an accounting year exceed fifteen percent (15%) of the total of all
Maintenance Costs (excluding insurance costs) for such accounting year (all of the foregoing are
collectively referred to herein as “Maintenance Costs”). Notwithstanding the foregoing, the
following shall be excluded, deducted or credited from Maintenance Costs when computing Tenant’s
Proportionate Share of same: (a) Net recoveries received by Landlord from tenants as a result of
any act, omission, default or negligence or as the result of breaches by tenants of the provisions
of their leases and/or other amounts received by Landlord from third parties, which recoveries
and/or amounts reimburse Landlord for or reduce Maintenance Costs; (b) Gross revenues from charges,
if any, made for the use of the parking facilities and other Common Areas or facilities of the
Center (including, without limitation, the sale or rental of advertising space); (c) The cost of
the land underlying and the construction of the Center, whether initially or in connection with any
replacement or expansion thereof and whether mandated by law or otherwise, including, without
limitation, costs of correcting (I) defective conditions in the Center resulting from defects in or
inadequacy of the initial design or construction of the same, or (II) code violations, including
the payment of fines or citations in connection therewith; (d) The depreciation or amortization of
the Center or any part thereof or any equipment or other property used in connection therewith; (e)
the initial cost of the installation of the parking areas or facilities or the amortization or
depreciation of such initial cost; (f) The cost of providing or performing improvements, work or
repairs to or within (I) any portion of the premises of any other tenants or occupants in the
Center, (II) any other building which is not part of the Common Areas or (III) any portion of the
Center the use of which is not available to Tenant; (g) Any reserves for future expenditures or
liabilities which would be incurred subsequent to the then current accounting year; (h) Any bad
debt loss, rent loss or reserves for bad debt or rent loss; (i) Legal fees, audit fees, leasing
commissions, advertising expenses and other costs incurred in connection with (I) the original
development or original leasing of the Center, (II) the future re-leasing of the Center, (III) any
advertising or promotion of the Center or any part thereof, and (IV) disputes with other tenants or
third parties; (j) Costs of repairing or restoring any portion of the Center damaged or destroyed
by any casualty or peril whether insured, uninsured or uninsurable; (k) Costs in connection with
the cleanup or removal of hazardous materials; (l) The cost of compliance with the Americans with
Disabilities Act of 1990, as amended, and all regulations promulgated pursuant thereto; (m) Net
recoveries from insurance policies taken out by Landlord to the extent that the proceeds reimburse
Landlord for expenses which have previously been included or which would otherwise be included in
Maintenance Costs; (n) Costs associated with repairs or improvements the need for which arose prior
to the date of this Lease; (o) Any otherwise permissible fees or costs to the extent in excess of
prevailing and competitive rates; (p) Costs of a capital nature, including all capital
improvements, alterations, repairs and/or replacements (for purposes of this Lease, “costs of a
capital nature” shall mean the cost of any item or service the useful life of which exceeds 36
months); (q) Costs relating to the negligence of Landlord or its contractors, agents or employees
or the payment of any claims or damages relating to the same; (r) Any insurance costs.

     (c) Landlord shall maintain accurate and detailed records of all Maintenance Costs for the
common areas in accordance with generally accepted accounting principles. For purposes of this
Lease, “Tenant’s Proportionate Share” shall be the product of the applicable cost or expense
multiplied by a fraction, the numerator of which shall be the gross leasable area (expressed in
square feet) of the Premises and the denominator of which shall be the gross leasable area
(expressed in square feet) of all leasable space in the Center. Tenant’s Proportionate Share of
that portion of the Center owned by Landlord is estimated to be seventy-three and 68/100
percent (73.68%), during the first Lease Year.

     (d) The actual amount of Tenant’s Proportionate Share of all Maintenance Costs shall be
computed by Landlord within one hundred eighty (180) days after the end of each accounting year
(which Landlord may change from time to time). At this time Landlord shall furnish to Tenant a
statement showing in reasonable detail the actual Maintenance Costs incurred during such accounting
year and Tenant’s Proportionate Share thereof (prorated for any partial Lease

11

 

year, with
appropriate adjustments to reflect any change in the floor area of the premises or the gross
leasable area of a building occurring during such accounting year). Any excess payments from
Tenant shall be applied to the next installments of the Maintenance Costs hereunder, or refunded by
Landlord. Any underpayments by Tenant shall be paid to Landlord within thirty (30) days after
receipt of such reconciliation statement. Tenant’s estimated monthly Maintenance Cost hereunder
may be adjusted by written notice from Landlord. Notwithstanding anything contained in this
Section 15 to the contrary, Landlord and Tenant agree that the actual amount of Tenant’s
Proportionate Share of Maintenance Costs, shall not increase by more than five percent (5%) in any
lease year over the previous Lease Year, and that Tenant’s Proportionate Share of Maintenance Costs
for the first lease year shall not exceed fifty cents ($0.50) per square foot.

     (e) If Tenant, for any reason in the exercise of good business judgment, questions or disputes
any statement of Maintenance Costs prepared by Landlord, then Tenant, at its own expense, may
employ such accountants as Tenant may select to review Landlord’s books and records solely with
respect to Maintenance Costs during the prior two Lease years and to determine the amount of
Maintenance Costs for the period or periods covered by such statements. If the report of the
accountants employed by Tenant shall show any overcharge paid by Tenant, then Tenant shall receive
a credit from Landlord for such difference. Any underpayment shall be paid by Tenant. Tenant
agrees that no contingency fee auditors shall be employed by Tenant for the purpose of conducting
any such audit. In the event that Landlord questions or disputes the correctness of such report,
the accountants employed by Tenant and the accountants employed by Landlord shall endeavor to
reconcile the question(s) or dispute(s) within thirty (30) days after the notice from Tenant
questioning or disputing the report of Landlord’s accountants. In the event that it is finally
determined by the parties that Landlord has overstated Maintenance Costs for any Lease year by
three percent (3%) or more, Landlord shall pay the reasonable cost of the audit. Furthermore, if
Landlord’s Maintenance Costs cannot be verified due to the insufficiency or inadequacy of
Landlord’s records, then Landlord shall pay the cost of the audit.

SECTION 16. EMINENT DOMAIN

     (a) In the event the entire premises or any part thereof shall be taken or condemned either
permanently or temporarily for any public or quasi-public use or purpose by any competent authority
in appropriation proceedings or by any right of eminent domain, the entire compensation or award
therefore, including leasehold, reversion and fee, shall belong to the Landlord and Tenant hereby
assigns to Landlord all of Tenant’s right, title and interest in and to such award.

     (b) In the event that only a portion of the Premises, not exceeding twenty percent (20%) of
same, shall be so taken or condemned, and the portion of the Premises not taken can be repaired
within ninety (90) days from the date of which possession is taken for the public use so as to be
commercially fit for the operation of Tenant’s business, the Landlord at its own expense shall so
repair the portion of the Premises not taken and there shall be an equitable abatement of rent for
the remainder of the term and/or extended terms. The entire award paid on account thereof shall be
paid to the Landlord. If the portion of the Premises not taken cannot be repaired within ninety
(90) days from the date of which possession is taken so as to be commercially fit for the operation
of Tenant’s business, then this Lease shall terminate and become null and void from the time
possession of the portion taken is required for public use, and from that date on the parties
hereto shall be released from all further obligations hereunder except as herein stated and Tenant
shall have no claim for any compensation on account of its leasehold interest. No other taking,
appropriation or condemnation shall cause this Lease to be terminated. Any such appropriation or
condemnation proceedings shall not operate as or be deemed an eviction of
Tenant or a breach of Landlord’s covenant of quiet enjoyment and Tenant shall have no claim
for any compensation on account of its leasehold interest.

     (c) In the event that more than twenty percent (20%) of the Premises shall at any time be
taken by public or quasi-public use or condemned under eminent domain, then at the option of the
Landlord or Tenant upon the giving of thirty (30) days written notice (after such taking or
condemnation), this Lease shall terminate and expire as of the date of such taking and any prepaid
rental shall be prorated as of the effective date of such termination.

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SECTION 17. TENANT’S TAXES

     Tenant further covenants and agrees to pay promptly when due all taxes assessed against
Tenant’s fixtures, furnishings, equipment and stock-in trade placed in or on the Premises during
the term of this Lease.

SECTION 18. RISK OF GOODS

     All personal property, goods, machinery, and merchandise in said Premises shall be at Tenant’s
risk if damaged by water, fire, explosion, wind or accident of any kind, and Landlord shall have no
responsibility therefore or liability for any of the foregoing and Tenant hereby releases Landlord
from such liability.

SECTION 19. USE AND OCCUPANCY

     (a) Tenant agrees to initially open and operate a Filene’s Basement as an off-price, junior
department store fully staffed and stocked. The Premises during the term of this Lease may be
occupied for the operating and conducting therein of any lawful retail purpose. Any use other than
a retail junior department store shall be consistent with the then existing character of the
Center, and shall not violate those exclusives and prohibited uses set forth on Exhibit “E”
attached hereto and made a part hereof, which are the exclusives and prohibited uses in effect for
the Center as of the date hereof, for so long as and to the extent said exclusives and prohibited
uses are still in full force and effect, as well as exclusives and prohibited uses hereafter
granted for tenants leasing more than fourteen thousand (14,000) square feet of space elsewhere
within the Center, for so long as and to the extent said exclusives are still in full force and
effect.

     (b) For so long as Tenant is continuously and regularly operating its business in the
Premises, Landlord will not hereafter lease any space within the Center or permit any space within
the Center (to the extent Landlord has control) to be used by any person, persons, partnership or
entity as an off-price, junior department store or footwear store (the “Exclusive Use”). Any
portion of the Center which is sold by Landlord during the term shall contain a deed restriction
incorporating the foregoing Exclusive Use.

     Landlord acknowledges that in the event of a breach or an attempted or prospective breach of
this Section 19(b), Tenant’s remedies at law would be inadequate. Therefore, in any such event, if
such breach is not cured within thirty (30) days after written notice from Tenant to Landlord,
Tenant shall be entitled, at its option and without limitation of any other remedy permitted by law
or equity or by this Lease, (i) to elect to pay in lieu of Base Rent and percentage rent due under
this Lease two percent (2%) of Tenant’s gross sales calculated according to Tenant’s standard
procedures in accordance with generally accepted accounting principles, (ii) to cancel this Lease
on thirty (30) days written notice to Landlord, and/or (iii) to full and adequate relief by
temporary or permanent injunction. Notwithstanding the foregoing, the remedy of lease cancellation
shall not be applicable if the violation of this Section 19(b) is due to the breach of another
tenant’s lease and Landlord is, in Tenant’s good faith judgment, diligently pursuing appropriate
legal proceedings to halt the violation and such violation is so halted within sixty (60) days of
Landlord’s receipt of Tenant’s notice.

     (c) Tenant shall at all times conduct its operations on the Premises in a lawful manner and
shall, at Tenant’s expense, comply with all laws, rules, orders, ordinances, directions,
regulations, and requirements of all governmental authorities, now in force or which may hereafter
be in force, which shall impose any duty upon Landlord or Tenant with respect to the business of
Tenant and the use, occupancy or alteration of the Premises. Tenant shall comply
with all requirements of the Americans with Disabilities Act, and shall be solely responsible
for all alterations within the Premises in connection therewith. Tenant covenants and agrees that
the Premises shall not be abandoned or left vacant and that only minor portions of the Premises
shall be used for office or storage space in connection with Tenant’s business conducted in the
Premises.

     Without being in default of this Lease, Tenant shall have the right to cease operating (go
dark) at any time and for whatever reason after the first (1st) lease year.
Notwithstanding the foregoing, Tenant’s right to vacate (go dark), shall not release or excuse the
Tenant from any obligations or liabilities, including the payment of minimum rent and additional
rent and other

13

 

charges, under this Lease without the express written consent of Landlord. In the
event Tenant fails to (i) open and operate within ninety (90) days after delivery of the Premises
or (ii) operate for one hundred twenty (120) or more consecutive days, Landlord shall have the
right, effective upon thirty (30) days prior written notice to Tenant, to terminate the Lease as
Landlord’s sole remedy, provided that if Tenant recommences operating fully stocked in
substantially all of the premises within such thirty (30) days, Landlord’s termination shall be
null and void. In the event Tenant fails to open and operate as provided above or shall cease
operating as provided above, Landlord’s sole remedy on account thereof shall be limited to the
right to elect to recapture the premises and terminate the Lease, whereupon there shall be no
further liability of the parties hereunder. Such termination shall be effective upon written
notice to Tenant any time prior to Tenant reopening for business in the Premises. Provided,
however, in the event Landlord has not so elected to recapture, Tenant shall have right to notify
Landlord of Tenant’s intention to reopen for business in the Premises within sixty (60) days,
followed by Tenant’s actually reopening for business fully stocked in substantially all of the
Premises within such sixty (60) day period, which notice and actual reopening shall toll Landlord’s
right to recapture.

     (d) Landlord and Tenant agree that no space in the Center, including the Premises, shall be
used as a bowling alley, theater showing either film, television or the like or live entertainment,
health club, bar, games/amusement room, indoor playground, adult bookstore, flea market, bingo
parlor, bar, tavern, restaurant, cocktail lounge, adult book or adult video store (defined for the
purposes hereof as a store devoting ten percent (10%) or more of its floor space to offering books
and/or video materials for sale or for rent which are directed to or restricted to adult customers
due to sexually explicit subject matter or for any other reason making it inappropriate for general
use), adult theater or “strip-tease” establishment, automotive maintenance or automotive repair
facility, warehouse, car wash, pawn shop, check cashing service, establishment selling second hand
goods, flea market, entertainment or recreational facility (as defined below), training or
educational facility (as defined below); the renting, leasing, selling or displaying of any boat,
motor vehicle or trailer; industrial or manufacturing purposes; a carnival, circus or amusement
park; a gas station, facility for the sale of paraphernalia for use with illicit drugs, funeral
home, blood bank or mortuary, gambling establishment, banquet hall, auditorium or other place of
public assembly, second-hand or surplus store, gun range; the sale of fireworks; a veterinary
hospital or animal raising facility; the storage of goods not intended to be sold from the Center;
a video rental store, karate center, central laundry or dry cleaning plant, supermarket or any
facility which is illegal or dangerous, constitutes a nuisance, emits offensive odors, fumes, dust
or vapors or loud noise or sounds or is inconsistent with community oriented shopping centers. For
the purposes of this Section 19(d), the phrase “entertainment or recreational facility” shall
include, without limitation, a movie or live theater or cinema, bowling alley, skating rink, gym,
health spa or studio, dance hall or night club, billiard or pool hall, massage parlor, health club,
game parlor or video arcade (which shall be defined as any store containing more than five (5)
electronic games) or any other facility operated solely for entertainment purposes (such as a
“laser tag” or “virtual reality” theme operation). For the purposes of this Section 19(d), the
phrase “training or educational facility” shall include, without limitation, a beauty school, nail
salon, barber college, reading room, place of instruction or any other operation catering primarily
to students or trainees as opposed to customers. The total floor area of all restaurants and
medical, dental, professional and business offices located within the Center shall not exceed ten
percent (10%) of the gross leasable area of the Center. Any portion of the Center which is sold by
Landlord during the term shall contain a deed restriction incorporating the foregoing restrictions.

     Landlord acknowledges that in the event of a breach or an attempted or prospective breach of
this Section 19(d), Tenant’s remedies at law would be inadequate. Therefore, in any
such event, if such breach is not cured within sixty (60) days after written notice from
Tenant to Landlord, Tenant shall be entitled, at its option and without limitation of any other
remedy permitted by law or equity or by this Lease, (i) to elect to pay in lieu of Base Rent and
percentage rent due under this Lease two percent (2%) of Tenant’s gross sales calculated according
to Tenant’s standard procedures in accordance with generally accepted accounting principles, and/or
(ii) to full and adequate relief by temporary or permanent injunction. Notwithstanding the
foregoing, the remedy of lease cancellation shall not be applicable if the violation of this
Section 19(d) is due to the breach of another tenant’s lease and Landlord is, in Tenant’s good
faith judgment, diligently pursuing appropriate legal proceedings to halt the violation and such
violation is so halted within one hundred twenty (120) days of Landlord’s receipt of Tenant’s
notice.

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     (e) Landlord and Tenant agree that (a) no auction, fire or going-out-of-business sales shall
be conducted in the Center except a going-out-of-business sale conducted during the last thirty
(30) days of an existing retail operation, (b) no exterior identification signs attached to any
building in the Center shall be (i) flashing, moving or audible signs or (ii) signs employing
exposed neon tubes, exposed ballast boxes or exposed transformers, and (c) no sidewalk sales shall
be allowed in the Center.

SECTION 20. NUISANCES

     Tenant shall not perform any acts or carry on any practice which may injure the Premises or be
a nuisance or menace to other tenants in the Center.

SECTION 21. WASTE AND REFUSE REMOVAL

     Tenant covenants that it will use, maintain and occupy said Premises in a careful, safe,
lawful and proper manner and will not commit waste therein. Landlord or its agent shall have
access at all reasonable times to the Premises for purposes of inspecting and examining the
condition and maintenance of the Premises. Tenant agrees to remove all refuse from the Premises in
a timely, clean and sanitary manner. Tenant shall provide a refuse collection container at the
rear of the Premises to accommodate Tenant’s refuse and Tenant shall routinely clean up around
trash containers. Tenant shall contract with a licensed and insured refuse collection contractor
to timely remove refuse therefrom and the location of the container shall be approved by Landlord.

SECTION 22. DAMAGE AND DESTRUCTION OF PREMISES

     (a) Landlord shall at all times during the term of this Lease carry property insurance on the
building containing the Premises, including the “Structural Portions” (defined in Section 24(a)
below) and common utility lines up to the point they serve individual tenant’s premises. Landlord
shall be under no obligation to maintain insurance on any improvements installed by or for the
benefit of Tenant’s use of the premises or otherwise owned by Tenant. Landlord may elect to
self-insure its obligations hereunder and/or use whatever deductibles as Landlord deems
appropriate, in its sole discretion.

     (b) If the Premises shall be damaged, destroyed, or rendered untenantable, in whole or in
part, by or as the result or consequence of fire or other casualty during the term hereof, Landlord
shall repair and restore the same to a good tenantable condition with reasonable dispatch. During
such period of repair, the rent herein provided for in this Lease shall abate (i) entirely in case
all of the Premises are untenantable; and (ii) proportionately if only a portion of the Premises is
untenantable and Tenant is able to economically conduct its business from the undamaged portion of
the Premises. The abatement shall be based upon a fraction, the numerator of which shall be the
square footage of the damaged and unusable area of the Premises and the denominator shall be the
total square footage of the Premises. Said abatement shall cease at such time as the Premises
shall be restored to a tenantable condition.

     (c) In the event the Premises, because of such damage or destruction, are not repaired and
restored to a tenantable condition with reasonable dispatch within one hundred fifty (150) days
from the date of receipt of insurance proceeds for such damage or destruction, Tenant or Landlord
may, at their option, terminate this Lease within sixty (60) days following such one
hundred fifty (150) day period but prior to the repair and restoration of same by giving prior
written notice to the other party and thereupon Landlord and Tenant shall be released from all
future liability and obligations under this Lease.

     (d) If one-third (1/3) or more of the ground floor area of the Premises are damaged or
destroyed during the last two (2) years of the original or any extended term of this Lease,
Landlord shall have the right to terminate this Lease by written notice to Tenant within sixty (60)
days following such damage or destruction, unless Tenant shall, within thirty (30) days following
receipt of such notice, offer to extend the term of this Lease for an additional period of five (5)
years from the date such damage or destruction is repaired and restored. If Tenant makes said
offer to extend, Landlord and Tenant shall determine the terms and conditions of said extension
within thirty (30) days thereafter or Tenant’s offer shall not be deemed to prevent

15

 

Landlord from
canceling this Lease. If such terms and conditions have been mutually agreed to by the parties,
then Landlord shall accept Tenant’s offer and shall repair and restore the Premises with reasonable
dispatch thereafter.

     (e) If Landlord is required or elects to repair and restore the Premises as herein provided,
Tenant shall repair or replace its stock in trade, trade fixtures, furniture, furnishings and
equipment and other improvements including floor coverings, and if Tenant has closed, Tenant shall
promptly reopen for business. Anything contained in this Section 22 to the contrary
notwithstanding, Landlord’s restoration and repair obligations under Section 22 shall in no event
include restoration or repair of Tenant’s Work or improvements.

SECTION 23. LANDLORD REPAIRS

     (a) Landlord shall keep in good order, condition, and repair, maintain and replace, as
necessary, the following: (i) structural portions of the Premises; (ii) downspouts; (iii) gutters;
(iv) the roof of the Building of which the Premises forms a part; and (v) any utility and other
systems or lines serving the Premises but located outside of the Premises, except (as to all items)
for damage caused by any negligent act or omission of Tenant or its customers, employees, agents,
invitees, licensees or contractors, which shall be repaired or replaced as necessary, at the sole
cost and expense of Tenant. “Structural Portions” shall mean only the following: (vi) foundations;
(vii) exterior walls except for interior faces); (viii) concrete slabs; (ix) the beams and columns
bearing the main load of the roof; and (x) the floors (but not floor coverings).

     (b) Notwithstanding the provisions of Section 23(a) above, Landlord shall not be obligated to
repair the following: (i) the exterior or interior of any doors, windows, plate glass, or showcases
surrounding the Premises or the store front or (ii) damage to Tenant’s improvements or personal
property caused by any casualty, burglary, break-in, vandalism, acts of terrorism, war or act of
G-d. Landlord shall, in any event, have ten (10) days after notice from Tenant stating the need
for repairs to complete same, or commence and proceed with due diligence to complete same.
Landlord shall be obligated to replace all HVAC components as and when necessary so long as Tenant
has fulfilled its obligations under Section 24(a)(ii) below. Except as specifically set forth
herein, Tenant expressly hereby waives the provisions of any law permitting repairs by a tenant at
Landlord’s expense.

     (c) The provisions of this Section 23 shall not apply in the case of damage or destruction by
fire or other casualty or a taking under the power of eminent domain in which events the
obligations of Landlord shall be controlled by Section 22 and Section 16 respectively.

     (d) Landlord shall assign to Tenant all warranties covering all matters required by the terms
hereof to be repaired and maintained by Landlord.

     (e) If Landlord fails to make any of the repairs required to be made under this Lease within
thirty (30) days after written notice from Tenant, Tenant, in addition to any other rights it may
have hereunder or at law or in equity, shall have the right to make said repairs on behalf of
Landlord and to bill Landlord for the reasonable cost thereof. Landlord shall have thirty (30)
days to reimburse Tenant. In the event of an emergency or if any such repairs are immediately
necessary for the proper use and enjoyment of the Premises, no prior thirty (30) days notice shall
be required, Tenant, after diligent effort to first notify Landlord, forthwith make said repairs on
behalf of Landlord and bill Landlord for the reasonable cost thereof. Tenant has not received
reimbursement for any repairs permitted to be made under this Section 23(e) within such thirty
(30) day period, Tenant shall have the right to deduct the cost of repairs from Rent otherwise
due Landlord.

SECTION 24. TENANT’S REPAIRS

     (a) Tenant shall keep and maintain, at Tenant’s expense, all and every other part of the
Premises in good order, condition and repair, including, by way of example but not limitation: (i)
all leasehold improvements; (ii) all HVAC unit(s), equipment and systems (including all components
thereof) serving the Premises; (iii) interior plumbing and sewage facilities; (iv) all interior
lighting; (v) electric signs; (vi) all interior walls; (vii) floor coverings; (viii) ceilings; (ix)
appliances and equipment; (x) all doors, exterior entrances, windows and window moldings; (xi)
plate glass; (xii) signs and showcases surrounding and within the

16

 

Premises; (xiii) the store front;
(xiv) sprinkler systems including supervisory alarm service in accordance with National Fire
Protection Association standards and current local and state fire protection standards to ensure
property operation.

     (b) Sprinkler systems, if any, located in Tenant’s area shall be maintained in accordance with
National Fire Protection Association standards to ensure proper operation. Sprinkler control
valves (interior and exterior) located in Tenant’s area shall be monitored by supervisory alarm
service. In the event local or state codes do not require alarm systems, Tenant shall provide
alarm service on all sprinkler systems to detect water flow and tampering with exterior and
interior main control valves of the sprinkler system servicing Tenant’s premises. Moreover, it
shall be Tenant’s responsibility to contact Chuck Seall, Commercial Property Manager at 1798 Frebis
Avenue, Columbus, Ohio 43206-3764 at (614) 445-8461, in the event the sprinkler system in the
Premises is ever shut off for any reason, and advise same of any damage occasioned or caused by the
actions of Tenant, its agents, invitees, or employees, and/or as a result of Tenant’s repair
obligations hereunder. In the event fifty percent (50%) or more of the total number of sprinkler
heads require replacement at any one time as part of ordinary maintenance, but excluding repairs or
replacements that arise from (x) repairs, installations alterations, or improvements made by or for
Tenant or anyone claiming under Tenant, or (y) the fault or misuse of Tenant or anyone claiming
under Tenant, such cost shall be fifty percent (50%) borne by Landlord and fifty percent (50%)
borne by Tenant. Tenant, at Tenant’s sole cost and expense, shall replace all sprinkler heads due
to repairs, installations, alterations, or improvements made by or for Tenant or anyone claiming
under Tenant, the fault or misuse of Tenant or anyone claiming under Tenant, painting or
environmental exposure from Tenant’s operations. All other costs of maintaining the sprinkler
system in the Premises shall be paid by Tenant.

     (c) If Landlord deems any repair which Tenant is required to make hereunder to be necessary,
Landlord may demand that Tenant make such repair immediately. If Tenant refuses or neglects to
make such repair and to complete the same with reasonable dispatch, Landlord may make such repair
and Tenant shall, on demand, immediately pay to Landlord the cost of said repair, together with
annual interest at the Interest Rate. Landlord shall not be liable to Tenant for any loss or
damage that may accrue to Tenant’s stock or business by reason of such work or its results.

     (d) Neither Tenant nor any of its contractors are permitted access to or permitted to perform
alterations of any kind to the roof of the Premises, except in the event of an emergency.

     (e) Tenant shall pay promptly when due the entire cost of work in the Premises undertaken by
Tenant under this Lease (including, but not limited to, Tenant’s Work and/or alterations permitted
under Section 7 of this Lease) so that the Premises and the Center shall at all times be free of
liens for labor and materials arising from such work; to procure all necessary permits before
undertaking any such work; to do all of such work in a good and workmanlike manner, employing
materials of good quality; to perform such work only with contractors previously reasonably
approved of in writing by Landlord; to comply with all governmental requirements; and save Landlord
and its agents, officers, employees, contractors and invitees harmless and indemnified from all
liability, injury, loss, cost, damage and/or expense (including reasonable attorneys’ fees and
expenses) in respect of any injury to, or death of, any person, and/or damage to, or loss or
destruction of, any property occasioned by or growing out of any such work.

SECTION 25. COVENANT OF TITLE AND PEACEFUL POSSESSION

     Subject to the provisions of Section 11 hereof, Landlord shall, on or before the date on which
Tenant is permitted to install its merchandise and fixtures in the Premises, have good and
marketable title to the Premises in fee simple and the right to make this Lease for the term
aforesaid. At such time, Landlord shall put Tenant into complete and exclusive possession of the
Premises, and if Tenant shall pay the rental and perform all the covenants and provisions of this
Lease to be performed by the Tenant, Tenant shall, during the term hereby demised, freely,
peaceably, and quietly enjoy and occupy the full possession of the Premises and the common
facilities of the Center, subject, however, to the terms and conditions of this Lease.

17

 

SECTION 26. TENANT’S AND LANDLORD’S INSURANCE; INDEMNITY

     (a) Tenant’s Commercial General Liability Insurance. Commencing as of the
Commencement Date, and thereafter throughout the term of this Lease, Tenant shall, at Tenant’s sole
cost and expense, provide and maintain or cause to be provided and maintained a commercial general
liability policy (including coverage for product and contractual liability), naming Tenant as an
insured (and naming Landlord as an additional insured, said additional insured’s coverage under
Tenant’s commercial general liability policy to be primary), protecting Tenant, the business
operated by Tenant, and any additional insureds (including Landlord) against claims for bodily
injury (including death) and property damage occurring within the Premises. Such insurance shall
afford protection to the limits of not less than One Million Dollars ($1,000,000.00) per occurrence
and Five Hundred Thousand Dollars ($500,000.00) with respect to property damage for fire legal
liability. Tenant may use commercially reasonable deductibles Tenant customarily carries in the
conduct of its business; however, Tenant shall be responsible for all such deductibles or
self-insured retention level. All liability policies shall be written on an occurrence form.

     (b) Worker’s Compensation. Commencing as of the Commencement Date, and thereafter
throughout the term of this Lease, Tenant shall, at Tenant’s sole cost and expense, provide and
maintain or cause to be provided and maintained workers’ compensation insurance (meeting the
requirements of the state workers’ compensation laws) and employer liability insurance covering all
of Tenant’s employees at the Premises. Tenant shall also use good faith efforts to ensure all
contractors, sub-contractors, vendors, leased employees, and temporary employees are properly
insured for workers’ compensation.

     (c) Tenant’s Umbrella. Commencing as of the Commencement Date, and thereafter
throughout the term of this Lease, Tenant shall, at Tenant’s sole cost and expense, provide and
maintain or cause to be provided and maintained an umbrella liability insurance policy with a Ten
Million Dollar ($10,000,000.00) policy limits, which umbrella policy (or policies) shall list the
commercial general liability, product liability, contractual liability and employer liability
policies required hereunder, and any other liability policy or policies carried by, or for the
benefit of, Tenant as underlying policies. Said umbrella liability insurance policy shall also name
Landlord as an additional insured (said additional insured’s coverage under Tenant’s umbrella
liability policy to be primary). All liability policies shall be written on an occurrence form.

     (d) Tenant’s Property Insurance. Commencing as of the Commencement Date, and
thereafter throughout the term of this Lease, Tenant shall, at Tenant’s sole cost and expense,
provide and maintain or cause to be provided and maintained a property insurance policy insuring
Tenant’s contents, fixtures, equipment and personal property located within the Premises and/or
owned by Tenant for all the hazards and perils normally covered by the Causes of Loss-Special Form.
Said property insurance policy shall include endorsements for coverage against: (i) earthquake and
flood (including, but not limited to, mud slide, flood hazard or fault area(s), as designated on
any map prepared or issued for such purpose by any governmental authority); and (ii) increased
costs of construction and demolition due to law and ordinance. The foregoing property coverage
shall be provided in amounts sufficient to provide one hundred percent (100%) of the full
replacement cost of Tenant’s contents, fixtures, equipment and personal property located within the
Premises and/or owned by Tenant. If for any reason the Causes of Loss-Special Form is not
customarily used in the insurance industry, then the property insurance policy then in effect shall
at least provide coverage for the following perils: fire, lightning, windstorm and hail, explosion,
smoke, aircraft and vehicles, riot and civil commotion, vandalism and
malicious mischief, sprinkler leakage, sinkhole and collapse, volcanic action, earthquake or
earth movement, and flood, and increased costs of construction and demolition due to law, ordinance
and inflation. The property insurance policy required to be maintained by Tenant under this
Section 26(d) shall: (y) not provide coverage for Tenant’s Improvements (defined in Section 45
below), which Tenant’s Improvements shall be insured by Landlord as required under Section 26(a);

     (e) Landlord’s Property Insurance. Commencing as of the Commencement Date, and
thereafter throughout the term of this Lease, Landlord shall, at Landlord’s sole cost and expense,
provide and maintain or cause to be provided and maintained a property insurance policy insuring
all buildings (and building additions) and other improvements in the Center, Tenant’s store
building, and Tenant Improvements (but excluding those items insured by Tenant as

18

 

required under
Section 26(d)) for all the hazards and perils normally covered by the Causes of Loss-Special Form.
Said property insurance policy shall include endorsements for coverage against: (i) earthquake and
flood (including, but not limited to, mud slide, flood hazard or fault area(s), as designated on
any map prepared or issued for such purpose by any governmental authority); and (ii) increased
costs of construction and demolition due to law and ordinance. The foregoing property coverage
shall be provided in amounts sufficient to provide one hundred percent (100%) of the full
replacement cost of all buildings (and building additions) and other improvements in the Center,
Tenant’s store building, and Tenant Improvements (but excluding those items insured by Tenant as
required under Section 26(d)). If for any reason the Causes of Loss-Special Form is not
customarily used in the insurance industry, then the property insurance policy then in effect shall
at least provide coverage for the following perils: fire, lightning, windstorm and hail, explosion,
smoke, aircraft and vehicles, riot and civil commotion, vandalism and malicious mischief, sprinkler
leakage, sinkhole and collapse, volcanic action, earthquake or earth movement, and flood, and
increased costs of construction and demolition due to law, ordinance and inflation. Neither Tenant
nor any of its affiliates or subtenants shall be liable to Landlord for any loss or damage
(including loss of income), regardless of cause, resulting from fire, flood, act of G-d or other
casualty.

     (f) Landlord’s Commercial General Liability Insurance. Commencing as of the
Commencement Date, and thereafter throughout the term of this Lease, Landlord shall, at Landlord’s
sole cost and expense, provide and maintain or cause to be provided and maintained a commercial
general liability policy (including coverage for contractual liability), naming Landlord as an
insured (and naming Tenant as an additional insured, said additional insured’s coverage under
Landlord’s commercial general liability policy to be primary), protecting Landlord, the business
operated by Landlord, and any additional insureds (including Tenant) against claims for bodily
injury (including death) and property damage occurring upon, in or about the Center (other than the
Premises and those areas insured by other tenants at the Center), including Common Areas. Such
insurance shall afford protection to the limits of not less than One Million Dollars
($1,000,000.00) per occurrence and Five Hundred Thousand Dollars ($500,000.00) with respect to
property damage for fire legal liability. All liability policies shall be written on an occurrence
form. Landlord may use commercially reasonable deductibles Landlord customarily carries in the
conduct of its business; however, Landlord shall be responsible for all such deductibles or
self-insured retention levels.

     (g) Landlord’s Umbrella. Commencing as of the Commencement Date, and thereafter
throughout the term of this Lease, Landlord shall, at Landlord’s sole cost and expense, provide and
maintain or cause to be provided and maintained an umbrella liability insurance policy with a Ten
Million Dollar ($10,000,000.00) minimum annual aggregate, which umbrella policy (or policies) shall
list Landlord’s commercial general liability and contractual liability policies required hereunder,
and any other liability policy or policies carried by, or for the benefit of, Landlord as
underlying policies. Said umbrella liability policy shall also name Tenant as an additional
insured (said additional insured’s coverage under Landlord’s umbrella liability policy to be
primary). All liability policies shall be written on an occurrence form.

     (h) All insurance provided for in this Section 26 shall be effected under standard form
policies issued by insurers of recognized responsibility authorized to do business in the state in
which the Premises are located; provided, however, that Landlord or Tenant may self-insure any of
the amounts herein stated pursuant to a bona fide self-insurance retention program so long as the
amounts so self-insured by such party do not exceed ten percent (10%) of such party’s net
worth as computed in accordance with generally accepted accounting principles consistently
applied by such party.

     (i) Prior to the Commencement Date, and thereafter during the term hereof within fifteen (15)
days after request therefor by either party, and within fifteen (15) days after each policy renewal
date, Tenant and Landlord shall furnish the other party with certificates of insurance evidencing
all insurance coverage required herein. All such certificates shall: (i) evidence the continuous
existence during the term hereof of the insurance required hereunder; (ii) include attachment of an
additional insured endorsement; (iii) name any and all non-standard exclusions or limitations; and
(iv) contain a provision that the insurance carrier shall not cancel or modify the insurance
coverage without giving at least ten (10) days prior written notice thereof to both Landlord and
Tenant at their last known address as provided for herein. Current certificates of insurance shall
be delivered to both Landlord and Tenant in time sufficient to

19

 

assure that both Landlord and Tenant
shall always possess certificates of insurance evidencing current insurance coverage. All insurance
carriers shall be licensed to do business in the state in which the Premises is located and shall
have a Best’s Key Rating Guide rating of A- VIII.

     (j) Landlord and Tenant shall neither do nor suffer anything to be done whereby any of the
insurance required by the provisions of this Section 26 shall or may be invalidated in whole or in
part. Landlord shall not permit or suffer to be done in any part of the Center any activities
which shall increase the rate of any insurance to be maintained by Tenant over that rate normal and
customary for Tenant’s type of business or which shall increase the rate on any insurance
maintained by Landlord for which Tenant is required to reimburse Landlord pursuant to Section 28
hereof. Should such occur, Landlord shall pay, without reimbursement from Tenant, all costs and
expenses of such insurance over the base rate. Tenant shall not permit or suffer to be done in any
part of the Premises any activities which shall increase the rate of any insurance to be maintained
by Landlord over the base rate. Should such occur, Tenant shall pay all costs and expenses of such
insurance over the base rate.

     (k) Notwithstanding anything to the contrary hereinabove contained, Tenant or Landlord, may,
at its option, include any of the insurance coverage hereinabove set forth in general or blanket
policies of insurance. All insurance required hereunder shall be consistent with sound insurance
practices.

     (l) Tenant and Landlord shall cooperate with each other in connection with the collection of
any insurance monies that may be due in the event of loss and Landlord shall execute and deliver to
Tenant such proofs of loss and other instruments which may be required for the purpose of obtaining
the recovery of any such insurance monies.

     (m) Tenant Indemnity. Subject to Section 34 of this Lease, Tenant shall indemnify
Landlord, Landlord’s agents, employees, officers or directors, against all damages, claims and
liabilities arising from any alleged products liability or from any accident or injury whatsoever
caused to any person, firm or corporation during the demised term in the Premises, unless such
claim arises from a breach or default in the performance by Landlord of any covenant or agreement
on its part to be performed under this Lease or, to the extent not required to be insured
hereunder, the negligence of Landlord. The indemnification herein provided shall include all
reasonable costs, counsel fees, expenses and liabilities incurred in connection with any such claim
or any action or proceeding brought thereon.

     (n) Landlord Indemnity. Subject to Section 34 of this Lease, Landlord shall indemnify
Tenant, Tenant’s officers, directors, employees and agents against all damages, claims and
liabilities arising from any accident or injury whatsoever caused to any person, firm or
corporation during the demised term in the Center (excluding therefrom the Premises), unless such
claim arises from a breach or default in the performance by Tenant of any covenant or agreement on
Tenant’s part to perform under this Lease or, to the extent not required to be insured hereunder,
the negligence of Tenant. The indemnification herein provided shall include all reasonable costs,
counsel fees, expenses and liabilities incurred in connection with any such claim or any action or
proceeding brought thereon.

SECTION 27. REAL ESTATE TAXES

     (a) Tenant shall pay Tenant’s Proportionate Share (as defined in Section 15(c) above) of any
“Real Estate Taxes” (defined in Section 27(b) below) imposed upon the Center that become due and
payable during each lease year included within the period commencing with the Commencement Date and
ending with the expiration of the term of this Lease. Tenant shall initially pay to landlord as
additional rental, simultaneously with the payment of Base Rent called for under Section 4(a), the
estimated monthly amount of Tenant’s Proportionate Share of Real Estate Taxes as set forth in
Section 4(c) of Four Dollars ($4.00) per square foot, payable in equal monthly installments of
Fourteen Thousand Dollars ($14,000.00) as the estimated amount of Tenant’s Proportionate Share of
Real Estate Taxes. Within one hundred twenty (120) days after the end of each accounting year
(which Landlord may change from time to time), Landlord shall provide Tenant with an annual
reconciliation of Real Estate Taxes and a statement of the actual amount of Tenant’s Proportionate
Share thereof. Any excess payments from Tenant shall be applied to the next installments of Real
Estate Taxes hereunder, or refunded by Landlord. Any underpayments by Tenant shall be paid to
Landlord within thirty (30) days after receipt of

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such reconciliation statement. Tenant’s
estimated monthly installment of Real Estate Taxes payable hereunder may be adjusted by written
notice from Landlord.

     (b) For the purpose of this Lease, the term “Real Estate Taxes” shall include any special and
general assessments, water and sewer rents and other governmental impositions imposed upon or
against the Center of every kind and nature whatsoever, extraordinary as well as ordinary, foreseen
and unforeseen and each and every installment thereof, which shall or may during the lease term be
levied, assessed or imposed upon or against such Center and of all expenses, including reasonable
attorneys’ fees, administrative hearing and court costs incurred in contesting or negotiating the
amount, assessment or rate of any such real estate taxes, minus any refund received by Landlord.

     (c) Notwithstanding any provision of this Lease to the contrary, Tenant shall not be obligated
to pay for any assessment for special improvements heretofore installed or in the process of
installation in connection with the initial development of the Center, and Landlord hereby agrees
to pay for the same.

     (d) The real estate taxes for any lease year shall be the real estate taxes that become due
and payable during such lease year. If any lease year shall be greater than or less than twelve
(12) months, or if the real estate tax year shall be changed, an appropriate adjustment shall be
made. If there shall be more than one taxing authority, the real estate taxes for any period shall
be the sum of the real estate taxes for said period attributable to each taxing authority. If,
upon the assessment day for real estate taxes for any tax year fully or partly included within the
term of this Lease, a portion of such assessment shall be attributable to buildings in the process
of construction, a fair and reasonable adjustment shall be made to carry out the intent of this
Section 27.

     (e) Upon request, Landlord shall submit to Tenant true copies of the real estate tax bill for
each tax year or portion of a tax year included within the term of this Lease and shall bill Tenant
for the amount to be paid by Tenant hereunder. Said bill shall be accompanied by a computation of
the amount payable by Tenant and such amount shall be paid by Tenant within thirty (30) days after
receipt of said bill.

     (f) Should the State of Florida or any political subdivision thereof or any governmental
authority having jurisdiction thereof, impose a tax and/or assessment (other than an income or
franchise tax) upon or against the rentals payable hereunder, in lieu of or in addition to
assessments levied or assessed against the Premises, or Center, then such tax and/or assessment
shall be deemed to constitute a tax on real estate for the purpose of this Section 27.

SECTION 28. TENANT’S INSURANCE CONTRIBUTION

     Tenant shall pay as additional rent, Tenant’s Proportionate Share (as defined in Section 15(c)
above) of the premiums for the insurance maintained by Landlord on all buildings and improvements,
as well as liability insurance, for the Center, including the Common Areas, as set forth above in
Section 28, for each Lease Year during the term of this Lease. The premiums for
the first and last Lease Years shall be prorated. Tenant shall pay Tenant’s Proportionate
Share of such premiums annually upon demand for such payment by Landlord. Tenant’s Proportionate
Share thereof shall be paid by Tenant within thirty (30) days after Landlord’s demand therefore.
Tenant shall initially pay to Landlord as additional rental, simultaneously with the payment of
Base Rent called for under Section 4(a), the estimated monthly amount of Tenant’s Proportionate
Share of such insurance premiums as set forth in Section 4(c), of Twenty-five cents ($0.25) per
square foot of space in the Premises, payable in equal monthly installments of Eight Hundred
Seventy-five Dollars ($875.00) as the estimated amount of Tenant’s Proportionate Share of such
insurance premiums. Within one hundred twenty (120) days after the end of each accounting year
(which Landlord may change from time to time), Landlord shall provide Tenant with a reconciliation
of the premiums for the insurance maintained by Landlord hereunder and a statement of the actual
amount of Tenant’s Proportionate Share thereof. Any excess payments from Tenant shall be applied
to the next installments of insurance premiums payable by Tenant hereunder, or refunded by
Landlord. Any underpayments by Tenant shall be paid to Landlord within thirty (30) days after
receipt of such reconciliation statement. Tenant’s monthly installment of insurance premiums
payable hereunder may be adjusted by written notice from Landlord.

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SECTION 29. FIXTURES

     Provided that Tenant shall repair any damage caused by removal of its property and provided
that the Tenant is not in default under this Lease, Tenant shall have the right to remove from the
Premises all of its signs, shelving, electrical, and other fixtures and equipment, window
reflectors and backgrounds and any and all other trade fixtures which it has installed in and upon
the Premises.

SECTION 30. SURRENDER

     The Tenant covenants and agrees to deliver up and surrender to the Landlord the physical
possession of the Premises upon the expiration of this Lease or its termination as herein provided
in as good condition and repair as the same shall be at the commencement of the initial term, loss
by fire and/or ordinary wear and tear excepted, and to deliver all of the keys to Landlord or
Landlord’s agents.

SECTION 31. HOLDING OVER

     There shall be no privilege of renewal hereunder (except as specifically set forth in this
Lease) and any holding over after the expiration by the Tenant shall be from day to day on the same
terms and conditions (with the exception of rental which shall be prorated on a daily basis at one
hundred twenty-five percent (125%) the daily rental rate of the most recent expired term) at
Landlord’s option; and no acceptance of rent by or act or statement whatsoever on the part of the
Landlord or his duly authorized agent in the absence of a written contract signed by Landlord shall
be construed as an extension of the term or as a consent for any further occupancy.

SECTION 32. NOTICE

     Any consent, waiver, notice, demand, request or response thereto or other instrument required
or permitted to be given under this Lease shall be given by overnight courier or by certified
United States mail, return receipt requested, postage prepaid: (a) if to Landlord, at the address
set forth in Section 1; and (b) if to Tenant, at the address set forth in Section 1 with duplicate
copies to (i) General Counsel, 3241 Westerville Road, Columbus, Ohio 43224-3751 and (ii) Randall S.
Arndt, Esq., Schottenstein Zox & Dunn, 250 West Street, Columbus, Ohio 43215. Either party may
change its address for notices by notice in the manner set forth above, given at least thirty (30)
days in advance. All such consents, waivers, notices, demands, requests or other instruments shall
be deemed given upon receipt thereof or upon the refusal of the addressee to receive the same.

SECTION 33. DEFAULT

     (a) Elements of Default: The occurrence of any one or more of the following events
shall constitute a default of this Lease by Tenant:

     1. Tenant fails to pay any monthly installment of rent within ten (10) days after the
same shall be due and payable, except for the first two (2) times in any consecutive twelve
(12) month period, in which event Tenant shall have five (5) days after receipt of written
notice of such failure to pay before such failure shall constitute a default;

     2. Tenant fails to perform or observe any term, condition, covenant or obligation
required to be performed or observed by it under this Lease for a period of twenty (20) days
after notice thereof from Landlord; provided, however, that if the term, condition, covenant
or obligation to be performed by Tenant is of such nature that the same cannot reasonably be
cured within twenty (20) days and if Tenant commences such performance or cure within said
twenty (20) day period and thereafter diligently undertakes to complete the same, then such
failure shall not be a default hereunder if it is cured within a reasonable time following
Landlord’s notice, but in no event later than forty-five (45) days after Landlord’s notice.

     3. A trustee or receiver is appointed to take possession of substantially all of
Tenant’s assets in, on or about the Premises or of Tenant’s interest in this Lease (and

22

 

Tenant or any guarantor of Tenant’s obligations under this Lease does not regain possession
within sixty (60) days after such appointment); Tenant makes an assignment for the benefit
of creditors; or substantially all of Tenant’s assets in, on or about the Premises or
Tenant’s interest in this Lease are attached or levied upon under execution (and Tenant does
not discharge the same within sixty (60) days thereafter).

     4. A petition in bankruptcy, insolvency, or for reorganization or arrangement is filed
by or against Tenant or any guarantor of Tenant’s obligations under this Lease pursuant to
any Federal or state statute, and, with respect to any such petition filed against it,
Tenant or such guarantor fails to secure a stay or discharge thereof within sixty (60) days
after the filing of the same.

     (b) Landlord’s Remedies: Upon the occurrence of any event of default, Landlord shall
have the following rights and remedies, any one or more of which may be exercised without further
notice to or demand upon Tenant:

     1. Landlord may re-enter the Premises and cure any default of Tenant, in which event
Tenant shall reimburse Landlord for any reasonable out-of-pocket cost and expenses which
Landlord may incur to cure such default; and Landlord shall not be liable to Tenant for any
loss or damage which Tenant may sustain by reason of Landlord’s action.

     2. Landlord may terminate this Lease or Tenant’s right to possession under this Lease
as of the date of such default, without terminating Tenant’s obligation to pay rent due
hereunder, in which event (A): neither Tenant nor any person claiming under or through
Tenant shall thereafter be entitled to possession of the Premises, and Tenant shall
immediately thereafter surrender the Premises to Landlord; (B) Landlord may re-enter the
Premises and dispose Tenant or any other occupants of the Premises by force, summary
proceedings, ejectment or otherwise, and may remove their effects, without prejudice to any
other remedy which Landlord may have for possession or arrearages in rent; and (C)
notwithstanding a termination of this Lease, Landlord shall use good faith efforts to
re-let all or any part of the Premises for at least the balance of the term of this Lease
for commercially reasonable rent, whereupon Tenant shall be obligated to pay to Landlord as
liquidated damages the difference between the rent provided for herein and that provided for
in any lease covering a subsequent re-letting of the Premises, such deficiency to be
computed and paid monthly at the times that Rent is payable hereunder, together with all of
Landlord’s reasonable costs and expenses for preparing the Premises for re-letting,
including all repairs which are Tenant’s obligations hereunder, reasonable broker’s and
attorney’s fees, and all loss or damage which Landlord may sustain by reason of such
termination, re-entry and re-letting, it being expressly understood and agreed that the
liabilities and remedies specified herein shall survive the termination of this Lease.
Notwithstanding a termination of this Lease by Landlord, Tenant shall remain liable for
payment of all rentals and other charges and costs imposed on Tenant herein, in the
amounts, at the times and upon the conditions as herein provided. Landlord shall
credit against such liability of the Tenant all amounts received by Landlord from such
re-letting after first reimbursing itself for all reasonable costs incurred in curing
Tenant’s defaults and re-entering, preparing and refinishing the Premises for re-letting,
and re-letting the Premises.

     3. Upon termination of this Lease pursuant to Section 33(b)2, Landlord may recover
possession of the Premises under and by virtue of the provisions of the laws of the State of
Florida, or by such other proceedings, including reentry and possession, as may be
applicable.

     4. If the Tenant shall not remove all of Tenant’s property from said Premises as
provided in this Lease, Landlord, at its option, may remove any or all of said property in
any manner that Landlord shall choose and store same without liability for loss thereof, and
Tenant will pay the Landlord, on demand, any and all reasonable expenses incurred in such
removal and storage of said property for any length of time during which the same shall be
in possession of Landlord or in storage, or Landlord may, upon thirty (30) days prior notice
to Tenant, sell any or all of said property in such manner and for such price as the
Landlord may reasonably deem best and apply the proceeds of such

23

 

sale upon any amounts due
under this Lease from the Tenant to the Landlord, including the reasonable expenses of
removal and sale.

     5. Any damage or loss of rent sustained by Landlord may be recovered by Landlord, at
Landlord’s option, at the time of the reletting, or in separate actions, from time to time,
as said damage shall have been made more easily ascertainable by successive relettings, or
at Landlord’s option in a single proceeding deferred until the expiration of the term of
this Lease (in which event Tenant hereby agrees that the cause of action shall not be deemed
to have accrued until the date of expiration of said term) or in a single proceeding prior
to either the time of reletting or the expiration of the term of this Lease.

     6. In the event of a breach by Tenant of any of the covenants or provisions hereof,
Landlord shall have the right of injunction and the right to invoke any remedy allowed at
law or in equity as if reentry, summary proceedings, and other remedies were not provided
for herein. Mention in this Lease of any particular remedy shall not preclude Landlord from
any other remedy, in law or in equity. Tenant hereby expressly waives any and all rights of
redemption granted by or under any present or future laws in the event of Tenant being
evicted or dispossessed for any cause, or in the event of Landlord obtaining possession of
the Premises by reason of the violation by Tenant of any of the covenants and conditions of
this Lease or other use.

     7. Tenant hereby expressly waives any and all rights of redemption granted by or under
any present or future laws, in the event of eviction or dispossession of Tenant by Landlord
under any provision of this Lease. No receipt of monies by Landlord from or for the account
of Tenant or from anyone in possession or occupancy of the Premises after the termination of
this Lease or after the giving of any notice shall reinstate, continue or extend the term of
this Lease or affect any notice given to the Tenant prior to the receipt of such money, it
being agreed that after the service of notice or the commencement of a suit, or after final
judgment for possession of said Premises, the Landlord may receive and collect any rent or
other amounts due Landlord and such payment shall not waive or affect said notice, said suit
or said judgment.

     (c) Additional Remedies and Waivers: The rights and remedies of Landlord set forth
herein shall be in addition to any other right and remedy now or hereinafter provided by law and/or
equity and all such rights and remedies shall be cumulative and shall not be deemed inconsistent
with each other, and any two or more or all of said rights and remedies may be exercised at the
same time or at different times and from time to time without waiver thereof of any right or remedy
provided or reserved to Landlord. No action or inaction by Landlord shall constitute a waiver of a
default and no waiver of default shall be effective unless it is in writing, signed by the
Landlord.

     (d) Default by Landlord. Any failure by Landlord to observe or perform any provision,
covenant or condition of this Lease to be observed or performed by Landlord, if such failure
continues for thirty (30) days after written notice thereof from Tenant to Landlord, shall
constitute a default by Landlord under this Lease, provided, however, that if the nature of such
default is such that the same cannot reasonably be cured within a thirty (30) day period, Landlord
shall not be deemed to be in default if it shall commence such cure within such thirty (30) day
period and thereafter rectify and cure such default with due diligence.

     (e) Interest on Past Due Obligations: All monetary amounts required to be paid by
Tenant or Landlord hereunder which are not paid on or before the due date thereof shall, from and
after such due date, bear interest at the Interest Rate, and shall be due and payable by such party
without notice or demand.

     (f) Tenant’s Remedies. In the event of default by the Landlord with respect to the
Premises, Tenant shall have the option to cure said default. Landlord shall reimburse Tenant for
the reasonable costs incurred by Tenant in curing such default within thirty (30) days after
invoice thereof by Tenant, together with reasonable evidence supporting such invoiced amount.
Tenant shall also have any and all rights available under the laws of the state in which the
Premises are situated; provided, however, that any right of offset available to Tenant shall be
subject to the provisions of Section 35 below.

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SECTION 34. WAIVER OF SUBROGATION

     Landlord and Tenant, and all parties claiming under each of them, mutually release and
discharge each other from all claims and liabilities arising from or caused by any casualty or
hazard covered or required hereunder to be covered in whole or in part by insurance coverage
required to be maintained by the terms of this Lease on the Premises or in connection with the
Center or activities conducted with the Premises, and waive any right of subrogation which might
otherwise exist in or accrue to any person on account thereof. All policies of insurance required
to be maintained by the parties hereunder shall contain waiver of subrogation provisions so long as
the same are available.

SECTION 35. LIABILITY OF LANDLORD; EXCULPATION

     (a) Except with respect to any damages resulting from the gross negligence of Landlord, its
agents, or employees, Landlord shall not be liable to Tenant, its agents, employees, or customers
for any damages, losses, compensation, accidents, or claims whatsoever. The foregoing
notwithstanding, it is expressly understood and agreed that nothing in this Lease contained shall
be construed as creating any liability whatsoever against Landlord personally, and in particular
without limiting the generality of the foregoing, there shall be no personal liability to pay any
indebtedness accruing hereunder or to perform any covenant, either express or implied, herein
contained, or to keep, preserve or sequester any property of Landlord and that all personal
liability of Landlord to the extent permitted by law, of every sort, if any, is hereby expressly
waived by Tenant, and by every person now or hereafter claiming any right or security hereunder;
and that so far as the parties hereto are concerned, the owner of any indebtedness or liability
accruing hereunder shall look solely to the Premises and the Center for the payment thereof.

     (b) If the Tenant obtains a money judgment against Landlord, any of its officers, directors,
shareholders, partners, members or their successors or assigns under any provisions of or with
respect to this Lease or on account of any matter, condition or circumstance arising out of the
relationship of the parties under this Lease, Tenant’s occupancy of the building or Landlord’s
ownership of the Center, Tenant shall be entitled to have execution upon any such final,
unappealable judgment only upon Landlord’s fee simple or leasehold estate in the Center (whichever
is applicable) and not out of any other assets of Landlord, or any of its officers, directors,
shareholders, members or partners, or their successor or assigns; and Landlord shall be entitled to
have any such judgment so qualified as to constitute a lien only on said fee simple or leasehold
estate.

     Notwithstanding the above, Tenant shall have the right to offset any final, unappealable
judgment against twenty five percent (25%) of all minimum rent and all percentage rental (but no
other additional rent components) if not paid to Tenant by Landlord within thirty (30) days
thereafter.

     (c) It is expressly agreed that nothing in this Lease shall be construed as creating any
personal liability of any kind against the assets of any of the officers, directors, members,
partners or shareholders of Tenant, or their successors and assigns.

SECTION 36. RIGHTS CUMULATIVE

     Unless expressly provided to the contrary in this Lease, each and every one of the rights,
remedies and benefits provided by this Lease shall be cumulative and shall not be exclusive of any
other of such rights, remedies and benefits or of any other rights, remedies and benefits allowed
by law.

SECTION 37. MITIGATION OF DAMAGES

     Notwithstanding any of the terms and provisions herein contained to the contrary, Landlord and
Tenant shall each have the duty and obligation to mitigate, in every reasonable manner, any and all
damages that may or shall be caused or suffered by virtue of defaults under or violation of any of
the terms and provisions of this Lease agreement committed by the other.

25

 

SECTION 38. SIGNS

     (a) Tenant may, at its sole cost and expense, construct, erect and maintain, but subject to
Tenant obtaining all governmental approvals therefore, a pylon sign upon which Tenant’s advertising
panel shall be installed. Landlord agrees to reasonably cooperate with Tenant in connection with
the foregoing.

     (b) Tenant shall have the right to install its standard signs and awnings on the exterior of
the Leased Premises provided that the same are in compliance with local code. Landlord agrees to
provide an adequate building facia for Tenant’s signs. Tenant shall also have the right to place
signs or banners in the windows of the Premises provided the same have been professionally
prepared.

     (c) Tenant shall have the right to alter its exterior and pylon signs with Landlord’s consent,
which consent shall not be unreasonably withheld; provided, however, Tenant shall have no
obligation to obtain Landlord’s consent to any change in Tenant’s signage if such signage is
consistent with Tenant’s then prototypical signage.

SECTION 39. ENTIRE AGREEMENT

     This Lease shall constitute the entire agreement of the parties hereto; all prior agreements
between the parties, whether written or oral, are merged herein and shall be of no force and
effect. This Lease cannot be changed, modified, or discharged orally but only by an agreement in
writing signed by the party against whom enforcement of the change, modification or discharge is
sought.

SECTION 40. TENANT’S PROPERTY

     All equipment, inventory, trade fixtures and other property owned by the Tenant and located in
the Premises shall remain the personal property of the Tenant and shall be exempt from the claims
of the Landlord or any mortgagee or lienholder of the Landlord without regard to the means by which
they are installed or attached, specifically not including, however, the Tenant Improvements
(defined in Section 49(a) below) which throughout the term and upon the expiration of this Lease
shall be and remain the property of Landlord. The Landlord expressly waives any statutory or
common law landlord’s lien and any and all rights granted under any present or future laws to levy
or distrain for rent (whether in arrears or in advance) against the aforesaid property of the
Tenant on the Premises and further agrees to execute any reasonable instruments evidencing such
waiver, at any time or times hereafter upon the Tenant’s request including the “Landlord’s Waiver”
described in Section 56(c) hereof. The Tenant shall have the right, at any time or from time to
time, to remove such trade fixtures or equipment. If such removal damages any part of the
Premises, the Tenant shall repair such damages. Tenant is
expressly authorized to finance, pledge, and encumber its own trade fixtures, equipment, and
inventory for purposes of financing such trade fixtures, equipment and inventory.

SECTION 41. BINDING UPON SUCCESSORS

     The covenants, conditions, and agreements made and entered into by the parties hereto shall be
binding upon and inure to the benefit of their respective heirs, representatives, successor and
assigns.

SECTION 42. HAZARDOUS SUBSTANCES

     (a) During the term of this Lease, Tenant shall not suffer, allow, permit or cause the
generation, accumulation, storage, possession, release or threat of release of any hazardous
substance or toxic material, as those terms are used in the Comprehensive Environmental Response
Compensation and Liability Act of 1980, as amended, and any regulations promulgated thereunder, or
any other present or future federal, state or local laws, ordinances, rules, and regulations.
Tenant shall indemnify and hold Landlord harmless from any and all liabilities, penalties, demands,
actions, costs and expenses (including without limitation reasonable attorney fees), remediation
and response costs incurred or suffered by Landlord directly or indirectly arising due to the
breach of Tenant’s obligations set forth in this Section. Such indemnification shall survive
expiration or earlier termination of this Lease. At the

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expiration or sooner termination hereof,
Tenant shall return the Premises to Landlord in substantially the same condition as existed on the
date of commencement hereof free of any hazardous substances in, on or from the Premises.

     (b) Landlord hereby represents and warrants that, except as set forth in that certain Phase I
Environmental Site Assessment dated May 11, 2007, prepared by ADR Environmental Group, Inc.; (i) it
has not used, generated, discharged, released or stored any hazardous substances on, in or under
the Center and has received no notice and has no knowledge of the presence in, on or under the
Center of any such hazardous substances; (ii) to Landlord’s knowledge there have never been any
underground storage tanks at the Center, whether owned by the Landlord or its predecessors in
interest; (iii) to Landlord’s knowledge there have never been accumulated tires, spent batteries,
mining spoil, debris or other solid waste (except for rubbish and containers for normal scheduled
disposal in compliance with all applicable laws) in, on or under the Center; (iv) to Landlord’s
knowledge it has not spilled, discharged or leaked petroleum products other than de minimis
quantities in connection with the operation of motor vehicles on the Center; (v) to Landlord’s
knowledge there has been no graining, filling or modification of wetlands (as defined by federal,
state or local law, regulation or ordinance) at the Center; and (vi) to Landlord’s knowledge there
is no asbestos or asbestos-containing material in the Premises. The representations and warranties
set forth in this subparagraph shall apply to any contiguous or adjacent property owed by the
Landlord. Landlord hereby indemnifies Tenant for any and all loss, cost, damage or expense to
Tenant resulting from any misrepresentation or breach of the foregoing representations and
warranties.

     (c) If any such hazardous substances are discovered at the Center (unless introduced by the
Tenant, its agents or employees) or if any asbestos or asbestos containing material is discovered
in the Premises (unless introduced by the Tenant, its agents or employees), and removal,
encapsulation or other remediation is required by applicable laws, the Landlord immediately and
with all due diligence and at no expense to the Tenant shall take all measures necessary to comply
with all applicable laws and to remove such hazardous substances or asbestos from the Center and/or
encapsulate or remediate such hazardous substances or asbestos, which removal and/or encapsulation
or remediation shall be in compliance with all environmental laws and regulations, and the Landlord
shall repair and restore the Center at its expense. From the date such encapsulation, remediation
and restoration is complete, the rent due hereunder shall be reduced by the same percentage as the
percentage of the Premises which, in the Tenant’s reasonable judgment, cannot be safely,
economically or practically used for the operation of the Tenant’s business. Anything herein to
the contrary notwithstanding, if in the Tenant’s reasonable judgment, such removal, encapsulation,
remediation and restoration cannot be completed within one hundred eighty (180) days or the same is
not actually completed by Landlord within such one hundred eighty (180) day period following the
date such hazardous substances or asbestos are discovered and such condition materially adversely
affects Tenant’s
ability to conduct normal business operations in the premises, then the Tenant may terminate
this Lease by written notice to the Landlord within thirty (30) days after such 180 day period,
which notice shall be effective on Landlord’s receipt thereof. Landlord shall comply with OSHA 29
CFR 1910.1001 (j) to notify tenants, including Tenant, of asbestos related activities in the
Premises and the Center including, but not limited to, selection of the certified/licensed asbestos
abatement contractor, scope of the abatement work, and final clearance testing procedures and
results.

SECTION 43. TRANSFER OF INTEREST

     If Landlord should sell or otherwise transfer its interest in the Premises, upon an
undertaking by the purchaser or transferee to be responsible for all the covenants and undertakings
of Landlord accruing subsequent to the date of such sale or transfer, Tenant agrees that Landlord
shall thereafter have no liability to Tenant under this Lease or any modifications or amendments
thereof, or extensions thereof, except for such liabilities which might have accrued prior to the
date of such sale or transfer of its interest by Landlord.

SECTION 44. ACCESS TO PREMISES

     Landlord and its representatives shall have free access to the Premises at all reasonable
times for the purpose of: (a) examining the same or to make any alterations or repairs to the
Premises that Landlord may deem necessary for its safety or preservation; (b) exhibiting the

27

 

Premises for sale or mortgage financing; (c) during the last three (3) months of the term of this
Lease, for the purpose of exhibiting the Premises and putting up the usual notice “for rent” which
notice shall not be removed, obliterated or hidden by Tenant, provided, however, that any such
action by Landlord shall cause as little inconvenience as reasonably practicable and such action
shall not be deemed an eviction or disturbance of Tenant nor shall Tenant be allowed any abatement
of rent, or damages for an injury or inconvenience occasioned thereby.

SECTION 45. HEADINGS

     The headings are inserted only as a matter of convenience and for reference and in no way
define, limit or describe the scope or intent of this Lease.

SECTION 46. NON-WAIVER

     No payment by Tenant or receipt by Landlord or its agents of a lesser amount than the rent in
this Lease stipulated shall be deemed to be other than on account of the stipulated rent nor shall
an endorsement or statement on any check or any letter accompanying any check or payment of rent be
deemed an accord and satisfaction and Landlord or its agents may accept such check or payment
without prejudice to Landlord’s right to recover the balance of such rent or pursue any other
remedy in this Lease provided.

SECTION 47. SHORT FORM LEASE

     This Lease shall not be recorded, but a short form lease, which describes the property herein
demised, gives the term of this Lease and refers to this Lease, shall be executed by the parties
hereto, upon demand of either party and such short form lease may be recorded by Landlord or Tenant
at any time either deems it appropriate to do so. The cost and recording of such short form lease
shall belong to the requesting party.

SECTION 48. ESTOPPEL CERTIFICATE

     Each party agrees that at any time and from time to time on ten (10) days prior written
request by the other, it will execute, acknowledge and deliver to the requesting party a statement
in writing stating that this Lease is unmodified and in full force and effect (or, if there have
been modifications, stating the modifications, and that the Lease as so modified is in full force
and effect, and the dates to which the rent and other charges hereunder have been paid, and such
other information as may reasonably re requested, it being intended that any such statements
delivered pursuant to this Section may be relied upon by any current or prospective purchaser of or
any prospective holder of a mortgage or a deed of trust upon or any interest in the fee or any
leasehold or by the mortgagee, beneficiary or grantee of any security or interest, or any assignee
of any thereof or under any mortgage, deed of trust or conveyance for security purposes now or
hereafter done or made with respect to the fee of or any leasehold interest in the Premises

SECTION 49. TENANT’S REIMBURSEMENT

     (a) Landlord shall pay Tenant Six Hundred Thirty Thousand Dollars ($630,000.00) (the “Tenant
Reimbursement”), as payment for all costs incurred on behalf of Tenant for the purchase, erection,
and installation of Tenant Improvements on or within the Premises. “Tenant Improvements” shall
consist of the work described in the attached Exhibit “G”. The Tenant Reimbursement shall
be paid by Landlord to Tenant within ten (10) days of the later of (i) Tenant opening for business
in the Premises and (ii) Tenant providing to Landlord a lien waiver from Tenant’s general
contractor. In the event Landlord does not timely pay the Tenant Reimbursement to Tenant, (a)
Landlord shall pay to Tenant interest on such unpaid amounts the Interest Rate and (b) Tenant shall
have the right to deduct any and all such amounts owed Tenant against payments of Rent thereafter
due Landlord until such time as Tenant has been credited the full amount of the Tenant
Reimbursement plus applicable interest.

     (b) Notwithstanding anything to the contrary contained in this Lease, the Tenant Improvements
shall, at all times during the term of this Lease and upon the expiration or earlier termination of
this Lease, be the property of Landlord. Tenant shall not acquire any interest, equitable or
otherwise, in any Tenant Improvement.

28

 

SECTION 50. INTENTIONALLY DELETED

SECTION 51. NO BROKER

     Landlord and Tenant each represent to the other that they have not entered into any agreement
or incurred any obligation in connection with this transaction which might result in the obligation
to pay a brokerage commission to any broker. Each party shall indemnify and hold the other party
harmless from and against any claim or demand by any broker or other person for bringing about this
Lease who claims to have dealt with such indemnifying party, including all expenses incurred in
defending any such claim or demand (including reasonable attorney’s fees).

SECTION 52. UNAVOIDABLE DELAYS

     In the event either party hereto (the “Delayed Party”) shall be delayed or hindered in or
prevented from the performance of any act required under this Lease by reason of strikes, lockouts,
labor troubles, inability to procure materials, failure of power, the unforeseen application of
restrictive governmental laws or regulations, riots, insurrection, war, acts of terrorism or other
reason of a like nature not the fault of the Delayed Party in performing work or doing acts
required under the terms of this Lease, then performance of such act shall be excused for the
period of the delay, and the period for the performance of any such act shall be extended for a
period equivalent to the period of such delay, provided that the Delayed Party notified the other
party within fifteen (15) days of the Delayed Party being informed of the occurrence of the event
causing such delay. The provisions of this Section 52 shall not operate to excuse either party
from the payment of any rental or other monetary sums due under the terms of this Lease.

SECTION 53. TIMELY EXECUTION OF LEASE 

     Landlord and Tenant agree that this Lease, and the parties’ obligations hereunder, shall
automatically be null and void and this Lease shall terminate automatically without further action
of the parties if both parties do not execute this Lease and both parties have not received an
original thereof within sixty (60) days after the date of execution hereof by the first party to
execute this Lease.

SECTION 54. ACCORD AND SATISFACTION

     No payment by Tenant or receipt by Landlord of a lesser amount than the entire rent and all
other additional rents and charges hereunder shall be deemed to be other than payment on account of
the earliest stipulated rent and other additional rents and charges hereunder, nor shall any
endorsement or statement on any check or any letter accompanying any check or payment for
rent or other additional rent and charges be deemed an accord and satisfaction, and Landlord
may accept such check or payment without prejudice to Landlord’s right to recover the balance of
such rent and other additional rents and charges or pursue any other right or remedy available to
the Landlord.

SECTION 55. WAIVER OF JURY TRIAL

     Landlord and Tenant do hereby knowingly, voluntarily and intentionally waive the right to a
trial by jury of any and all issues either now or hereinafter provided by law in any action or
proceeding between the parties hereto, or their successors, arising directly or indirectly out of
or in any way connected with this Lease or any of its provisions, Tenant’s use or occupancy of said
premises and/or any claim for personal injury or property damage including, without limitation, any
action to rescind or cancel this Lease, and any claim or defense asserting that this Lease was
fraudulently induced or is otherwise void or voidable. It is intended that said waiver shall apply
to any and all defenses, rights and/or counterclaims in any action or proceeding at law or in
equity. This waiver is a material inducement for Landlord and Tenant to enter into this Lease.

SECTION 56. LEASEHOLD FINANCING

     (a) Landlord acknowledges and agrees that Tenant may from time to time during the term,
without the consent of Landlord, mortgage or otherwise finance and encumber, whether by leasehold
deed of trust or mortgage, collateral assignment of this Lease, lease/sublease-back,

29

 

and/or
assignment/leaseback, any and/or all of its leasehold estate hereunder, and property and rights in
and to the Leased Premises granted to it under this Lease, as security for the payment of an
indebtedness (any and all of which are herein referred to as a “Leasehold Mortgage” and the holder
thereof is herein referred to as “Leasehold Mortgagee”). Any such Leasehold Mortgage shall be a
lien only upon Tenant’s leasehold estate hereunder and Tenant’s interests in this Lease and shall
not encumber Landlord’s fee simple title to the Center or the Leased Premises. Pursuant to any
such Leasehold Mortgage, the Leasehold Mortgagee or another person or entity (a “Successor-Tenant”)
may acquire title to Tenant’s interest in the leasehold estate in the Leased Premises in any lawful
way, including but not limited to, through foreclosure, assignment in lieu of foreclosure, or
otherwise. In such event, the Successor-Tenant shall succeed to the rights of Tenant under this
Lease, including the right to possession of the Leased Premises, in which event Landlord shall
recognize the Successor-Tenant as the tenant under this Lease, the same as if such Successor-Tenant
were the original tenant hereunder.

     (b) Tenant shall notify Landlord (and any Fee Mortgagee, as hereinafter defined in Section
56(d) below), in the manner hereinafter provided for the giving of notice, of the execution of such
Leasehold Mortgage and the name and place for service of notice upon Leasehold Mortgagee. Upon
such notification of Landlord that Tenant has entered into a Leasehold Mortgage, Landlord hereby
agrees for the benefit of such Leasehold Mortgagee, and upon written request by Tenant, to execute
and deliver to Tenant and Leasehold Mortgagee a “Landlord’s Agreement” whereby Landlord agrees to
recognize the interest of Leasehold Mortgagee and any Successor-Tenant hereunder, on commercially
reasonable terms and conditions acceptable to Leasehold Mortgagee.

     (c) Landlord does hereby waive any statutory or other lien of the Landlord in Tenant’s present
and after-acquired assets, including among other things, Tenant’s inventory and equipment. To
evidence such waiver for the benefit of Tenant’s existing lender, Landlord shall, simultaneously
with the execution and delivery of this Lease, execute and deliver to Tenant the “Landlord’s
Waiver” attached hereto and made a part hereof as Exhibit “H”.

     (d) In the event that, at any time prior to the execution of this Lease and the recordation of
a memorandum of lease in accordance with Section 47 hereof, Landlord has mortgaged or otherwise
encumbered the fee simple title to the Premises, Landlord shall deliver to Tenant a commercially
reasonable SNDA.

SECTION 57. TENANT’S CONTINGENCY

     Tenant’s obligations under this Lease are contingent upon Tenant obtaining approval of the
audit committee of Tenant’s parent corporation to the subject transaction, which Tenant agrees to
pursue in good faith.

30

 

     IN WITNESS WHEREOF, the parties hereto have executed this Lease the day and year first above
written.

	 	 	 	 	 	 	 	 	 
	 	 	LANDLORD:
	 
	 	 	 	 	 	 	 	 
	 	 	Jubilee Limited Partnership,

an Ohio limited partnership
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Schottenstein Professional Asset

Management Corporation,

an Ohio corporation
	 	 	Its:	 	General Partner
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	Name:
	 	 

	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	TENANT:
	 
	 	 	 	 	 	 	 	 
	 	 	FILENE’S BASEMENT, INC.,

a Delaware corporation
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 

	 	 	 
	STATE OF OHIO

	 	:
	 

	 	: SS.
	COUNTY OF FRANKLIN

	 	:

     The foregoing instrument was acknowledged before me this ___ day of                     , 2007, by
                    ,                                          of Schottenstein Professional Asset Management
Corporation, an Ohio corporation, general partner of Jubilee Limited Partnership, an Ohio limited
partnership, for and on behalf of said limited partnership.

	 	 	 	 	 
	 

	 	 

Notary Public
	 	 

	 	 	 
	STATE OF OHIO

	 	:
	 

	 	: SS.
	COUNTY OF FRANKLIN

	 	:

     The foregoing instrument was acknowledged before me this ___ day of                     , 2007, by
                    ,                      of Filene’s Basement, Inc., a Delaware
corporation, for and on behalf of said corporation.

	 	 	 	 	 
	 

	 	 

Notary Public
	 	 

31<PAGE>

                                                                    Exhibit 10.3

                              SEVERANCE AGREEMENT

         This AGREEMENT is made and entered into this 26th day of October, 1999,
by and among PVF Capital Corp. (the "Corporation"), a corporation organized
under the laws of the State of Ohio, Park View Federal Savings Bank (the
"Bank"), an OTS-chartered, FDIC-insured savings association with its main office
located in Cleveland, Ohio and John R. Male (the "Executive"). Any reference to
the "Board of Directors" herein shall mean the Board of Directors of the
Corporation or the Bank or a committee serving at the pleasure of the Board of
Directors of the Bank. Any reference to "FDIC" herein shall mean the Federal
Deposit Insurance Corporation. Any reference to "OTS" shall mean the Office of
Thrift Supervision.

         WHEREAS, the Executive serves as an employee of the Bank;

         WHEREAS, the Corporation, the Bank and the Executive are parties to a
Severance Agreement dated July 1, 1998; and

         WHEREAS, the parties hereto desire that this Agreement supersede and
replace in its entirety the July 1, 1998 Severance Agreement;

         NOW THEREFORE, in consideration of the performance of the
responsibilities of the Executive and upon the other terms and conditions
hereinafter provided, the parties hereto agree as follows:

1.       NO EMPLOYMENT CONTRACT

         The parties hereto acknowledge and agree that this Agreement is not a
management or employment agreement and that nothing in this Agreement shall give
the Executive any rights or impose any obligations to continued employment by
the Bank or Corporation or any subsidiary or successor of the Bank or
Corporation, nor shall it give the Bank or Corporation any rights or impose any
obligations for the continued performance of duties by the Executive for the
Bank or Corporation or any subsidiary or successor of the Bank or Corporation.

<PAGE>

2.       TERM OF AGREEMENT

         The initial term of this Agreement shall be for a period of three (3)
years commencing November 1st, 1999 (hereafter referred to as the "Anniversary
Date"). Commencing on the first Anniversary Date of this Agreement, and
continuing at each Anniversary Date thereafter, the Agreement shall
automatically renew for one (1) additional year beyond the then effective
expiration date only upon a determination and resolution of the Board of
Directors that the performance of the Executive has met the requirements and
standards of the Board and that such term shall be extended. If the Board of
Directors determines not to extend the term, it shall promptly so notify the
Executive, with such election by the Board not to extend the term not to
otherwise affect the then effective term of this Agreement. Reference herein to
the term of this Agreement shall refer both to such initial term and such
extended terms. Unless sooner terminated as set forth herein, this contract
shall terminate when the Executive reaches age sixty-five (65).

3.       TERMINATION FOR CAUSE

         If the Corporation or Bank terminates the Executive's employment for
cause (as defined below), all of the Bank's and Corporation's obligations
hereunder shall immediately terminate as of the termination date. For purposes
of this Agreement, termination "for cause" shall mean only the following events:
(i) personal dishonesty; (ii) incompetence; (iii) material breach of any
provision of this Agreement; (iv) breach of fiduciary duty involving personal
profit; (v) intentional failure to perform stated duties; (vi) a material breach
of the reasonable policies and procedures for the operation of the Bank provided
to the Executive by formal action of the Bank's Board of Directors; (vii)
willful violation of any law, rule, regulation (other than a law, rule or
regulation relating to a traffic violation or similar offense) or final
cease-and-desist order; or (viii) willful misconduct.

4.       VOLUNTARY TERMINATION OF AGREEMENT

                                       2
<PAGE>

         This Agreement may be terminated by the Executive at any time upon
ninety (90) days' written notice to either the Bank or the Corporation or upon
such shorter period as may be agreed upon between the Executive and the Board of
Directors.

5.       GOVERNMENTAL TERMINATION OF AGREEMENT

         (a) If the Executive is removed from office and/or permanently
prohibited from participating in the conduct of the Bank's or the Corporation's
affairs by an order issued under Section 8(e) of the Federal Deposit Insurance
Act, 12 U.S.C. Section 1818(e), all obligations of the Bank and the Corporation
under this Agreement shall terminate, as of the effective date of the order.

         (b) If the Bank is in default (as defined in Section 3(x)(1) of the
Federal Deposit Insurance Act), all obligations under this Agreement shall
terminate.

         (c) All obligations under this Agreement shall be terminated, except to
the extent determined that continuation of the contract is necessary for the
continued operation of the Bank, by the Director of the OTS or his or her
designee at the time the FDIC enters into an agreement to provide assistance to
or on behalf of the Bank under the authority contained in Section 13(c) of the
Federal Deposit Insurance Act, or by the Director of the OTS or his or her
designee at the time the Director of the OTS or his or her designee approves a
supervisory merger to resolve problems related to the operation of the Bank or
when the Bank is determined by the Director of the OTS to be in an unsafe or
unsound condition. Any rights of the parties that have already vested, however,
shall not be affected by such action.

         (d) If the Executive is suspended and/or temporarily prohibited from
participating in the conduct of the Bank's affairs by a notice served under
Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act, 12 U.S.C.
Section 1818(e)(3) or (g)(1), the Corporation's and the Bank's obligations under
subparagraphs 6(a),

                                       3
<PAGE>

(b) and (c) of this Agreement shall be suspended as the date of service, unless
stayed by appropriate proceedings.

         (e) If the charges in the notice referenced in subparagraph 5(d) are
dismissed, the Board of Directors may in its discretion:

         (i)      pay the Executive all or part of the severance benefits while
                  the Corporation's and the Bank's contract obligations were
                  suspended, and

         (ii)     reinstate (in whole or in part) any of the Corporation's and
                  the Bank's obligations which were suspended as required in
                  subparagraph (d) above.

6.       SEVERANCE PAYMENTS OR TERMINATION BENEFITS

         For purpose of this Agreement, the severance payments and termination
benefits specified in this Paragraph 6 shall be payable to the Executive
subsequent to the occurrence of one of the following events:

         (i)      Involuntary termination of the Executive's employment with the
                  Bank or Corporation with or within one (1) year after a Change
                  in Control, other than for Cause or pursuant to Paragraphs 4
                  or 5 of this Agreement. For purposes of this section, Change
                  in Control shall have the same meaning as such term is defined
                  in Paragraph 8, and Cause shall have the same meaning as such
                  term is defined in Paragraph 3.

         (ii)     Voluntary or involuntary termination for Good Reason, as
                  defined in Paragraph 7, and other than for Cause or pursuant
                  to Paragraphs 4 or 5 of this Agreement.

         (a) Upon the Executive's termination as a result of one of the events
specified in this Paragraph 6, the Bank or Corporation shall pay to Executive,
or in the event of his subsequent death, his beneficiary or beneficiaries, or
his estate as the case may be, as severance pay or liquidated damages, or both,
a sum equal to two times the Executive's annual compensation. For purposes of
this Paragraph, compensation shall be defined as the Executive's then current
base salary, plus annual incentive compensation for the calendar year
immediately preceding the year in which the above-mentioned event occurs. Such
payment

                                       4
<PAGE>

shall be paid to the Executive in a lump sum within thirty (30) days of the
Executive's date of termination. The amount payable to the Executive hereunder
shall not be reduced to account for the time value of money or discounted to
present value.

         (b) Upon the Executive's termination as a result of one of the events
specified in this Paragraph 6, the Bank or Corporation shall cause the Executive
to become fully vested in any qualified and/or nonqualified plans, programs or
arrangements in which the Executive participated, notwithstanding any provisions
contained in the respective Agreement of the plan, program or arrangement. The
Bank shall also contribute to the Executive's 401(k) Plan Account the Bank's
matching and/or profit sharing which would have been paid had the Executive
remained in the employ of the Bank throughout the remainder of the 401(k) Plan
year.

         (c) Upon the Executive's termination as a result of one of the events
specified in this Paragraph 6, the Corporation or Bank will cause to be
continued life, health and disability insurance coverage substantially identical
to the coverage maintained by the Bank or the Corporation for the Executive
prior to his severance. Such coverage shall cease upon the earlier of
Executive's employment by another employer or twelve (12) months from such
termination. Upon the expiration of the twelve (12) month period, Executive
shall have the option of continuing health insurance coverage at his/her own
expense for a period not less than the number of months by which the
Consolidated Omnibus Budget Reconciliation Act (COBRA) continuation period
exceeds twelve (12) months.

         (d) The Executive shall not be required to mitigate the amount of any
payment required hereunder by seeking other employment or otherwise nor shall
the amount paid hereunder be reduced or offset by any compensation earned or
received by the Executive as a result of employment with another employer or
self- employment. The amount paid hereunder shall not be reduced by any other
plan, program, policy

                                       5
<PAGE>

or arrangement of the Bank or Corporation. Benefits provided under Paragraph
6(c) shall be reduced to the extent comparable benefits are actually received by
the Executive from or through another employer.

7. GOOD REASON

         For purposes of this Agreement, "Good Reason" means the occurrence of
any of the events or conditions described in subparagraphs (a) through (f)
hereof without the Executive's express written consent; provided the Executive's
right to terminate his employment pursuant to this Paragraph 7 shall not be
affected by his incapacity due to physical or mental illness.

         (a)      A change in the Executive's status, title, position or
                  responsibilities (including reporting responsibilities) which,
                  in the Executive's reasonable judgment, does not represent a
                  promotion from his status, title, position or responsibilities
                  as in effect immediately prior thereto; the assignment to the
                  Executive of any duties or responsibilities which, in the
                  Executive's reasonable judgment, are inconsistent with such
                  status, title, position or responsibilities; or any removal of
                  the Executive from or failure to reappoint him to any of such
                  positions, except in connection with the termination of his
                  employment for (i) Cause, (ii) pursuant to Paragraphs 4 or 5,
                  (iii) by the Executive other than for Good Reason;

         (b)      A material reduction by the Bank or the Corporation in the
                  Executive's base salary;

         (c)      The relocation of Executive's principal place of employment to
                  a location that is more than thirty-five (35) miles from the
                  location where Executive was principally employed immediately
                  prior to such relocation or the Bank's or the Corporation's
                  requiring the Executive to be based at any place other than
                  the location where the Executive was based immediately prior
                  to such change, except for reasonably required travel (as
                  determined by the Board of Directors) on the Bank's or the
                  Corporation's business;

         (d)      The failure by the Bank or the Corporation to continue to
                  provide the Executive with benefits substantially similar to
                  those provided to him under any of the employee benefit plans
                  in which the Executive becomes a participant, or the taking of
                  any action by the Bank or the Corporation which would directly
                  or indirectly materially reduce any of such benefits or
                  deprive the Executive of any material fringe benefit enjoyed
                  by him;

         (e)      Death prior to retirement. If the Executive dies while
                  actively employed by the Bank or Corporation prior to
                  retirement; or

         (f)      Disability prior to retirement. If the Executive becomes
                  totally disabled while actively employed by the Bank or
                  Corporation prior to retirement. For purposes of this
                  agreement, the term "totally disabled" means that because of
                  injury or sickness, the Executive is unable to perform his
                  duties.

                                       6
<PAGE>

8.       CHANGE IN CONTROL

         (a) If there is a Change in Control of the Bank or Corporation during
the term of this Agreement, the Executive shall be entitled to severance
payments and/or termination benefits as described in Paragraph 6 if the
Executive's employment with the Bank or the Corporation is involuntarily
terminated in connection with or within one (1) year after the Change in
Control, other than for Cause or pursuant to Paragraphs 4 or 5. This payment
shall also be made in the case of the Executive's voluntary termination of
employment for Good Reason (as defined in Paragraph 7) in connection with or
within one (1) year after a Change in Control of the Bank or Corporation. Such
voluntary termination of employment for Good Reason in connection with or within
one (1) year after a Change in Control of the Bank or Corporation shall not
constitute a termination for Cause or a voluntary termination subject to
Paragraph 4 of this Agreement.

         (b) For purposes of this Agreement, "Change in Control of the Bank or
Corporation" means:

         (i)      The acquisition by a person or persons acting in concert of
                  the power to vote twenty-five percent (25%) or more of a class
                  of the Corporation's voting securities;

         (ii)     the acquisition by a person of the power to direct the Bank's
                  or Corporation's management or policies, if the Board of
                  Directors or the OTS has made a determination that such
                  acquisition constitutes or will constitute an acquisition of
                  control of the Bank or Corporation for the purposes of the
                  Savings & Loan Holding Company Act or the Change in Bank
                  Control Act and the regulations thereunder;

         (iii)    during any period of two (2) consecutive years during the term
                  of this Agreement, individuals who at the beginning of such
                  period constitute the Board of Directors of the Bank or the
                  Corporation cease, for any reason, to constitute at least a
                  majority thereof, unless the election of each director who was
                  not a director at the beginning of such period has been
                  approved in advance by directors representing at least two-
                  thirds (2/3) of the directors then in office who were
                  directors in office at the beginning of the period;

         (iv)     the Corporation shall have merged into or consolidated with
                  another corporation, or merged another corporation into the
                  Corporation, on a basis whereby less than fifty percent (50%)
                  of the total voting power of the surviving corporation is
                  represented by

                                       7
<PAGE>

                  shares held by former shareholders of the Corporation prior to
                  such merger or consolidation; or

         (v)      the Corporation shall have sold to another person (i)
                  substantially all of the Corporation's assets or (ii) the
                  Bank. The term "person" refers to an individual, corporation,
                  partnership, trust, association, joint venture, pool,
                  syndicate, sole proprietorship, unincorporated organization or
                  other entity.

9.       WITHHOLDING OF TAXES

         The Bank or Corporation may withhold from any benefits payable under
this Agreement all Federal, state, city or other taxes as may be required
pursuant to any law, governmental regulation or ruling.

10.      PAYMENT OF LEGAL AND/OR ACCOUNTING FEES

         Reasonable legal and/or accounting fees and expenses paid or incurred
by the Executive pursuant to any dispute or question of interpretation relating
to the Agreement shall be paid or reimbursed by the Corporation in accordance
with the following:

         (a)      If the Executive, the Bank or the Corporation initiates a
                  proceeding and the Executive prevails, all reasonable legal
                  and/or accounting fees and expenses shall be paid by the
                  Corporation.

         (b)      If the Executive initiates a proceeding and does not prevail
                  on his claim, then the Corporation shall reimburse the
                  Executive for all legal and/or accounting fees and expenses
                  but not to exceed the sum of $25,000.

11.      SUCCESSOR ORGANIZATION

         The obligations of the Corporation and the Bank as set forth herein
shall continue to be the obligation of any successor organization, any
organization which purchases substantially all of the liabilities of the
Corporation or the Bank, as well as any organization which assumes substantially
all of the liabilities of the Corporation or the Bank whether by merger,
consolidation, or other form of business

                                       8
<PAGE>

combination. This Agreement is personal to the Executive and the Executive may
not delegate his duties hereunder.

12.      NOTICES

         All notices, requests, demands and other communications hereunder shall
be in writing and shall be deemed to have been duly given if delivered by hand
or mailed, certified or registered mail, return receipt requested, with postage
prepaid to the following addresses or to such other address as either party may
designate by like notice.

         (a) If to the Corporation, to:

                                            PVF Capital Corp.
                                            Corporate Center
                                            2618 North Moreland Boulevard
                                            Cleveland, Ohio 44120
                                            Attn: Vice President and Secretary

         (b) If to the Bank, to:

                                            Park View Federal Savings Bank
                                            Corporate Center
                                            2618 North Moreland Boulevard
                                            Cleveland, Ohio 44120
                                            Attn: Corporate Secretary

         (c) If to the Executive, to:       John R. Male
                                            ------------------
                                            [RESIDENCE ADDRESS NOT SHOWN]

and to such other or additional person or persons as either party shall have
designated to the other party in writing by like notice.

13.      AMENDMENTS

         No amendments or additions to this Agreement shall be binding unless in
writing and signed by both parties, except as herein otherwise provided.

                                       9
<PAGE>

14.      PARAGRAPH HEADINGS

         The paragraph headings used in this Agreement are included solely for
convenience and shall not affect, or be used in connection with, the
interpretation of this Agreement.

15.      SEVERABILITY

         The provisions of this Agreement shall be deemed severable and the
invalidity or unenforceability of any provision shall not affect the validity or
enforceability of the other provisions here.

16.      GOVERNING LAW

         This Agreement shall, except to the extend that federal law (including
any law, rule, or regulations of the OTS or the FDIC) shall be deemed to apply,
be governed by and construed and enforced in accordance with the laws of Ohio.

17.      ARBITRATION

         Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration in accordance with the
rules of the American Arbitration Association then in effect. Judgment may be
entered on the arbitrator's award in any court having jurisdiction.

18.      SAFETY AND SOUNDNESS LIMITATIONS

         Notwithstanding any other provision of this Agreement, no severance
benefits under Paragraph 8 shall be paid or payable in respect of any year in
which the Bank (i) fails to meet any applicable capital requirements imposed by
Part 567 of the OTS regulations (or successor regulations) after giving effect
to the payment of severance benefits hereunder, (ii) receives or maintains a
safety and soundness CAMEL rating of 4 or 5 from the OTS, or (iii) is subject to
a proceeding to terminate deposit insurance. Severance benefits can be paid
under clause (i) above to the extent that such payment would not cause the Bank
to fail to meet any applicable capital requirements imposed by part

                                       10
<PAGE>

567 of the OTS regulations. In addition, no severance benefits under Paragraph 8
shall be paid or payable if the Executive has committed any fraudulent act or
omission or other fiduciary breach that had or is likely to have a material
adverse affect on the bank or the Corporation.

19. ENTIRE AGREEMENT

         This Agreement supersedes the July 1, 1998 Severance Agreement by and
among the Corporation, the Bank and the Executive.

         IN WITNESS WHEREOF, the parties have executed this Agreement on the day
and year first herein above written.

WITNESSES:                      PVF CAPITAL CORP.

/s/ Adeline Novak               By:  /s/ James W. Male
--------------------------           --------------------------
                                     James W. Male
/s/ Terri Grodell               Its: Chairman of the Board
--------------------------

                                PARK VIEW FEDERAL SAVING BANK

                                By:  /s/ Stuart D. Neidus
                                     --------------------------
                                     Stuart D. Neidus
                                Its: Chairman of the Compensation
                                     Committee

                                EXECUTIVE

                                /s/ John R. Male
                                -------------------------------
                                John R. Male

                                       11
<PAGE>

County of Cuyahoga         )
                                ) ss:
State of Ohio              )

         Before me this 6th day of December, 1999, personally appeared the
above named James W. Male, Stuart D. Neidus and John R. Male, who acknowledged
that they did sign the foregoing instrument and that the same was their free act
and deed.

                                         /s/ Theresa Grodell
                                         --------------------------------
(Notary Seal)                            Notary Public

                                         My Commission Expires:
                                             THERESA A. GRODELL, Notary Public
                                             State of Ohio
                                             My Commission Expires Jan. 26, 2004

                                       12
<PAGE>

                  [PARK VIEW FEDERAL SAVINGS BANK LETTERHEAD]

                                        January 29, 2001

Mr. John R. Male
Park View Federal Savings Bank
Corporate Center
30000 Aurora Road
Solon, OH 44139

                      RE: Amendment to Severance Agreement

Dear Jack,

     The purpose of this letter is to memorialize in writing certain changes to
your Severance Agreement dated the 26th day of October, 1999 (the "Agreement"),
which changes, we, PVF Capital Corp. (the "Corporation") and Park View Federal
Savings Bank (the "Bank"), have agreed to. In accordance with the terms of the
Agreement, particularly Section 13 ("Amendments") thereof, please signify your
consent to these changes by executing this letter and returning it to the Bank.

     The changes we have agreed to are as follows:

1.   Section 3 ("Termination for Cause") of the Agreement shall be revised by
     deleting the second sentence in its entirety ("As used herein, "for cause"
     shall mean....") and inserting the following:

          For purposes of this Agreement, termination "for cause" shall mean
          only the following events: (i) personal dishonesty; (ii) incompetence;
          (iii) material breach of any provision of this Agreement; (iv) breach
          of fiduciary duty involving personal profit; (v) intentional failure
          to perform stated duties; (vi) a material breach of the reasonable
          policies and procedures for the operation of the Bank provided to the
          Executive by formal action of the Bank's Board of Directors; (vii)
          willful violation of any law, rule, regulation (other than a law, rule
          or regulation relating to a traffic violation or similar offense) or
          final cease-and-desist order; or (viii) willful misconduct.

2.   Section 12 ("Notices") of the Agreement shall be revised by deleting the
     Corporation and Bank addresses listed in subsection (a) and (b),
     respectively, and inserting the following:

     (a) If to the Corporation, to:

                               PVF Capital Corp.
                               Corporate Center
                               30000 Aurora Road
                               Solon, OH 44139

<PAGE>

Amendment to Severance Agreement
January 29, 2001
Pg 2

     (b) If to the Bank, to:

                         Park View Federal Savings Bank
                         Corporate Center
                         30000 Aurora Road
                         Solon, OH 44139

     Please signify your acceptance of and agreement to the foregoing changes by
executing this letter in the space provided and returning it to the Bank. The
changes will become effective upon receipt by the Bank of this letter executed
by you.

                                     PVF CAPITAL CORP.

                                     By:  /s/ John R. Male
                                          --------------------------------------
                                          John R. Male
                                     Its: Chairman of the Board

PARK VIEW FEDERAL SAVINGS BANK

                                     By:  /s/ Stanley T. Jaros
                                          --------------------------------------
                                          Stanley T. Jaros
                                     Its: Chairman of the Compensation Committee

Accepted and agreed to this 29th day of January, 2001, by the undersigned
Executive.

                                     EXECUTIVE

                                          /s/ John R. Male
                                          --------------------------------------
                                          John R. Male

                                       2
<PAGE>

                               SEVERANCE AGREEMENT
                                    AMENDMENT

     WHEREAS, PVF Capital Corp. (the "Corporation"), Park View Federal Savings
Bank (the "Bank"), and John R. Male (the "Executive") previously entered into a
Severance Agreement, originally effective as of October 26, 1999 (the
"Agreement"); and

     WHEREAS, the parties desire to amend the Agreement to update the benefits
provided to the Executive and to provide the Executive with certain tax
indemnification in the event of a change in control of the Corporation and the
Bank; and

     WHEREAS, Section 13 of the Agreement provides for its amendment by means of
a written instrument signed by the parties.

     NOW, THEREFORE, the parties hereby agree to amend the Agreement as follows:

                                  FIRST CHANGE

     Section 6(a) of the Agreement shall be deleted in its entirety and replaced
with the following:

         (a) Upon the Executive's termination as a result of one of the events
             specified in this Paragraph 6, the Bank or Corporation shall pay to
             Executive, or in the event of his subsequent death, his beneficiary
             or beneficiaries, or his estate, as the case may be, a sum equal to
             three (3) times the Executive's annual compensation. For purposes
             of this paragraph, "annual compensation" shall be defined as the
             Executive's then current base salary plus annual incentive
             compensation for the calendar year immediately preceding the year
             in which the above-mentioned event occurs. Such payment shall be
             paid to the Executive in a lump sum within thirty (30) days of the
             Executive's date of termination. The amount payable to the
             Executive hereunder shall not be reduced for the time value of
             money or discounted to present value.

                                  SECOND CHANGE

     The following shall be added as Section 20 of the Agreement:

     20. TAX INDEMNIFICATION

         (a) For purposes of this Agreement, "Covered Benefits" shall mean any
             payment or benefit paid or provided to the Executive by the Bank,
             the Corporation or any affiliate or successor in interest (whether
             pursuant to this Agreement or otherwise) that, in the opinion of
             Tax Counsel (as defined below), might reasonably be expected to be
             subject to any excise tax (the "Excise Tax") imposed under Section
             4999 of the Internal Revenue Code of 1986, as

<PAGE>

             amended (the "Code"). In the event that the Executive shall receive
             Covered Benefits, the Corporation shall pay to the Executive an
             additional amount (the "Gross-Up Payment"), so that the net amount
             retained by the Executive from the Gross-Up Payment, after
             deduction of any federal, state and local income taxes, Excise Tax,
             and FICA and Medicare withholding taxes on the Gross-Up Payment,
             shall be equal to the Excise Tax on the Covered Benefits. For
             purposes of determining the amount of the Excise Tax on the Covered
             Benefits, the amount of the Covered Benefits that shall be taken
             into account in calculating the Excise Tax shall be equal to (i)
             the Covered Benefits, less (ii) the amount of such Covered Benefits
             that, in the opinion of tax counsel selected by the Company and
             reasonably acceptable to the Executive ("Tax Counsel"), are not
             parachute payments (within the meaning of Section 280G(b)(1) of the
             Code).

         (b) For purposes of this Section 20, the Executive shall be deemed to
             pay federal income taxes at the highest marginal rate of federal
             income taxation in the calendar year in which the Excise Tax is
             payable and state and local income taxes at the highest marginal
             rate of taxation in the state and locality of the Executive's
             residence on the effective date of the Executive's termination, net
             of the reduction in federal income taxes which could be obtained
             from deduction of such state and local taxes. Except as otherwise
             provided herein, all determinations required to be made under this
             Section 20 shall be made by Tax Counsel, which determinations shall
             be conclusive and binding on the Executive, the Bank and the
             Corporation, absent manifest error.

         (c) The Corporation shall indemnify and hold the Executive harmless
             from losses, costs and expenses which the Executive incurs as a
             result of any administrative or judicial review of the Executive's
             liability under Section 4999 of the Code by the Internal Revenue
             Service or any comparable state agency, through and including a
             final judicial determination or final administrative settlement of
             any dispute arising out of the Executive's liability for the Excise
             Tax or otherwise relating to the classification for purposes of
             Section 280G of the Code of any of the Covered Benefits or other
             payment or benefit in the nature of compensation made or provided
             to the Executive by the Corporation. The Executive shall promptly
             notify the Corporation in writing whenever the Executive receives
             notice of the commencement of any judicial or administrative
             proceeding in which the federal tax treatment under Section 4999 of
             the Code of any amount paid or payable under this Agreement or
             otherwise is being reviewed or is in dispute (including a notice of
             audit or other inquiry concerning the reporting of the Executive's
             liability under Section 4999). The Corporation may assume control
             at its expense over all legal and accounting matters pertaining to
             such federal or state tax treatment of the Covered Benefits or any
             payment or benefit in the nature of compensation made or provided
             to the Executive by

                                       2

<PAGE>

             the Corporation, and the Executive shall cooperate fully with the
             Corporation in any such proceeding. The Executive shall not enter
             into any compromise or settlement or otherwise prejudice any rights
             the Corporation may have in connection therewith without the prior
             consent of the Corporation. In the event that the Corporation
             elects not to assume control over such matters, the Corporation
             shall promptly reimburse the Executive for all expenses related
             thereto as and when incurred, upon presentation of appropriate
             documentation relating to such expenses.

     The parties hereby ratify the above changes and certify that, in all other
respects, the existing terms and provisions of the Agreement remain in full
force and effect.

     IN WITNESS WHEREOF, the Bank and the Corporation have caused this Amendment
to the Agreement to be executed by their duly authorized officers, and the
Executive has signed this Amendment, on the 30th day of April, 2007.

ATTEST:                             PVF CAPITAL CORP.

/s/ Terri Ann Grodell                  By: /s/ Gerald A. Fallon
----------------------------           -----------------------------------------
                                       For the Board of Directors

ATTEST:                             PARK VIEW FEDERAL SAVINGS BANK

Terri Ann Grodell                      By: /s/ Gerald A. Fallon
----------------------------           -----------------------------------------
                                       For the Board of Directors

WITNESS:                            EXECUTIVE

/s/ Carol S. Porter                 /s/ John R. Male
----------------------------        --------------------------------------------
                                    John R. Male

                                       3

<PAGE>
                                 THIRD AMENDMENT
                                       TO
                               SEVERANCE AGREEMENT

         This Third Amendment to Severance Agreement (this "Third Amendment") is
made to be effective as of July 24, 2007, by and among PVF Capital Corp. (the
"Corporation"), Park View Federal Savings Bank (the "Bank") and John Male (the
"Executive").

         WHEREAS, Executive, the Corporation and the Bank are parties to a
Severance Agreement dated October 26, 1999, as subsequently amended on January
29, 2001 and April 30, 2007 (as amended, the "Agreement");

         WHEREAS, the parties desire to amend the Agreement to include a
non-compete provision; and

         WHEREAS, Section 13 of the Agreement provides for its amendment by
means of a written instrument signed by the parties;

         NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the Corporation, Bank and Executive agree as follows:

         1.       The following shall be added as Section 21 of the Agreement:

                  21.  COVENANT NOT TO COMPETE

                           Commencing on the date of the Executive's termination
                  of employment (a) by the Corporation, Bank or any successor
                  organization for cause or in connection with a Change in
                  Control, or (b) by the Executive for any reason, and ending on
                  the third anniversary thereof, the Executive agrees that he
                  shall not, directly or indirectly, either as principal, agent,
                  owner, shareholder, officer, director, partner, lender,
                  investor, independent contractor, consultant or in any other
                  capacity, engage in, have a financial interest in (except the
                  ownership by Executive of less than 1% of the outstanding
                  equity securities of any publicly held corporation) or be in
                  any way connected or affiliated with, or render advice or
                  services to any natural person, organization or entity of any
                  type that engages in any activity that would compete in any
                  way with the Corporation, the Bank or any successor
                  organization in Ohio, Pennsylvania, Indiana, Michigan, West
                  Virginia or Kentucky. This Section 21 shall survive the
                  termination of this Agreement and the obligations and rights
                  hereunder shall inure to the benefit of any successor
                  organization.

         2.       Except as expressly amended hereby, the Agreement, as amended
by this Third Amendment, shall remain in full force and effect.

<PAGE>

         3. This Third Amendment may be executed in any number of counterparts,
and each of such counterparts, when so executed, shall be deemed to be an
original and all such counterparts shall together constitute but one and the
same instrument.

         IN WITNESS WHEREOF, the parties hereto have executed this Third
Amendment, to be effective as of the day and year first above written.

                                    CORPORATION:

                                    PVF CAPITAL CORP.

                                    By:  /s/ C. Keith Swaney
                                       -----------------------------------------
                                       Its President, Chief Operating Officer
                                           and Treasurer
                                          --------------------------------------

                                    PARK VIEW FEDERAL SAVINGS BANK

                                    By:  /s/ C. Keith Swaney
                                       -----------------------------------------
                                       Its President, Chief Operating Officer
                                           and Treasurer
                                          --------------------------------------

                                    EXECUTIVE:

                                    /s/ John R. Male
                                    --------------------------------------------
                                    John R. Male
<PAGE>

                              SEVERANCE AGREEMENT

         This AGREEMENT is made and entered into this 26th day of October, 1999,
by and among PVF Capital Corp. (the "Corporation"), a corporation organized
under the laws of the State of Ohio, Park View Federal Savings Bank (the
"Bank"), an OTS-chartered, FDIC-insured savings association with its main office
located in Cleveland, Ohio and C. Keith Swaney (the "Executive"). Any reference
to the "Board of Directors" herein shall mean the Board of Directors of the
Corporation or the Bank or a committee serving at the pleasure of the Board of
Directors of the Bank. Any reference to "FDIC" herein shall mean the Federal
Deposit Insurance Corporation. Any reference to "OTS" shall mean the Office of
Thrift Supervision.

         WHEREAS, the Executive serves as an employee of the Bank;

         WHEREAS, the Corporation, the Bank and the Executive are parties to a
Severance Agreement dated July 1, 1998; and

         WHEREAS, the parties hereto desire that this Agreement supersede and
replace in its entirety the July 1, 1998 Severance Agreement;

         NOW THEREFORE, in consideration of the performance of the
responsibilities of the Executive and upon the other terms and conditions
hereinafter provided, the parties hereto agree as follows:

1.       NO EMPLOYMENT CONTRACT

         The parties hereto acknowledge and agree that this Agreement is not a
management or employment agreement and that nothing in this Agreement shall give
the Executive any rights or impose any obligations to continued employment by
the Bank or Corporation or any subsidiary or successor of the Bank or
Corporation, nor shall it give the Bank or Corporation any rights or impose any
obligations for the continued performance of duties by the Executive for the
Bank or Corporation or any subsidiary or successor of the Bank or Corporation.

<PAGE>

2.       TERM OF AGREEMENT

         The initial term of this Agreement shall be for a period of three (3)
years commencing November 1st, 1999 (hereafter referred to as the "Anniversary
Date"). Commencing on the first Anniversary Date of this Agreement, and
continuing at each Anniversary Date thereafter, the Agreement shall
automatically renew for one (1) additional year beyond the then effective
expiration date only upon a determination and resolution of the Board of
Directors that the performance of the Executive has met the requirements and
standards of the Board and that such term shall be extended. If the Board of
Directors determines not to extend the term, it shall promptly so notify the
Executive, with such election by the Board not to extend the term not to
otherwise affect the then effective term of this Agreement. Reference herein to
the term of this Agreement shall refer both to such initial term and such
extended terms. Unless sooner terminated as set forth herein, this contract
shall terminate when the Executive reaches age sixty-five (65).

3.       TERMINATION FOR CAUSE

         If the Corporation or Bank terminates the Executive's employment for
cause (as defined below), all of the Bank's and Corporation's obligations
hereunder shall immediately terminate as of the termination date. For purposes
of this Agreement, termination "for cause" shall mean only the following events:
(i) personal dishonesty; (ii) incompetence; (iii) material breach of any
provision of this Agreement; (iv) breach of fiduciary duty involving personal
profit; (v) intentional failure to perform stated duties; (vi) a material breach
of the reasonable policies and procedures for the operation of the Bank provided
to the Executive by formal action of the Bank's Board of Directors; (vii)
willful violation of any law, rule, regulation (other than a law, rule or
regulation relating to a traffic violation or similar offense) or final
cease-and-desist order; or (viii) willful misconduct.

4.       VOLUNTARY TERMINATION OF AGREEMENT

                                       2
<PAGE>

         This Agreement may be terminated by the Executive at any time upon
ninety (90) days' written notice to either the Bank or the Corporation or upon
such shorter period as may be agreed upon between the Executive and the Board of
Directors.

5.       GOVERNMENTAL TERMINATION OF AGREEMENT

         (a) If the Executive is removed from office and/or permanently
prohibited from participating in the conduct of the Bank's or the Corporation's
affairs by an order issued under Section 8(e) of the Federal Deposit Insurance
Act, 12 U.S.C. Section 1818(e), all obligations of the Bank and the Corporation
under this Agreement shall terminate, as of the effective date of the order.

         (b) If the Bank is in default (as defined in Section 3(x)(1) of the
Federal Deposit Insurance Act), all obligations under this Agreement shall
terminate.

         (c) All obligations under this Agreement shall be terminated, except to
the extent determined that continuation of the contract is necessary for the
continued operation of the Bank, by the Director of the OTS or his or her
designee at the time the FDIC enters into an agreement to provide assistance to
or on behalf of the Bank under the authority contained in Section 13(c) of the
Federal Deposit Insurance Act, or by the Director of the OTS or his or her
designee at the time the Director of the OTS or his or her designee approves a
supervisory merger to resolve problems related to the operation of the Bank or
when the Bank is determined by the Director of the OTS to be in an unsafe or
unsound condition. Any rights of the parties that have already vested, however,
shall not be affected by such action.

         (d) If the Executive is suspended and/or temporarily prohibited from
participating in the conduct of the Bank's affairs by a notice served under
Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act, 12 U.S.C.
Section 1818(e)(3) or (g)(1), the Corporation's and the Bank's obligations under
subparagraphs 6(a),

                                       3
<PAGE>

(b) and (c) of this Agreement shall be suspended as the date of service, unless
stayed by appropriate proceedings.

         (e) If the charges in the notice referenced in subparagraph 5(d) are
dismissed, the Board of Directors may in its discretion:

         (i)      pay the Executive all or part of the severance benefits while
                  the Corporation's and the Bank's contract obligations were
                  suspended, and

         (ii)     reinstate (in whole or in part) any of the Corporation's and
                  the Bank's obligations which were suspended as required in
                  subparagraph (d) above.

6.       SEVERANCE PAYMENTS OR TERMINATION BENEFITS

         For purpose of this Agreement, the severance payments and termination
benefits specified in this Paragraph 6 shall be payable to the Executive
subsequent to the occurrence of one of the following events:

         (i)      Involuntary termination of the Executive's employment with the
                  Bank or Corporation with or within one (1) year after a Change
                  in Control, other than for Cause or pursuant to Paragraphs 4
                  or 5 of this Agreement. For purposes of this section, Change
                  in Control shall have the same meaning as such term is defined
                  in Paragraph 8, and Cause shall have the same meaning as such
                  term is defined in Paragraph 3.

         (ii)     Voluntary or involuntary termination for Good Reason, as
                  defined in Paragraph 7, and other than for Cause or pursuant
                  to Paragraphs 4 or 5 of this Agreement.

         (a) Upon the Executive's termination as a result of one of the events
specified in this Paragraph 6, the Bank or Corporation shall pay to Executive,
or in the event of his subsequent death, his beneficiary or beneficiaries, or
his estate as the case may be, as severance pay or liquidated damages, or both,
a sum equal to two times the Executive's annual compensation. For purposes of
this Paragraph, compensation shall be defined as the Executive's then current
base salary, plus annual incentive compensation for the calendar year
immediately preceding the year in which the above-mentioned event occurs. Such
payment

                                       4
<PAGE>

shall be paid to the Executive in a lump sum within thirty (30) days of the
Executive's date of termination. The amount payable to the Executive hereunder
shall not be reduced to account for the time value of money or discounted to
present value.

         (b) Upon the Executive's termination as a result of one of the events
specified in this Paragraph 6, the Bank or Corporation shall cause the Executive
to become fully vested in any qualified and/or nonqualified plans, programs or
arrangements in which the Executive participated, notwithstanding any provisions
contained in the respective Agreement of the plan, program or arrangement. The
Bank shall also contribute to the Executive's 401(k) Plan Account the Bank's
matching and/or profit sharing which would have been paid had the Executive
remained in the employ of the Bank throughout the remainder of the 401(k) Plan
year.

         (c) Upon the Executive's termination as a result of one of the events
specified in this Paragraph 6, the Corporation or Bank will cause to be
continued life, health and disability insurance coverage substantially identical
to the coverage maintained by the Bank or the Corporation for the Executive
prior to his severance. Such coverage shall cease upon the earlier of
Executive's employment by another employer or twelve (12) months from such
termination. Upon the expiration of the twelve (12) month period, Executive
shall have the option of continuing health insurance coverage at his/her own
expense for a period not less than the number of months by which the
Consolidated Omnibus Budget Reconciliation Act (COBRA) continuation period
exceeds twelve (12) months.

         (d) The Executive shall not be required to mitigate the amount of any
payment required hereunder by seeking other employment or otherwise nor shall
the amount paid hereunder be reduced or offset by any compensation earned or
received by the Executive as a result of employment with another employer or
self- employment. The amount paid hereunder shall not be reduced by any other
plan, program, policy

                                       5
<PAGE>

or arrangement of the Bank or Corporation. Benefits provided under Paragraph
6(c) shall be reduced to the extent comparable benefits are actually received by
the Executive from or through another employer.

7. GOOD REASON

         For purposes of this Agreement, "Good Reason" means the occurrence of
any of the events or conditions described in subparagraphs (a) through (f)
hereof without the Executive's express written consent; provided the Executive's
right to terminate his employment pursuant to this Paragraph 7 shall not be
affected by his incapacity due to physical or mental illness.

         (a)      A change in the Executive's status, title, position or
                  responsibilities (including reporting responsibilities) which,
                  in the Executive's reasonable judgment, does not represent a
                  promotion from his status, title, position or responsibilities
                  as in effect immediately prior thereto; the assignment to the
                  Executive of any duties or responsibilities which, in the
                  Executive's reasonable judgment, are inconsistent with such
                  status, title, position or responsibilities; or any removal of
                  the Executive from or failure to reappoint him to any of such
                  positions, except in connection with the termination of his
                  employment for (i) Cause, (ii) pursuant to Paragraphs 4 or 5,
                  (iii) by the Executive other than for Good Reason;

         (b)      A material reduction by the Bank or the Corporation in the
                  Executive's base salary;

         (c)      The relocation of Executive's principal place of employment to
                  a location that is more than thirty-five (35) miles from the
                  location where Executive was principally employed immediately
                  prior to such relocation or the Bank's or the Corporation's
                  requiring the Executive to be based at any place other than
                  the location where the Executive was based immediately prior
                  to such change, except for reasonably required travel (as
                  determined by the Board of Directors) on the Bank's or the
                  Corporation's business;

         (d)      The failure by the Bank or the Corporation to continue to
                  provide the Executive with benefits substantially similar to
                  those provided to him under any of the employee benefit plans
                  in which the Executive becomes a participant, or the taking of
                  any action by the Bank or the Corporation which would directly
                  or indirectly materially reduce any of such benefits or
                  deprive the Executive of any material fringe benefit enjoyed
                  by him;

         (e)      Death prior to retirement. If the Executive dies while
                  actively employed by the Bank or Corporation prior to
                  retirement; or

         (f)      Disability prior to retirement. If the Executive becomes
                  totally disabled while actively employed by the Bank or
                  Corporation prior to retirement. For purposes of this
                  agreement, the term "totally disabled" means that because of
                  injury or sickness, the Executive is unable to perform his
                  duties.

                                       6
<PAGE>

8.       CHANGE IN CONTROL

         (a) If there is a Change in Control of the Bank or Corporation during
the term of this Agreement, the Executive shall be entitled to severance
payments and/or termination benefits as described in Paragraph 6 if the
Executive's employment with the Bank or the Corporation is involuntarily
terminated in connection with or within one (1) year after the Change in
Control, other than for Cause or pursuant to Paragraphs 4 or 5. This payment
shall also be made in the case of the Executive's voluntary termination of
employment for Good Reason (as defined in Paragraph 7) in connection with or
within one (1) year after a Change in Control of the Bank or Corporation. Such
voluntary termination of employment for Good Reason in connection with or within
one (1) year after a Change in Control of the Bank or Corporation shall not
constitute a termination for Cause or a voluntary termination subject to
Paragraph 4 of this Agreement.

         (b) For purposes of this Agreement, "Change in Control of the Bank or
Corporation" means:

         (i)      The acquisition by a person or persons acting in concert of
                  the power to vote twenty-five percent (25%) or more of a class
                  of the Corporation's voting securities;

         (ii)     the acquisition by a person of the power to direct the Bank's
                  or Corporation's management or policies, if the Board of
                  Directors or the OTS has made a determination that such
                  acquisition constitutes or will constitute an acquisition of
                  control of the Bank or Corporation for the purposes of the
                  Savings & Loan Holding Company Act or the Change in Bank
                  Control Act and the regulations thereunder;

         (iii)    during any period of two (2) consecutive years during the term
                  of this Agreement, individuals who at the beginning of such
                  period constitute the Board of Directors of the Bank or the
                  Corporation cease, for any reason, to constitute at least a
                  majority thereof, unless the election of each director who was
                  not a director at the beginning of such period has been
                  approved in advance by directors representing at least two-
                  thirds (2/3) of the directors then in office who were
                  directors in office at the beginning of the period;

         (iv)     the Corporation shall have merged into or consolidated with
                  another corporation, or merged another corporation into the
                  Corporation, on a basis whereby less than fifty percent (50%)
                  of the total voting power of the surviving corporation is
                  represented by

                                       7
<PAGE>

                  shares held by former shareholders of the Corporation prior to
                  such merger or consolidation; or

         (v)      the Corporation shall have sold to another person (i)
                  substantially all of the Corporation's assets or (ii) the
                  Bank. The term "person" refers to an individual, corporation,
                  partnership, trust, association, joint venture, pool,
                  syndicate, sole proprietorship, unincorporated organization or
                  other entity.

9.       WITHHOLDING OF TAXES

         The Bank or Corporation may withhold from any benefits payable under
this Agreement all Federal, state, city or other taxes as may be required
pursuant to any law, governmental regulation or ruling.

10.      PAYMENT OF LEGAL AND/OR ACCOUNTING FEES

         Reasonable legal and/or accounting fees and expenses paid or incurred
by the Executive pursuant to any dispute or question of interpretation relating
to the Agreement shall be paid or reimbursed by the Corporation in accordance
with the following:

         (a)      If the Executive, the Bank or the Corporation initiates a
                  proceeding and the Executive prevails, all reasonable legal
                  and/or accounting fees and expenses shall be paid by the
                  Corporation.

         (b)      If the Executive initiates a proceeding and does not prevail
                  on his claim, then the Corporation shall reimburse the
                  Executive for all legal and/or accounting fees and expenses
                  but not to exceed the sum of $25,000.

11.      SUCCESSOR ORGANIZATION

         The obligations of the Corporation and the Bank as set forth herein
shall continue to be the obligation of any successor organization, any
organization which purchases substantially all of the liabilities of the
Corporation or the Bank, as well as any organization which assumes substantially
all of the liabilities of the Corporation or the Bank whether by merger,
consolidation, or other form of business

                                       8
<PAGE>

combination. This Agreement is personal to the Executive and the Executive may
not delegate his duties hereunder.

12.      NOTICES

         All notices, requests, demands and other communications hereunder shall
be in writing and shall be deemed to have been duly given if delivered by hand
or mailed, certified or registered mail, return receipt requested, with postage
prepaid to the following addresses or to such other address as either party may
designate by like notice.

         (a) If to the Corporation, to:

                                            PVF Capital Corp.
                                            Corporate Center
                                            2618 North Moreland Boulevard
                                            Cleveland, Ohio 44120
                                            Attn: Vice President and Secretary

         (b) If to the Bank, to:

                                            Park View Federal Savings Bank
                                            Corporate Center
                                            2618 North Moreland Boulevard
                                            Cleveland, Ohio 44120
                                            Attn: Corporate Secretary

         (c) If to the Executive, to:       C. Keith Swaney
                                            [RESIDENCE ADDRESS NOT SHOWN]

and to such other or additional person or persons as either party shall have
designated to the other party in writing by like notice.

13.      AMENDMENTS

         No amendments or additions to this Agreement shall be binding unless in
writing and signed by both parties, except as herein otherwise provided.

                                       9
<PAGE>

14.      PARAGRAPH HEADINGS

         The paragraph headings used in this Agreement are included solely for
convenience and shall not affect, or be used in connection with, the
interpretation of this Agreement.

15.      SEVERABILITY

         The provisions of this Agreement shall be deemed severable and the
invalidity or unenforceability of any provision shall not affect the validity or
enforceability of the other provisions here.

16.      GOVERNING LAW

         This Agreement shall, except to the extend that federal law (including
any law, rule, or regulations of the OTS or the FDIC) shall be deemed to apply,
be governed by and construed and enforced in accordance with the laws of Ohio.

17.      ARBITRATION

         Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration in accordance with the
rules of the American Arbitration Association then in effect. Judgment may be
entered on the arbitrator's award in any court having jurisdiction.

18.      SAFETY AND SOUNDNESS LIMITATIONS

         Notwithstanding any other provision of this Agreement, no severance
benefits under Paragraph 8 shall be paid or payable in respect of any year in
which the Bank (i) fails to meet any applicable capital requirements imposed by
Part 567 of the OTS regulations (or successor regulations) after giving effect
to the payment of severance benefits hereunder, (ii) receives or maintains a
safety and soundness CAMEL rating of 4 or 5 from the OTS, or (iii) is subject to
a proceeding to terminate deposit insurance. Severance benefits can be paid
under clause (i) above to the extent that such payment would not cause the Bank
to fail to meet any applicable capital requirements imposed by part

                                       10
<PAGE>

567 of the OTS regulations. In addition, no severance benefits under Paragraph 8
shall be paid or payable if the Executive has committed any fraudulent act or
omission or other fiduciary breach that had or is likely to have a material
adverse affect on the bank or the Corporation.

19. ENTIRE AGREEMENT

         This Agreement supersedes the July 1, 1998 Severance Agreement by and
among the Corporation, the Bank and the Executive.

         IN WITNESS WHEREOF, the parties have executed this Agreement on the day
and year first herein above written.

WITNESSES:                      PVF CAPITAL CORP.

/s/ Adeline Novak               By:  /s/ James W. Male
--------------------------           -------------------------------------------
                                     James W. Male
/s/ Terri Ann Grodell           Its: Chairman of the Board
--------------------------

                                PARK VIEW FEDERAL SAVING BANK

                                By:  /s/ Stuart D. Neidus
                                     -------------------------------------------
                                     Stuart D. Neidus
                                Its: Chairman of the Compensation
                                     Committee

                                EXECUTIVE

                                /s/ C. Keith Swaney
                                ------------------------------------------------
                                C. Keith Swaney

                                       11
<PAGE>

County of Cuyahoga         )
                                ) ss:
State of Ohio              )

         Before me this 8th day of December, 1999, personally appeared the above
named James W. Male, Stuart D. Neidus and C. Keith Swaney, who acknowledged that
they did sign the foregoing instrument and that the same was their free act and
deed.

                                         /s/ Theresa Grodell
                                         --------------------------------
(Notary Seal)                            Notary Public

                                         THERESA GRODELL, Notary Public
                                             State of Ohio
                                         My Commission Expires Jan. 26, 2004

                                       12
<PAGE>

                  [PARK VIEW FEDERAL SAVINGS BANK LETTERHEAD]

                                        January 29, 2001

Mr. C. Keith Swaney
Park View Federal Savings Bank
Corporate Center
30000 Aurora Road
Solon, OH 44139

                      RE: Amendment to Severance Agreement

Dear Keith:

     The purpose of this letter is to memorialize in writing certain changes to
your Severance Agreement dated the 26th day of October, 1999 (the "Agreement"),
which changes, we, PVF Capital Corp. (the "Corporation") and Park View Federal
Savings Bank (the "Bank"), have agreed to. In accordance with the terms of the
Agreement, particularly Section 13 ("Amendments") thereof, please signify your
consent to these changes by executing this letter and returning it to the Bank.

     The changes we have agreed to are as follows:

1.   Section 3 ("Termination for Cause") of the Agreement shall be revised by
     deleting the second sentence in its entirety ("As used herein, "for cause"
     shall mean....") and inserting the following:

          For purposes of this Agreement, termination "for cause" shall mean
          only the following events: (i) personal dishonesty; (ii) incompetence;
          (iii) material breach of any provision of this Agreement; (iv) breach
          of fiduciary duty involving personal profit; (v) intentional failure
          to perform stated duties; (vi) a material breach of the reasonable
          policies and procedures for the operation of the Bank provided to the
          Executive by formal action of the Bank's Board of Directors; (vii)
          willful violation of any law, rule, regulation (other than a law, rule
          or regulation relating to a traffic violation or similar offense) or
          final cease-and-desist order; or (viii) willful misconduct.

2.   Section 12 ("Notices") of the Agreement shall be revised by deleting the
     Corporation and Bank addresses listed in subsection (a) and (b),
     respectively, and inserting the following:

     (a) If to the Corporation, to:

                               PVF Capital Corp.
                               Corporate Center
                               30000 Aurora Road
                               Solon, OH 44139

<PAGE>

Amendment to Severance Agreement
January 29, 2001
Pg 2

     (b) If to the Bank, to:

                         Park View Federal Savings Bank
                         Corporate Center
                         30000 Aurora Road
                         Solon, OH 44139

     Please signify your acceptance of and agreement to the foregoing changes by
executing this letter in the space provided and returning it to the Bank. The
changes will become effective upon receipt by the Bank of this letter executed
by you.

                                     PVF CAPITAL CORP.

                                     By:  /s/ John R. Male
                                          --------------------------------------
                                          John R. Male
                                     Its: Chairman of the Board

PARK VIEW FEDERAL SAVINGS BANK

                                     By:  /s/ Stanley T. Jaros
                                          --------------------------------------
                                          Stanley T. Jaros
                                     Its: Chairman of the Compensation Committee

Accepted and agreed to this 30th day of January, 2001, by the undersigned
Executive.

                                     EXECUTIVE

                                          /s/ C. Keith Swaney
                                          --------------------------------------
                                          C. Keith Swaney

                                       2

<PAGE>

                               SEVERANCE AGREEMENT
                                    AMENDMENT

     WHEREAS, PVF Capital Corp. (the "Corporation"), Park View Federal Savings
Bank (the "Bank"), and C. Keith Swaney (the "Executive") previously entered into
a Severance Agreement, originally effective as of October 26, 1999 (the
"Agreement"); and

     WHEREAS, the parties desire to amend the Agreement to update the benefits
provided to the Executive and to provide the Executive with certain tax
indemnification in the event of a change in control of the Corporation and the
Bank; and

     WHEREAS, Section 13 of the Agreement provides for its amendment by means of
a written instrument signed by the parties.

     NOW, THEREFORE, the parties hereby agree to amend the Agreement as follows:

                                  FIRST CHANGE

     Section 6(a) of the Agreement shall be deleted in its entirety and replaced
with the following:

         (c) Upon the Executive's termination as a result of one of the events
             specified in this Paragraph 6, the Bank or Corporation shall pay to
             Executive, or in the event of his subsequent death, his beneficiary
             or beneficiaries, or his estate, as the case may be, a sum equal to
             three (3) times the Executive's annual compensation. For purposes
             of this paragraph, "annual compensation" shall be defined as the
             Executive's then current base salary plus annual incentive
             compensation for the calendar year immediately preceding the year
             in which the above-mentioned event occurs. Such payment shall be
             paid to the Executive in a lump sum within thirty (30) days of the
             Executive's date of termination. The amount payable to the
             Executive hereunder shall not be reduced for the time value of
             money or discounted to present value.

                                  SECOND CHANGE

     The following shall be added as Section 20 of the Agreement:

     20. TAX INDEMNIFICATION

         (a) For purposes of this Agreement, "Covered Benefits" shall mean any
             payment or benefit paid or provided to the Executive by the Bank,
             the Corporation or any affiliate or successor in interest (whether
             pursuant to this Agreement or otherwise) that, in the opinion of
             Tax Counsel (as defined below), might reasonably be expected to be
             subject to any excise tax (the "Excise Tax") imposed under Section
             4999 of the Internal Revenue Code of 1986, as

<PAGE>

             amended (the "Code"). In the event that the Executive shall receive
             Covered Benefits, the Corporation shall pay to the Executive an
             additional amount (the "Gross-Up Payment"), so that the net amount
             retained by the Executive from the Gross-Up Payment, after
             deduction of any federal, state and local income taxes, Excise Tax,
             and FICA and Medicare withholding taxes on the Gross-Up Payment,
             shall be equal to the Excise Tax on the Covered Benefits. For
             purposes of determining the amount of the Excise Tax on the Covered
             Benefits, the amount of the Covered Benefits that shall be taken
             into account in calculating the Excise Tax shall be equal to (i)
             the Covered Benefits, less (ii) the amount of such Covered Benefits
             that, in the opinion of tax counsel selected by the Company and
             reasonably acceptable to the Executive ("Tax Counsel"), are not
             parachute payments (within the meaning of Section 280G(b)(1) of the
             Code).

         (b) For purposes of this Section 20, the Executive shall be deemed to
             pay federal income taxes at the highest marginal rate of federal
             income taxation in the calendar year in which the Excise Tax is
             payable and state and local income taxes at the highest marginal
             rate of taxation in the state and locality of the Executive's
             residence on the effective date of the Executive's termination, net
             of the reduction in federal income taxes which could be obtained
             from deduction of such state and local taxes. Except as otherwise
             provided herein, all determinations required to be made under this
             Section 20 shall be made by Tax Counsel, which determinations shall
             be conclusive and binding on the Executive, the Bank and the
             Corporation, absent manifest error.

         (c) The Corporation shall indemnify and hold the Executive harmless
             from losses, costs and expenses which the Executive incurs as a
             result of any administrative or judicial review of the Executive's
             liability under Section 4999 of the Code by the Internal Revenue
             Service or any comparable state agency, through and including a
             final judicial determination or final administrative settlement of
             any dispute arising out of the Executive's liability for the Excise
             Tax or otherwise relating to the classification for purposes of
             Section 280G of the Code of any of the Covered Benefits or other
             payment or benefit in the nature of compensation made or provided
             to the Executive by the Corporation. The Executive shall promptly
             notify the Corporation in writing whenever the Executive receives
             notice of the commencement of any judicial or administrative
             proceeding in which the federal tax treatment under Section 4999 of
             the Code of any amount paid or payable under this Agreement or
             otherwise is being reviewed or is in dispute (including a notice of
             audit or other inquiry concerning the reporting of the Executive's
             liability under Section 4999). The Corporation may assume control
             at its expense over all legal and accounting matters pertaining to
             such federal or state tax treatment of the Covered Benefits or any
             payment or benefit in the nature of compensation made or provided
             to the Executive by

                                       2
<PAGE>

             the Corporation, and the Executive shall cooperate fully with the
             Corporation in any such proceeding. The Executive shall not enter
             into any compromise or settlement or otherwise prejudice any rights
             the Corporation may have in connection therewith without the prior
             consent of the Corporation. In the event that the Corporation
             elects not to assume control over such matters, the Corporation
             shall promptly reimburse the Executive for all expenses related
             thereto as and when incurred, upon presentation of appropriate
             documentation relating to such expenses.

     The parties hereby ratify the above changes and certify that, in all other
respects, the existing terms and provisions of the Agreement remain in full
force and effect.

     IN WITNESS WHEREOF, the Bank and the Corporation have caused this Amendment
to the Agreement to be executed by their duly authorized officers, and the
Executive has signed this Amendment, on the 30th day of April, 2007.

ATTEST:                             PVF CAPITAL CORP.

/s/ Terri Ann Grodell               By: /s/ Gerald A. Fallon
----------------------------           -----------------------------------------
                                       For the Board of Directors

ATTEST:                             PARK VIEW FEDERAL SAVINGS BANK

/s/ Terri Ann Grodell               By: /s/ Gerald A. Fallon
----------------------------           -----------------------------------------
                                       For the Board of Directors

WITNESS:                            EXECUTIVE

/s/ Carol S. Porter                 /s/ C. Keith Swaney
----------------------------        --------------------------------------------
                                    C. Keith Swaney

                                       3
<PAGE>
                                 THIRD AMENDMENT

                                       TO

                               SEVERANCE AGREEMENT

         This Third Amendment to Severance Agreement (this "Third Amendment") is
made to be effective as of July 24, 2007, by and among PVF Capital Corp. (the
"Corporation"), Park View Federal Savings Bank (the "Bank") and C. Keith Swaney
(the "Executive").

         WHEREAS, Executive, the Corporation and the Bank are parties to a
Severance Agreement dated October 26, 1999, as subsequently amended on January
29, 2001 and April 30, 2007 (as amended, the "Agreement");

         WHEREAS, the parties desire to amend the Agreement to include a
non-compete provision; and

         WHEREAS, Section 13 of the Agreement provides for its amendment by
means of a written instrument signed by the parties;

         NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the Corporation, Bank and Executive agree as follows:

         1. The following shall be added as Section 21 of the Agreement:

                  21.  COVENANT NOT TO COMPETE

                           Commencing on the date of the Executive's termination
                  of employment (a) by the Corporation, Bank or any successor
                  organization for cause or in connection with a Change in
                  Control, or (b) by the Executive for any reason, and ending on
                  the third anniversary thereof, the Executive agrees that he
                  shall not, directly or indirectly, either as principal, agent,
                  owner, shareholder, officer, director, partner, lender,
                  investor, independent contractor, consultant or in any other
                  capacity, engage in, have a financial interest in (except the
                  ownership by Executive of less than 1% of the outstanding
                  equity securities of any publicly held corporation) or be in
                  any way connected or affiliated with, or render advice or
                  services to any natural person, organization or entity of any
                  type that engages in any activity that would compete in any
                  way with the Corporation, the Bank or any successor
                  organization in Ohio, Pennsylvania, Indiana, Michigan, West
                  Virginia or Kentucky. This Section 21 shall survive the
                  termination of this Agreement and the obligations and rights
                  hereunder shall inure to the benefit of any successor
                  organization.

         2. Except as expressly amended hereby, the Agreement, as amended by
this Third Amendment, shall remain in full force and effect.

<PAGE>

         3. This Third Amendment may be executed in any number of counterparts,
and each of such counterparts, when so executed, shall be deemed to be an
original and all such counterparts shall together constitute but one and the
same instrument.

         IN WITNESS WHEREOF, the parties hereto have executed this Third
Amendment, to be effective as of the day and year first above written.

                                         CORPORATION:

                                         PVF CAPITAL CORP.

                                         By: /s/ John R. Male
                                             ----------------------------------
                                             Its Chairman of the Board and
                                                 Chief Executive Officer
                                                 ------------------------------

                                         PARK VIEW FEDERAL SAVINGS BANK

                                         By: /s/ John R. Male
                                             ----------------------------------
                                             Its Chairman of the Board and
                                                 Chief Executive Officer
                                                 ------------------------------

                                         EXECUTIVE:

                                         /s/ C. Keith Swaney
                                         --------------------------------------
                                         C. Keith Swaney

                                      -2-

<PAGE>

                               SEVERANCE AGREEMENT

         This AGREEMENT is made and entered into this 26th day of October, 1999,
by and among PVF Capital Corp. (the "Corporation"), a corporation organized
under the laws of the State of Ohio, Park View Federal Savings Bank (the
"Bank"), an OTS-chartered, FDIC-insured savings association with its main office
located in Cleveland, Ohio and Jeffrey N. Male (the "Executive"). Any reference
to the "Board of Directors" herein shall mean the Board of Directors of the
Corporation or the Bank or a committee serving at the pleasure of the Board of
Directors of the Bank. Any reference to "FDIC" herein shall mean the Federal
Deposit Insurance Corporation. Any reference to "OTS" shall mean the Office of
Thrift Supervision.

         WHEREAS, the Executive serves as an employee of the Bank;

         WHEREAS, the Corporation, the Bank and the Executive are parties to a
Severance Agreement dated July 1, 1998; and

         WHEREAS, the parties hereto desire that this Agreement supersede and
replace in its entirety the July 1, 1998 Severance Agreement;

         NOW THEREFORE, in consideration of the performance of the
responsibilities of the Executive and upon the other terms and conditions
hereinafter provided, the parties hereto agree as follows:

1.       NO EMPLOYMENT CONTRACT

         The parties hereto acknowledge and agree that this Agreement is not a
management or employment agreement and that nothing in this Agreement shall give
the Executive any rights or impose any obligations to continued employment by
the Bank or Corporation or any subsidiary or successor of the Bank or
Corporation, nor shall it give the Bank or Corporation any rights or impose any
obligations for the continued performance of duties by the Executive for the
Bank or Corporation or any subsidiary or successor of the Bank or Corporation.

<PAGE>

2.       TERM OF AGREEMENT

         The initial term of this Agreement shall be for a period of three (3)
years commencing November 1st, 1999 (hereafter referred to as the "Anniversary
Date"). Commencing on the first Anniversary Date of this Agreement, and
continuing at each Anniversary Date thereafter, the Agreement shall
automatically renew for one (1) additional year beyond the then effective
expiration date only upon a determination and resolution of the Board of
Directors that the performance of the Executive has met the requirements and
standards of the Board and that such term shall be extended. If the Board of
Directors determines not to extend the term, it shall promptly so notify the
Executive, with such election by the Board not to extend the term not to
otherwise affect the then effective term of this Agreement. Reference herein to
the term of this Agreement shall refer both to such initial term and such
extended terms. Unless sooner terminated as set forth herein, this contract
shall terminate when the Executive reaches age sixty-five (65).

3.       TERMINATION FOR CAUSE

         If the Corporation or Bank terminates the Executive's employment for
cause (as defined below), all of the Bank's and Corporation's obligations
hereunder shall immediately terminate as of the termination date. For purposes
of this Agreement, termination "for cause" shall mean only the following events:
(i) personal dishonesty; (ii) incompetence; (iii) material breach of any
provision of this Agreement; (iv) breach of fiduciary duty involving personal
profit; (v) intentional failure to perform stated duties; (vi) a material breach
of the reasonable policies and procedures for the operation of the Bank provided
to the Executive by formal action of the Bank's Board of Directors; (vii)
willful violation of any law, rule, regulation (other than a law, rule or
regulation relating to a traffic violation or similar offense) or final
cease-and-desist order; or (viii) willful misconduct.

4.       VOLUNTARY TERMINATION OF AGREEMENT

                                       2
<PAGE>

         This Agreement may be terminated by the Executive at any time upon
ninety (90) days' written notice to either the Bank or the Corporation or upon
such shorter period as may be agreed upon between the Executive and the Board of
Directors.

5.       GOVERNMENTAL TERMINATION OF AGREEMENT

         (a) If the Executive is removed from office and/or permanently
prohibited from participating in the conduct of the Bank's or the Corporation's
affairs by an order issued under Section 8(e) of the Federal Deposit Insurance
Act, 12 U.S.C. Section 1818(e), all obligations of the Bank and the Corporation
under this Agreement shall terminate, as of the effective date of the order.

         (b) If the Bank is in default (as defined in Section 3(x)(1) of the
Federal Deposit Insurance Act), all obligations under this Agreement shall
terminate.

         (c) All obligations under this Agreement shall be terminated, except to
the extent determined that continuation of the contract is necessary for the
continued operation of the Bank, by the Director of the OTS or his or her
designee at the time the FDIC enters into an agreement to provide assistance to
or on behalf of the Bank under the authority contained in Section 13(c) of the
Federal Deposit Insurance Act, or by the Director of the OTS or his or her
designee at the time the Director of the OTS or his or her designee approves a
supervisory merger to resolve problems related to the operation of the Bank or
when the Bank is determined by the Director of the OTS to be in an unsafe or
unsound condition. Any rights of the parties that have already vested, however,
shall not be affected by such action.

         (d) If the Executive is suspended and/or temporarily prohibited from
participating in the conduct of the Bank's affairs by a notice served under
Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act, 12 U.S.C.
Section 1818(e)(3) or (g)(1), the Corporation's and the Bank's obligations under
subparagraphs 6(a),

                                       3
<PAGE>

(b) and (c) of this Agreement shall be suspended as the date of service, unless
stayed by appropriate proceedings.

         (e) If the charges in the notice referenced in subparagraph 5(d) are
dismissed, the Board of Directors may in its discretion:

         (i)      pay the Executive all or part of the severance benefits while
                  the Corporation's and the Bank's contract obligations were
                  suspended, and

         (ii)     reinstate (in whole or in part) any of the Corporation's and
                  the Bank's obligations which were suspended as required in
                  subparagraph (d) above.

6.       SEVERANCE PAYMENTS OR TERMINATION BENEFITS

         For purpose of this Agreement, the severance payments and termination
benefits specified in this Paragraph 6 shall be payable to the Executive
subsequent to the occurrence of one of the following events:

         (i)      Involuntary termination of the Executive's employment with the
                  Bank or Corporation with or within one (1) year after a Change
                  in Control, other than for Cause or pursuant to Paragraphs 4
                  or 5 of this Agreement. For purposes of this section, Change
                  in Control shall have the same meaning as such term is defined
                  in Paragraph 8, and Cause shall have the same meaning as such
                  term is defined in Paragraph 3.

         (ii)     Voluntary or involuntary termination for Good Reason, as
                  defined in Paragraph 7, and other than for Cause or pursuant
                  to Paragraphs 4 or 5 of this Agreement.

         (a) Upon the Executive's termination as a result of one of the events
specified in this Paragraph 6, the Bank or Corporation shall pay to Executive,
or in the event of his subsequent death, his beneficiary or beneficiaries, or
his estate as the case may be, as severance pay or liquidated damages, or both,
a sum equal to two times the Executive's annual compensation. For purposes of
this Paragraph, compensation shall be defined as the Executive's then current
base salary, plus annual incentive compensation for the calendar year
immediately preceding the year in which the above-mentioned event occurs. Such
payment

                                       4
<PAGE>

shall be paid to the Executive in a lump sum within thirty (30) days of the
Executive's date of termination. The amount payable to the Executive hereunder
shall not be reduced to account for the time value of money or discounted to
present value.

         (b) Upon the Executive's termination as a result of one of the events
specified in this Paragraph 6, the Bank or Corporation shall cause the Executive
to become fully vested in any qualified and/or nonqualified plans, programs or
arrangements in which the Executive participated, notwithstanding any provisions
contained in the respective Agreement of the plan, program or arrangement. The
Bank shall also contribute to the Executive's 401(k) Plan Account the Bank's
matching and/or profit sharing which would have been paid had the Executive
remained in the employ of the Bank throughout the remainder of the 401(k) Plan
year.

         (c) Upon the Executive's termination as a result of one of the events
specified in this Paragraph 6, the Corporation or Bank will cause to be
continued life, health and disability insurance coverage substantially identical
to the coverage maintained by the Bank or the Corporation for the Executive
prior to his severance. Such coverage shall cease upon the earlier of
Executive's employment by another employer or twelve (12) months from such
termination. Upon the expiration of the twelve (12) month period, Executive
shall have the option of continuing health insurance coverage at his/her own
expense for a period not less than the number of months by which the
Consolidated Omnibus Budget Reconciliation Act (COBRA) continuation period
exceeds twelve (12) months.

         (d) The Executive shall not be required to mitigate the amount of any
payment required hereunder by seeking other employment or otherwise nor shall
the amount paid hereunder be reduced or offset by any compensation earned or
received by the Executive as a result of employment with another employer or
self- employment. The amount paid hereunder shall not be reduced by any other
plan, program, policy

                                       5
<PAGE>

or arrangement of the Bank or Corporation. Benefits provided under Paragraph
6(c) shall be reduced to the extent comparable benefits are actually received by
the Executive from or through another employer.

7. GOOD REASON

         For purposes of this Agreement, "Good Reason" means the occurrence of
any of the events or conditions described in subparagraphs (a) through (f)
hereof without the Executive's express written consent; provided the Executive's
right to terminate his employment pursuant to this Paragraph 7 shall not be
affected by his incapacity due to physical or mental illness.

         (a)      A change in the Executive's status, title, position or
                  responsibilities (including reporting responsibilities) which,
                  in the Executive's reasonable judgment, does not represent a
                  promotion from his status, title, position or responsibilities
                  as in effect immediately prior thereto; the assignment to the
                  Executive of any duties or responsibilities which, in the
                  Executive's reasonable judgment, are inconsistent with such
                  status, title, position or responsibilities; or any removal of
                  the Executive from or failure to reappoint him to any of such
                  positions, except in connection with the termination of his
                  employment for (i) Cause, (ii) pursuant to Paragraphs 4 or 5,
                  (iii) by the Executive other than for Good Reason;

         (b)      A material reduction by the Bank or the Corporation in the
                  Executive's base salary;

         (c)      The relocation of Executive's principal place of employment to
                  a location that is more than thirty-five (35) miles from the
                  location where Executive was principally employed immediately
                  prior to such relocation or the Bank's or the Corporation's
                  requiring the Executive to be based at any place other than
                  the location where the Executive was based immediately prior
                  to such change, except for reasonably required travel (as
                  determined by the Board of Directors) on the Bank's or the
                  Corporation's business;

         (d)      The failure by the Bank or the Corporation to continue to
                  provide the Executive with benefits substantially similar to
                  those provided to him under any of the employee benefit plans
                  in which the Executive becomes a participant, or the taking of
                  any action by the Bank or the Corporation which would directly
                  or indirectly materially reduce any of such benefits or
                  deprive the Executive of any material fringe benefit enjoyed
                  by him;

         (e)      Death prior to retirement. If the Executive dies while
                  actively employed by the Bank or Corporation prior to
                  retirement; or

         (f)      Disability prior to retirement. If the Executive becomes
                  totally disabled while actively employed by the Bank or
                  Corporation prior to retirement. For purposes of this
                  agreement, the term "totally disabled" means that because of
                  injury or sickness, the Executive is unable to perform his
                  duties.

                                       6
<PAGE>

8.       CHANGE IN CONTROL

         (a) If there is a Change in Control of the Bank or Corporation during
the term of this Agreement, the Executive shall be entitled to severance
payments and/or termination benefits as described in Paragraph 6 if the
Executive's employment with the Bank or the Corporation is involuntarily
terminated in connection with or within one (1) year after the Change in
Control, other than for Cause or pursuant to Paragraphs 4 or 5. This payment
shall also be made in the case of the Executive's voluntary termination of
employment for Good Reason (as defined in Paragraph 7) in connection with or
within one (1) year after a Change in Control of the Bank or Corporation. Such
voluntary termination of employment for Good Reason in connection with or within
one (1) year after a Change in Control of the Bank or Corporation shall not
constitute a termination for Cause or a voluntary termination subject to
Paragraph 4 of this Agreement.

         (b) For purposes of this Agreement, "Change in Control of the Bank or
Corporation" means:

         (i)      The acquisition by a person or persons acting in concert of
                  the power to vote twenty-five percent (25%) or more of a class
                  of the Corporation's voting securities;

         (ii)     the acquisition by a person of the power to direct the Bank's
                  or Corporation's management or policies, if the Board of
                  Directors or the OTS has made a determination that such
                  acquisition constitutes or will constitute an acquisition of
                  control of the Bank or Corporation for the purposes of the
                  Savings & Loan Holding Company Act or the Change in Bank
                  Control Act and the regulations thereunder;

         (iii)    during any period of two (2) consecutive years during the term
                  of this Agreement, individuals who at the beginning of such
                  period constitute the Board of Directors of the Bank or the
                  Corporation cease, for any reason, to constitute at least a
                  majority thereof, unless the election of each director who was
                  not a director at the beginning of such period has been
                  approved in advance by directors representing at least two-
                  thirds (2/3) of the directors then in office who were
                  directors in office at the beginning of the period;

         (iv)     the Corporation shall have merged into or consolidated with
                  another corporation, or merged another corporation into the
                  Corporation, on a basis whereby less than fifty percent (50%)
                  of the total voting power of the surviving corporation is
                  represented by

                                       7
<PAGE>

                  shares held by former shareholders of the Corporation prior to
                  such merger or consolidation; or

         (v)      the Corporation shall have sold to another person (i)
                  substantially all of the Corporation's assets or (ii) the
                  Bank. The term "person" refers to an individual, corporation,
                  partnership, trust, association, joint venture, pool,
                  syndicate, sole proprietorship, unincorporated organization or
                  other entity.

9.       WITHHOLDING OF TAXES

         The Bank or Corporation may withhold from any benefits payable under
this Agreement all Federal, state, city or other taxes as may be required
pursuant to any law, governmental regulation or ruling.

10.      PAYMENT OF LEGAL AND/OR ACCOUNTING FEES

         Reasonable legal and/or accounting fees and expenses paid or incurred
by the Executive pursuant to any dispute or question of interpretation relating
to the Agreement shall be paid or reimbursed by the Corporation in accordance
with the following:

         (a)      If the Executive, the Bank or the Corporation initiates a
                  proceeding and the Executive prevails, all reasonable legal
                  and/or accounting fees and expenses shall be paid by the
                  Corporation.

         (b)      If the Executive initiates a proceeding and does not prevail
                  on his claim, then the Corporation shall reimburse the
                  Executive for all legal and/or accounting fees and expenses
                  but not to exceed the sum of $25,000.

11.      SUCCESSOR ORGANIZATION

         The obligations of the Corporation and the Bank as set forth herein
shall continue to be the obligation of any successor organization, any
organization which purchases substantially all of the liabilities of the
Corporation or the Bank, as well as any organization which assumes substantially
all of the liabilities of the Corporation or the Bank whether by merger,
consolidation, or other form of business

                                       8
<PAGE>

combination. This Agreement is personal to the Executive and the Executive may
not delegate his duties hereunder.

12.      NOTICES

         All notices, requests, demands and other communications hereunder shall
be in writing and shall be deemed to have been duly given if delivered by hand
or mailed, certified or registered mail, return receipt requested, with postage
prepaid to the following addresses or to such other address as either party may
designate by like notice.

         (a) If to the Corporation, to:

                                            PVF Capital Corp.
                                            2618 North Moreland Boulevard
                                            Cleveland, Ohio 44120
                                            Attn: Vice President and Secretary

         (b) If to the Bank, to:

                                            Park View Federal Savings Bank
                                            2618 North Moreland Boulevard
                                            Cleveland, Ohio 44120
                                            Attn: Corporate Secretary

         (c) If to the Executive, to:
                                            Jeffrey N. Male
                                            [RESIDENCE ADDRESS NOT SHOWN]

and to such other or additional person or persons as either party shall have
designated to the other party in writing by like notice.

13.      AMENDMENTS

         No amendments or additions to this Agreement shall be binding unless in
writing and signed by both parties, except as herein otherwise provided.

                                       9
<PAGE>

14.      PARAGRAPH HEADINGS

         The paragraph headings used in this Agreement are included solely for
convenience and shall not affect, or be used in connection with, the
interpretation of this Agreement.

15.      SEVERABILITY

         The provisions of this Agreement shall be deemed severable and the
invalidity or unenforceability of any provision shall not affect the validity or
enforceability of the other provisions here.

16.      GOVERNING LAW

         This Agreement shall, except to the extend that federal law (including
any law, rule, or regulations of the OTS or the FDIC) shall be deemed to apply,
be governed by and construed and enforced in accordance with the laws of Ohio.

17.      ARBITRATION

         Any dispute or controversy arising under or in connection with this
Agreement shall be settled exclusively by arbitration in accordance with the
rules of the American Arbitration Association then in effect. Judgment may be
entered on the arbitrator's award in any court having jurisdiction.

18.      SAFETY AND SOUNDNESS LIMITATIONS

         Notwithstanding any other provision of this Agreement, no severance
benefits under Paragraph 8 shall be paid or payable in respect of any year in
which the Bank (i) fails to meet any applicable capital requirements imposed by
Part 567 of the OTS regulations (or successor regulations) after giving effect
to the payment of severance benefits hereunder, (ii) receives or maintains a
safety and soundness CAMEL rating of 4 or 5 from the OTS, or (iii) is subject to
a proceeding to terminate deposit insurance. Severance benefits can be paid
under clause (i) above to the extent that such payment would not cause the Bank
to fail to meet any applicable capital requirements imposed by part

                                       10
<PAGE>

567 of the OTS regulations. In addition, no severance benefits under Paragraph 8
shall be paid or payable if the Executive has committed any fraudulent act or
omission or other fiduciary breach that had or is likely to have a material
adverse affect on the bank or the Corporation.

19. ENTIRE AGREEMENT

         This Agreement supersedes the July 1, 1998 Severance Agreement by and
among the Corporation, the Bank and the Executive.

         IN WITNESS WHEREOF, the parties have executed this Agreement on the day
and year first herein above written.

WITNESSES:                      PVF CAPITAL CORP.

/S/ Adeline Novak               By:  /s/  James W. Male
--------------------------           ----------------------------
/s/ Terri Ann Grodell                James W. Male
--------------------------      Its: Chairman of the Board

                                PARK VIEW FEDERAL SAVING BANK

                                By:  /s/ Stuart D. Neidus
                                     ------------------------------
                                     Stuart D. Neidus
                                Its: Chairman of the Compensation
                                     Committee

                                EXECUTIVE

                                     /s/  James W. Male
                                     ----------------------------
                                     James W. Male

                                       11
<PAGE>

County of Cuyahoga         )
                                ) ss:
State of Ohio              )

         Before me this 6th day of December, 1999, personally appeared
the above named James W. Male, Stuart D. Neidus and Jeffrey N. Male, who
acknowledged that they did sign the foregoing instrument and that the same was
their free act and deed.

                                         /s/ Theresa Grodell
                                         --------------------------------
(Notary Seal)                            Notary Public

                                         My Commission Expires:

                                         THERESA GRODELL, Notary Public
                                         State of Ohio
                                         My Commission Expires Jan. 26, 2004

                                       12
<PAGE>

                      [PARK VIEW FEDERAL SAVINGS BANK LETTERHEAD]

                                        January 29, 2001

Mr. Jeffrey N.. Male
Park View Federal Savings Bank
Corporate Center
30000 Aurora Road
Solon, OH 44139

                      RE: Amendment to Severance Agreement

Dear Jeffrey,

     The purpose of this letter is to memorialize in writing certain changes to
your Severance Agreement dated the 26th day of October, 1999 (the "Agreement"),
which changes, we, PVF Capital Corp. (the "Corporation") and Park View Federal
Savings Bank (the "Bank"), have agreed to. In accordance with the terms of the
Agreement, particularly Section 13 ("Amendments") thereof, please signify your
consent to these changes by executing this letter and returning it to the Bank.

     The changes we have agreed to are as follows:

1.   Section 3 ("Termination for Cause") of the Agreement shall be revised by
     deleting the second sentence in its entirety ("As used herein, "for cause"
     shall mean....") and inserting the following:

          For purposes of this Agreement, termination "for cause" shall mean
          only the following events: (i) personal dishonesty; (ii) incompetence;
          (iii) material breach of any provision of this Agreement; (iv) breach
          of fiduciary duty involving personal profit; (v) intentional failure
          to perform stated duties; (vi) a material breach of the reasonable
          policies and procedures for the operation of the Bank provided to the
          Executive by formal action of the Bank's Board of Directors; (vii)
          willful violation of any law, rule, regulation (other than a law, rule
          or regulation relating to a traffic violation or similar offense) or
          final cease-and-desist order; or (viii) willful misconduct.

2.   Section 12 ("Notices") of the Agreement shall be revised by deleting the
     Corporation and Bank addresses listed in subsection (a) and (b),
     respectively, and inserting the following:

     (a) If to the Corporation, to:

                               PVF Capital Corp.
                               Corporate Center
                               30000 Aurora Road
                               Solon, OH 44139

<PAGE>

Amendment to Severance Agreement
January 29, 2001
Pg 2

     (b) If to the Bank, to:

                         Park View Federal Savings Bank
                         Corporate Center
                         30000 Aurora Road
                         Solon, OH 44139

     Please signify your acceptance of and agreement to the foregoing changes by
executing this letter in the space provided and returning it to the Bank. The
changes will become effective upon receipt by the Bank of this letter executed
by you.

                                     PVF CAPITAL CORP.

                                     By:  /s/ John R. Male
                                          --------------------------------------
                                          John R. Male
                                     Its: Chairman of the Board

PARK VIEW FEDERAL SAVINGS BANK

                                     By:  /s/ Stanley T. Jaros
                                          --------------------------------------
                                          Stanley T. Jaros
                                     Its: Chairman of the Compensation Committee

Accepted and agreed to this 29th day of January, 2001, by the undersigned
Executive.

                                     EXECUTIVE

                                          /s/ Jeffrey N. Male
                                          --------------------------------------
                                          Jeffrey N. Male

                                       2

<PAGE>

                               SEVERANCE AGREEMENT
                                    AMENDMENT

     WHEREAS, PVF Capital Corp. (the "Corporation"), Park View Federal Savings
Bank (the "Bank"), and Jeffrey N. Male (the "Executive") previously entered into
a Severance Agreement, originally effective as of October 26, 1999 (the
"Agreement"); and

     WHEREAS, the parties desire to amend the Agreement to update the benefits
provided to the Executive and to provide the Executive with certain tax
indemnification in the event of a change in control of the Corporation and the
Bank; and

     WHEREAS, Section 13 of the Agreement provides for its amendment by means of
a written instrument signed by the parties.

     NOW, THEREFORE, the parties hereby agree to amend the Agreement as follows:

                                  FIRST CHANGE

     Section 6(a) of the Agreement shall be deleted in its entirety and replaced
with the following:

         (b) Upon the Executive's termination as a result of one of the events
             specified in this Paragraph 6, the Bank or Corporation shall pay to
             Executive, or in the event of his subsequent death, his beneficiary
             or beneficiaries, or his estate, as the case may be, a sum equal to
             three (3) times the Executive's annual compensation. For purposes
             of this paragraph, "annual compensation" shall be defined as the
             Executive's then current base salary plus annual incentive
             compensation for the calendar year immediately preceding the year
             in which the above-mentioned event occurs. Such payment shall be
             paid to the Executive in a lump sum within thirty (30) days of the
             Executive's date of termination. The amount payable to the
             Executive hereunder shall not be reduced for the time value of
             money or discounted to present value.

                                  SECOND CHANGE

     The following shall be added as Section 20 of the Agreement:

     20. TAX INDEMNIFICATION

         (a) For purposes of this Agreement, "Covered Benefits" shall mean any
             payment or benefit paid or provided to the Executive by the Bank,
             the Corporation or any affiliate or successor in interest (whether
             pursuant to this Agreement or otherwise) that, in the opinion of
             Tax Counsel (as defined below), might reasonably be expected to be
             subject to any excise tax (the "Excise Tax") imposed under Section
             4999 of the Internal Revenue Code of 1986, as

<PAGE>

             amended (the "Code"). In the event that the Executive shall receive
             Covered Benefits, the Corporation shall pay to the Executive an
             additional amount (the "Gross-Up Payment"), so that the net amount
             retained by the Executive from the Gross-Up Payment, after
             deduction of any federal, state and local income taxes, Excise Tax,
             and FICA and Medicare withholding taxes on the Gross-Up Payment,
             shall be equal to the Excise Tax on the Covered Benefits. For
             purposes of determining the amount of the Excise Tax on the Covered
             Benefits, the amount of the Covered Benefits that shall be taken
             into account in calculating the Excise Tax shall be equal to (i)
             the Covered Benefits, less (ii) the amount of such Covered Benefits
             that, in the opinion of tax counsel selected by the Company and
             reasonably acceptable to the Executive ("Tax Counsel"), are not
             parachute payments (within the meaning of Section 280G(b)(1) of the
             Code).

         (b) For purposes of this Section 20, the Executive shall be deemed to
             pay federal income taxes at the highest marginal rate of federal
             income taxation in the calendar year in which the Excise Tax is
             payable and state and local income taxes at the highest marginal
             rate of taxation in the state and locality of the Executive's
             residence on the effective date of the Executive's termination, net
             of the reduction in federal income taxes which could be obtained
             from deduction of such state and local taxes. Except as otherwise
             provided herein, all determinations required to be made under this
             Section 20 shall be made by Tax Counsel, which determinations shall
             be conclusive and binding on the Executive, the Bank and the
             Corporation, absent manifest error.

         (c) The Corporation shall indemnify and hold the Executive harmless
             from losses, costs and expenses which the Executive incurs as a
             result of any administrative or judicial review of the Executive's
             liability under Section 4999 of the Code by the Internal Revenue
             Service or any comparable state agency, through and including a
             final judicial determination or final administrative settlement of
             any dispute arising out of the Executive's liability for the Excise
             Tax or otherwise relating to the classification for purposes of
             Section 280G of the Code of any of the Covered Benefits or other
             payment or benefit in the nature of compensation made or provided
             to the Executive by the Corporation. The Executive shall promptly
             notify the Corporation in writing whenever the Executive receives
             notice of the commencement of any judicial or administrative
             proceeding in which the federal tax treatment under Section 4999 of
             the Code of any amount paid or payable under this Agreement or
             otherwise is being reviewed or is in dispute (including a notice of
             audit or other inquiry concerning the reporting of the Executive's
             liability under Section 4999). The Corporation may assume control
             at its expense over all legal and accounting matters pertaining to
             such federal or state tax treatment of the Covered Benefits or any
             payment or benefit in the nature of compensation made or provided
             to the Executive by

                                       2
<PAGE>

             the Corporation, and the Executive shall cooperate fully with the
             Corporation in any such proceeding. The Executive shall not enter
             into any compromise or settlement or otherwise prejudice any rights
             the Corporation may have in connection therewith without the prior
             consent of the Corporation. In the event that the Corporation
             elects not to assume control over such matters, the Corporation
             shall promptly reimburse the Executive for all expenses related
             thereto as and when incurred, upon presentation of appropriate
             documentation relating to such expenses.

     The parties hereby ratify the above changes and certify that, in all other
respects, the existing terms and provisions of the Agreement remain in full
force and effect.

     IN WITNESS WHEREOF, the Bank and the Corporation have caused this Amendment
to the Agreement to be executed by their duly authorized officers, and the
Executive has signed this Amendment, on the 30th day of April, 2007.

ATTEST:                             PVF CAPITAL CORP.

/s/ Terri Ann Grodell               By: /s/ Gerald A. Fallon
----------------------------           -----------------------------------------
                                       For the Board of Directors

ATTEST:                             PARK VIEW FEDERAL SAVINGS BANK

/s/ Terri Ann Grodell               By: /s/ Gerald A. Fallon
----------------------------           -----------------------------------------
                                       For the Board of Directors

WITNESS:                            EXECUTIVE

/s/ Carol S. Porter                 /s/ Jeffrey N. Male
----------------------------        --------------------------------------------
                                    Jeffrey N. Male

                                       3

<PAGE>
                                 THIRD AMENDMENT
                                       TO
                               SEVERANCE AGREEMENT

         This Third Amendment to Severance Agreement (this "Third Amendment") is
made to be effective as of July 24, 2007, by and among PVF Capital Corp. (the
"Corporation"), Park View Federal Savings Bank (the "Bank") and Jeffrey Male
(the "Executive").

         WHEREAS, Executive, the Corporation and the Bank are parties to a
Severance Agreement dated October 26, 1999, as subsequently amended on January
29, 2001 and April 30, 2007 (as amended, the "Agreement");

         WHEREAS, the parties desire to amend the Agreement to include a
non-compete provision; and

         WHEREAS, Section 13 of the Agreement provides for its amendment by
means of a written instrument signed by the parties;

         NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the Corporation, Bank and Executive agree as follows:

         1.       The following shall be added as Section 21 of the Agreement:

                  21.  COVENANT NOT TO COMPETE

                           Commencing on the date of the Executive's termination
                  of employment (a) by the Corporation, Bank or any successor
                  organization for cause or in connection with a Change in
                  Control, or (b) by the Executive for any reason, and ending on
                  the third anniversary thereof, the Executive agrees that he
                  shall not, directly or indirectly, either as principal, agent,
                  owner, shareholder, officer, director, partner, lender,
                  investor, independent contractor, consultant or in any other
                  capacity, engage in, have a financial interest in (except the
                  ownership by Executive of less than 1% of the outstanding
                  equity securities of any publicly held corporation) or be in
                  any way connected or affiliated with, or render advice or
                  services to any natural person, organization or entity of any
                  type that engages in any activity that would compete in any
                  way with the Corporation, the Bank or any successor
                  organization in Ohio, Pennsylvania, Indiana, Michigan, West
                  Virginia or Kentucky. This Section 21 shall survive the
                  termination of this Agreement and the obligations and rights
                  hereunder shall inure to the benefit of any successor
                  organization.

         2.       Except as expressly amended hereby, the Agreement, as amended
by this Third Amendment, shall remain in full force and effect.

<PAGE>

         3. This Third Amendment may be executed in any number of counterparts,
and each of such counterparts, when so executed, shall be deemed to be an
original and all such counterparts shall together constitute but one and the
same instrument.

         IN WITNESS WHEREOF, the parties hereto have executed this Third
Amendment, to be effective as of the day and year first above written.

                                         CORPORATION:

                                         PVF CAPITAL CORP.

                                         By: /s/ John R. Male
                                             ----------------------------------
                                             Its Chairman of the Board and
                                                 Chief Executive Officer
                                                 ------------------------------

                                         PARK VIEW FEDERAL SAVINGS BANK

                                         By: /s/ John R. Male
                                             ----------------------------------
                                             Its Chairman of the Board and
                                                 Chief Executive Officer
                                                 ------------------------------

                                         EXECUTIVE:

                                         /s/ Jeffrey N. Male
                                         --------------------------------------
                                         Jeffrey N. Male

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