Document:

Exhibit 10.5

 

CIIG Merger Corp.

40 West 57th
Street, 29th Floor

New York, NY 10019

 

September 19, 2019

 

CIIG Management LLC

40 West 57th Street, 29th Floor

New York, NY 10019

 

RE: Securities Subscription
Agreement

 

Ladies and Gentlemen:

 

This agreement (the “Agreement”)
is entered into on September 19, 2019 by and between CIIG Management LLC, a Delaware limited liability company (the “Subscriber”
or “you”), and CIIG Merger Corp., a Delaware corporation (the “Company,” “we”
or “us”). Pursuant to the terms hereof, the Company hereby accepts the offer the Subscriber has made to purchase
5,750,000 shares of Class B common stock, $0.0001 par value per share (the “Shares”), up to 750,000 of which
are subject to forfeiture by you if the underwriters of the initial public offering (“IPO”) of units (“Units”)
of the Company, do not fully exercise their over-allotment option (the “Over-allotment Option”). The Company
and the Subscriber’s agreements regarding such Shares are as follows:

 

1. Purchase of Securities.

 

1.1. Purchase of
Shares. For the sum of $25,000 (the “Purchase Price”), which the Company acknowledges receiving in cash,
the Company hereby issues the Shares to the Subscriber, and the Subscriber hereby purchases the Shares from the Company, subject
to forfeiture, on the terms and subject to the conditions set forth in this Agreement. Concurrently with the Subscriber’s
execution of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate registered in the Subscriber’s
name representing the shares (the “Original Certificate”), or effect such delivery in book-entry form.

 

2. Representations,
Warranties and Agreements.

 

2.1. Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby
represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1.No Government
Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or made any
recommendation or endorsement of the offering of the Shares.

 

2.1.2.No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the
transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing
documents of the Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party or (iii) any law,
statute, rule or regulation to which the Subscriber is subject, or any agreement, order, judgment or decree to which the
Subscriber is subject.

 

2.1.3.Organization and Authority.
The Subscriber is a Delaware limited liability company, validly existing and in good standing under the laws of Delaware and
possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. Upon
execution and delivery by you, this Agreement is a legal, valid and binding agreement of Subscriber, enforceable against
Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights
generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or
in equity).

 

     

     

    

 

2.1.4.Experience, Financial Capability
and Suitability. Subscriber is: (i) sophisticated in financial matters and is able to evaluate the risks and benefits of
the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for an indefinite period
of time because the Shares have not been registered under the Securities Act (as defined below) and therefore cannot be sold
unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber is
capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own
interests. Subscriber must bear the economic risk of this investment until the Shares are sold pursuant to: (i) an effective
registration statement under the Securities Act or (ii) an exemption from registration available with respect to such sale.
Subscriber is able to bear the economic risks of an investment in the Shares and to afford a complete loss of
Subscriber’s investment in the Shares.

 

2.1.5.Access to Information;
Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity to ask
questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the
finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify
the accuracy of all information so obtained. In determining whether to make this investment, Subscriber has relied solely on
Subscriber’s own knowledge and understanding of the Company and its business based upon Subscriber’s own due
diligence investigation and the information furnished pursuant to this paragraph. Subscriber understands that no person has
been authorized to give any information or to make any representations which were not furnished pursuant to this Section 2
and Subscriber has not relied on any other representations or information in making its investment decision, whether written
or oral, relating to the Company, its operations and/or its prospects.

 

2.1.6.Regulation
D Offering. Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of
Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) and acknowledges the sale
contemplated hereby is being made in reliance on a private placement exemption to “accredited investors” within the
meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under state law.

 

2.1.7.Investment Purposes. The
Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and not for the
account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The Subscriber
did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning
of Rule 502 under the Securities Act.

 

2.1.8.Restrictions on Transfer; Shell
Company. Subscriber understands the Shares are being offered in a transaction not involving a public offering within the
meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities” within the
meaning of Rule 144(a)(3) under the Securities Act, and Subscriber understands that the certificates or book-entries
representing the Shares will contain a legend in respect of such restrictions. If in the future the Subscriber decides to
offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred
only pursuant to: (i) registration under the Securities Act, or (ii) an available exemption from registration. Subscriber
agrees that if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any
such transfer, Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent
registration or an exemption, the Subscriber agrees not to resell the Shares. Subscriber further acknowledges that because
the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of the Shares until one year
following consummation of the initial business combination of the Company, despite technical compliance with the requirements
of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.1.9.No Governmental Consents.
No governmental, administrative or other third party consents or approvals are required, necessary or appropriate on the part
of Subscriber in connection with the transactions contemplated by this Agreement.

 

    2

     

    

 

2.2. Company’s Representations,
Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby represents and warrants to the
Subscriber and agrees with the Subscriber as follows:

 

2.2.1. Organization and Corporate
Power. The Company is a Delaware corporation and is qualified to do business in every jurisdiction in which the failure
to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or
assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the
transactions contemplated by this Agreement.

 

2.2.2. No Conflicts. The execution,
delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby do not
violate, conflict with or constitute a default under (i) the Certificate of Incorporation or By Laws of the Company, (ii) any
agreement, indenture or instrument to which the Company is a party or (iii) any law, statute, rule or regulation to which the
Company is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3. Title to Securities. Upon
issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and validly issued, fully
paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Subscriber will have
or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (a)
transfer restrictions hereunder and other agreements to which the Shares may be subject which have been notified to the
Subscriber in writing, (b) transfer restrictions under federal and state securities laws, and (c) liens, claims or
encumbrances imposed due to the actions of the Subscriber.

 

2.2.4. No Adverse Actions. There
are no actions, suits, investigations or proceedings pending, threatened against or affecting the Company which: (i) seek to
restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or (ii)
question the validity or legality of any transactions or seeks to recover damages or to obtain other relief in connection
with any transactions.

 

3. Forfeiture of
Shares.

 

3.1. Partial or
No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters of the IPO is
not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees of Shares) shall
forfeit any and all rights to such number of Shares (up to an aggregate of 750,000 Shares and pro rata based upon the percentage
of the Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and all other initial
stockholders prior to the IPO, if any) will own an aggregate number of Shares, not including Shares issuable upon exercise of any
warrants or any Common Stock purchased by Subscriber in the IPO or in the aftermarket equal to 20% of the issued and outstanding
Shares immediately following the IPO.

 

3.2. Termination
of Rights as Stockholder. If any of the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber
(or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such
action as is appropriate to cancel such forfeited Shares.

 

3.3. Share Certificates.
In the event an adjustment to the Original Certificates, if any, is required pursuant to this Section 3, then the Subscriber
shall return such Original Certificates to the Company or its designated agent as soon as practicable upon its receipt of notice
from the Company advising Subscriber of such adjustment, following which a new certificate (the “New Certificate”),
if any, shall be issued in such amount representing the adjusted number of Shares held by the Subscriber. The New Certificate,
if any, shall be returned to the Subscriber as soon as practicable. Any such adjustment for any uncertificated securities held
by the Subscriber shall be made in book-entry form.

 

4. Waiver of Liquidation Distributions;
Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the Subscriber hereby waives any and
all right, title, interest or claim of any kind in or to any distributions by the Company from the trust account which will be
established for the benefit of the Company’s public stockholders and into which substantially all of the proceeds of the
IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company upon the Company’s
failure to timely complete an initial business combination. For purposes of clarity, in the event the Subscriber purchases Shares
in the IPO or in the aftermarket, any additional Shares so purchased shall be eligible to receive any liquidating distributions
by the Company. However, in no event will the Subscriber have the right to redeem any Shares into funds held in the Trust Account
upon the successful completion of an initial business combination.

 

    3

     

    

 

5. Restrictions on Transfer.

 

5.1. Securities Law
Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider
Letter”) to be dated as of the closing of the IPO by and between Subscriber and the Company, Subscriber agrees not to
sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior thereto (a) a registration
statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Shares proposed
to be transferred shall then be effective or (b) the Company has received an opinion from counsel reasonably satisfactory to the
Company, that such registration is not required because such transaction is exempt from registration under the Securities Act
and the rules promulgated by the Securities and Exchange Commission thereunder and with all applicable state securities laws.

 

5.2. Lock-up.
Subscriber acknowledges that the Securities will be subject to lock-up provisions (the “Lock-up”) contained
in the Insider Letter.

 

5.3. Restrictive
Legends. Any certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL,
IS AVAILABLE.”

 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF
THE LOCKUP.”

 

5.4. Additional
Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration of an extraordinary
dividend payable in a form other than Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding Shares without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject
to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5 and Section
Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number and/or class of
Shares subject to this Section 5 and Section 3.

 

5.5. Registration
Rights. Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to
a registration rights agreement to be entered into with the Company prior to the closing of the IPO.

 

6. Other Agreements.

 

6.1. Further Assurances.
Subscriber agrees to execute such further instruments and to take such further action as may reasonably be necessary to carry out
the intent of this Agreement.

 

6.2. Notices.
All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business
day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery
to an overnight courier service or five (5) days after mailing if sent by mail.

 

    4

     

    

 

6.3. Entire Agreement.
This Agreement, together with the Insider Letter and the Registration Rights Agreement, each substantially in the form to be filed
as an exhibit to the Registration Statement on Form S-1 associated with the Company’s IPO, embodies the entire agreement and
understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes all prior oral or
written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant
or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict,
the express terms and provisions of this Agreement.

 

6.4. Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by
all parties hereto.

 

6.5. Waivers and
Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by
a written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether
or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was
given, and shall not constitute a continuing waiver or consent.

 

6.6. Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of
the other party.

 

6.7. Benefit.
All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto
and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement
shall be construed to create any tights or obligations except among the parties hereto, and no person or entity shall be regarded
as a third-party beneficiary of this Agreement.

 

6.8. Governing
Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed
by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the
conflict of law principles thereof.

 

6.9. Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

6.10. No Waiver
of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement,
and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party.
No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance
of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the
exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver
of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this
Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in
any circumstances without such notice or demand.

 

6.11. Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any
other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof
and any investigations made by or on behalf of the parties.

 

6.12. No
Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, fmder or other
financial consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in
such a way as to create any liability on the other. Each of the parties hereto agrees to indemnify and save the other
harmless from any claim or demand for commission or other compensation by any broker, fmder, financial consultant or similar
agent claiming to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred in
defending against any such claim.

 

    5

     

    

 

6.13. Headings
and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only
and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14. Counterparts.
This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

6.15. Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question
of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no
presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision
of this Agreement. The words “include,” “includes,” and “including” will be
deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be
construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa,
unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,”
“hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to
any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and
covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty,
or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating
to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will
not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or
covenant.

 

6.16. Mutual Drafting.
This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been subject to the mutual
consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

7. Voting
and Tender of Shares. Subscriber agrees to vote the Shares in favor of an initial business combination that the Company negotiates
and submits for approval to the Company’s stockholders and shall not seek redemption with respect to such Shares. Additionally,
the Subscriber agrees not to tender any Shares in connection with a tender offer presented to the Company’s stockholders
in connection with an initial business combination negotiated by the Company.

 

8. Indemnification.
Each party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s fees and expenses)
incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement.

 

[Signature Page Follows]

 

    6

     

    

 

If the foregoing accurately
sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	Very
    truly yours,
	 	 
	 	CIIG
    MERGER CORP.
	 	 
	 	By: 	/s/
    F. Peter Cuneo
	 	 	Name: F.
    Peter Cuneo
	 	 	Title: Chief
    Executive Officer

 

Accepted and agreed as of the date first
written above.

 

CIIG MANAGEMENT LLC

 

	By: 	/s/
    Gavin M. Cuneo     	 
	 	Name: Gavin M. Cuneo 	 
	 	Title: Authorized Signatory	 

 

[Signature Page to Securities Subscription
Agreement]

 

 

7EX-4.11

 Exhibit 4.11 

CENTRAL FEDERAL CORPORATION 

2019 EQUITY INCENTIVE PLAN 

Section 1. Purpose. The purpose of the Plan is to advance the interests of the Holding Company and its shareholders
by affording to Outside Directors and Employees an opportunity to acquire or increase their proprietary interest in the Holding Company by the grant to such persons of Awards under the terms set forth herein. By encouraging such persons to become
owners of the Holding Company, the Holding Company seeks to attract, motivate, reward and retain those highly competent individuals upon whose judgment, initiative, leadership and efforts are key to the success of the Holding Company. 

Section 2. Definitions. Whenever used in this Plan, the following words, terms and phrases have the meanings given
to them in this Section 2, unless another meaning is expressly provided elsewhere in this Plan or clearly required by the context. When applying these definitions and any other word, term or phrase used in this Plan, the form of any word, term
or phrase will include any and all of its other forms. 
  

	 	(a)	 “Affiliate” means any entity regardless of its form (including, but not limited to, a
corporation, partnership or limited liability company) that directly or indirectly controls, is controlled by or is under common control with, the Holding Company within the meaning of Code Section 414(b), as modified by Code Section 409A.

  

	 	(b)	 “Award” means any Option, Restricted Stock, Restricted Stock Unit or Stock Appreciation Right
granted under the Plan. 

  

	 	(c)	 “Award Agreement” means the written or electronic agreement between the Holding Company and
each Participant that describes the terms and conditions of each Award. If there is a conflict between the terms of this Plan and the terms of any Award Agreement, the terms of this Plan will govern. 

 

	 	(d)	 “Bank” means CF Bank and includes any of its wholly owned subsidiaries. 

 

	 	(e)	 “Board” means the Board of Directors of the Holding Company. 

 

	 	(f)	 “Change in Control” shall mean with respect to the Bank or the Holding Company, an event of a
nature that: 

  

	 	(i)	 would be required to be reported in response to Item 5.01 of the current report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or 

 

	 	(ii)	 results in a Change in Control of the Holding Company or the Bank within the meaning of the Home Owner’s
Loan Act of 1933, as amended, or the Federal Deposit Insurance Act and the Rules or Regulations promulgated by the Office of Thrift Supervision (the “OTS”), as in effect on the date hereof (provided, that in applying the definition
of change in control as set forth under the rules and regulations of the OTS, the Committee shall substitute its judgment for that of the OTS); or 

  

	 	(iii)	 without limitation, such a Change in Control shall be deemed to have occurred at such time as:

  

	 	(A)	 any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or
becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of voting securities of the Bank or the Holding Company representing 20% or more of the
Bank’s or the Holding Company’s outstanding voting securities or right to acquire such securities except for any voting securities of the Bank purchased by the Holding Company and any voting securities purchased by any employee benefit
plan of the Holding Company or its Subsidiaries; or 

  

	 	(B)	 individuals who constitute the Board on the date hereof (the “Incumbent Board”) cease for any
reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board, or whose
nomination for election by the Holding Company’s stockholders was approved by a nominating committee solely composed of members 

	 	
who are Incumbent Board members, shall be, for purposes of this clause (B), considered as though he were a member of the Incumbent Board; or 

 

	 	(C)	 a plan of reorganization, merger, consolidation, sale of all or substantially all the assets of the Bank or the
Holding Company or similar transaction occurs or is effectuated in which the Bank or Holding Company is not the resulting entity; or 

  

	 	(D)	 a proxy statement has been distributed soliciting proxies from stockholders of the Holding Company, by someone
other than the current management of the Holding Company, seeking stockholder approval of a plan of reorganization, merger or consolidation of the Holding Company or Bank with one or more corporations as a result of which the outstanding shares of
the class of securities then subject to such plan or transaction are exchanged for or converted into cash or property or securities not issued by the Bank or the Holding Company shall be distributed; or 

 

	 	(E)	 a tender offer is made for 20% or more of the voting securities of the Bank or Holding Company then
outstanding. 

 With regard to any Award that is subject to Code Section 409A, the definition of Change in Control
contained in this Section 2(f) shall be interpreted in a manner that is consistent with the definition of “change in control event” under Code Section 409A. 

 

	 	(g)	 “Code” means the Internal Revenue Code of 1986, as amended, and any applicable rulings or
regulations issued under the Code. 

  

	 	(h)	 “Committee” means the Compensation Committee of the Board or such other committee of the Board
as may be designated by the Board to administer the Plan, which committee shall consist of three or more members of the Board, each of whom is a “non-employee director” within the meaning of Rule 16b-3 promulgated under the Exchange Act; provided, however, that with respect to the application of the Plan to Awards made to Outside Directors, “Committee” means the Board. To the extent that no
Committee exists that has the authority to administer the Plan, the functions of the Committee shall be exercised by the Board. If for any reason the appointed Committee does not meet the requirements of Rule
16b-3, such noncompliance with such requirements shall not affect the validity of Awards, grants, interpretations or other actions of the Committee. 

 

	 	(i)	 “Disability” means any mental or physical condition with respect to which the Participant
qualifies for and receives benefits under a long-term disability plan of the Holding Company or an Affiliate, or in the absence of such a long-term disability plan or coverage under such a plan, “Disability” shall mean a physical or
mental condition which, in the sole discretion of the Committee, is reasonably expected to be of indefinite duration and to substantially prevent the Participant from fulfilling his duties or responsibilities to the Holding Company or an Affiliate.
In the case of Incentive Stock Options, “Disability” has the meaning set forth in Code Section 22(e)(3). 

  

	 	(j)	 “Effective Date” means the date this Plan is approved by the Board, which is listed on the
last page of the Plan; provided, however, that if the Plan is not approved by the shareholders of the Holding Company within twelve (12) months following such adoption, the Plan and all outstanding Awards, if any, shall be deemed null and void
and shall be of no force or effect. No shares of Stock may be issued pursuant to this Plan prior to approval of the Plan by the shareholders of the Holding Company. 

 

	 	(k)	 “Employee” means any person employed by the Holding Company or an Affiliate. Directors of the
Holding Company or any Affiliate who are also employed by the Holding Company or an Affiliate shall be considered Employees under the Plan. 

  

	 	(l)	 “Fair Market Value” shall mean the market price of Stock, determined by the Committee as
follows: 

  

	 	(i)	 If the Stock is traded on the Nasdaq® Stock Market,
then the Fair Market Value shall be equal to the closing price reported for the relevant date if it is a trading day or, otherwise, the reported “opening price” on the next trading day; 

  
 -2- 

	 	(ii)	 If the Stock was traded on a stock exchange for the date in question, then the Fair Market Value shall be equal
to the closing price reported by the applicable composite transactions report for the relevant date if it is a trading day or, otherwise, the reported “opening price” on the next trading day; and 

 

	 	(iii)	 If neither of the foregoing provisions is applicable, then (A) with respect to any Incentive Stock Option,
Fair Market Value shall be determined by the Committee in compliance with Code Section 422, and (B) with respect to any other Award, the Fair Market Value shall be determined by the Committee in good faith by reasonable application of a
reasonable valuation method, considering any and all information the Committee determines relevant, consistent with Code Section 409A. 

The Committee’s determination of Fair Market Value shall be conclusive and binding on all persons. 

 

	 	(m)	 “Holding Company” means Central Federal Corporation, together with any successor thereto.

  

	 	(n)	 “Incentive Stock Option” shall mean an Option to purchase shares of Stock which is designated
as an Incentive Stock Option by the Committee and which meets the requirements of Code Section 422. 

  

	 	(o)	 “Nonqualified Stock Option” shall mean an Option to purchase shares of Stock which is does not
qualify as an Incentive Stock Option. 

  

	 	(p)	 “Option” shall mean an option to purchase shares of Stock granted pursuant to Section 5
of the Plan. Options granted under the Plan shall be either Nonqualified Stock Options or Incentive Stock Options. 

  

	 	(q)	 “Outside Director” means a member of the Board or the board(s) of directors of an Affiliate
who is not also an Employee of the Holding Company or an Affiliate. 

  

	 	(r)	 “Participant” means each Employee or Outside Director who is selected to participate in this
Plan by the Committee and to whom an Award has been granted under the Plan. 

  

	 	(s)	 “Plan” means this Central Federal Corporation 2019 Equity Incentive Plan and any amendments
made hereto after the Effective Date. 

  

	 	(t)	 “Restricted Stock” shall mean a share of Stock granted to a Participant pursuant to
Section 7 of the Plan. 

  

	 	(u)	 “Restricted Stock Unit” shall mean an Award granted pursuant to Section 8 of this Plan
under which a Participant is issued a right to receive a specified number of shares of Stock or a cash payment equal to the Fair Market Value of a specified number of shares of Stock, the settlement of which is subject to specified restrictions on
vesting and transferability. 

  

	 	(v)	 “Retirement” means (i) with respect to an Employee, except as otherwise provided in an
Award Agreement, retirement from employment with the Holding Company or an Affiliate in accordance with the then current retirement policies of the Holding Company or Affiliate, as applicable; and (ii) with respect to an Outside Director, the
termination of service from the Board and the board(s) of directors of any Affiliate following written notice to the applicable board(s) of directors of the Outside Director’s intention to retire. 

 

	 	(w)	 “Stock” means the common stock of the Holding Company, par value $.01 per share; or, in the
event that the outstanding shares of Stock are changed into or exchanged for different shares or securities of the Holding Company or some other entity, such other shares or securities. 

 

	 	(x)	 “Stock Appreciation Right” shall mean a right to receive an amount equal to the excess of the
Fair Market Value on the exercise date over the Fair Market Value on the date the Stock Appreciation Right is granted pursuant to Section 6 of the Plan. 

  

	 	(y)	 “Separation from Service” means the Participant’s termination of employment with or
service to the Holding Company and the Affiliates, determined pursuant to Code Section 409A. 

  

	 	(z)	 “Termination for Cause” shall mean (i) with respect to an Outside Director, removal from
the Board or the board(s) of directors of an Affiliate in accordance with the applicable by-laws of the Holding Company and its Affiliates or (ii) with respect to an Employee, as defined under any
employment agreement with the Holding 

  
 -3- 

	 	
Company or an Affiliate; provided, however, that if no employment agreement exists with respect to the Employee, Termination for Cause shall mean termination of employment because of
(A) a material loss to the Holding Company or an Affiliate, or (B) a termination of employment because of a material violation of Holding Company or Bank policies or code of conduct, each as determined by and in the sole discretion of the
Committee. 

 Section 3. Administration of the Plan. 

 

	 	(a)	 This Plan shall be administered by the Committee. Subject to the terms of this Plan and applicable law, and in
addition to other express powers and authorizations conferred on the Committee by this Plan, the Committee shall have full power and authority to determine from time to time: (i) the individuals to whom Awards may be granted, (ii) the
number of shares of Stock to be subject to each Award, (iii) the period during which each Option or Stock Appreciation Right may be exercised, (iv) the price at which each Option or Stock Appreciation Right may be exercised, (v) the
terms and conditions of any Award, and (vi) whether, to what extent and under what circumstances Awards may be settled or exercised in cash or other property or canceled, forfeited or suspended. 

 

	 	(b)	 The Committee shall also: (i) interpret and administer this Plan and any instrument or agreement relating
to, or Award made under, this Plan; (ii) establish, amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of this Plan; and (iii) make any other determination
and take any other action that the Committee deems necessary or desirable for the administration of this Plan. 

  

	 	(c)	 Unless otherwise expressly provided in this Plan, all designations, determinations, interpretations and other
decisions under or with respect to this Plan or any Award shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all Persons, including without limitation the Holding Company,
any Affiliate and any Participant. 

  

	 	(d)	 Prohibition of Repricing. Except in connection with a corporate transaction involving the Holding
Company (including, without limitation, any Stock dividend, Stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up,
spin-off, combination or exchange of shares of Stock), the terms of outstanding Awards may not be amended without shareholder approval to reduce the exercise price of outstanding Options or Stock Appreciation
Rights or to cancel outstanding Options or Stock Appreciation Rights in exchange for cash, Options or Stock Appreciation Rights with an exercise price that is less than the exercise price of the original Options or Stock Appreciation Rights, or
other Awards or property. 

  

	 	(e)	 Termination of Plan. The Plan shall terminate upon the earliest of (a) the tenth anniversary of the
Effective Date; (b) the date on which all Stock available for issuance under the Plan has been issued pursuant to the exercise or settlement, as applicable, of Awards granted hereunder or with respect to which payments have been made upon the
exercise of Stock Appreciation Rights or other rights; or (c) the determination of the Board that the Plan shall terminate. No Awards may be granted under the Plan after such termination date, provided that the Awards granted and outstanding on
such date shall continue to have force and effect in accordance with the provisions of the Award Agreements evidencing such Awards. 

Section 4. Shares of Stock Subject to Plan. 
  

	 	(a)	 Grant of Awards. The Committee shall designate the Employees and Outside Directors eligible to receive
Awards and the number of shares of Stock subject to such Awards. 

  

	 	(b)	 Stock Available for Awards. Subject to adjustment pursuant to the
anti-dilution adjustment provisions of Section 4(e) hereof, the aggregate number of shares of Stock with respect to which Awards may be granted during the term of the Plan shall not exceed 300,000, plus
any shares that as of March 27, 2019 are subject to grants under the Central Federal Corporation 2009 Equity Compensation Plan and that are later forfeited or expire. Shares with respect to which Awards may be granted may be either authorized
and unissued shares of Stock or shares of Stock issued and thereafter acquired by the Holding Company. All 350,000 shares may be granted as Incentive Stock Options. 

 

	 	(c)	 Fiscal Year Limits. Subject to adjustment pursuant to the
anti-dilution adjustment provisions of Section 4(e) hereof, during any fiscal year of the Holding Company, the Committee may not make grants of all forms of Awards to a single Participant in this Plan
covering more than an aggregate of 75,000 shares of Stock. The aggregate Fair Market Value of the shares of Stock (under all plans of the Holding Company and all of its 

  
 -4- 

	 	
Affiliates), with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year, may not exceed $100,000. Any Options that exceed $100,000
shall be treated as Nonqualified Stock Options. 

  

	 	(d)	 Share Recycling. Shares of Stock with respect to which an Award granted hereunder shall have been
exercised or settled, as applicable, shall not again be available for grant hereunder. If Awards granted hereunder shall expire, terminate or be canceled for any reason without being wholly exercised or settled, as applicable, new Awards may be
granted hereunder covering the number of shares of Stock to which such Award’s expiration, termination or cancellation relates. For purposes of clarity, shares of Stock that are withheld from or that are tendered by a Participant (either by
delivery or attestation) in payment of an exercise price or to cover withholding tax obligations shall not be available to future grants under the Plan. 

  

	 	(e)	 Anti-dilution. If there is a Stock dividend, Stock split,
recapitalization (including payment of an extraordinary dividend), merger, consolidation, combination, spin-off, distribution of assets to shareholders, exchange of shares or other similar corporate change
affecting the Stock, the Committee will appropriately adjust (i) the number of shares of Stock that may be issued subject to Awards that may be granted to Participants during any period, (ii) the aggregate number of shares of Stock
available for Awards or subject to outstanding Awards (as well as any Stock-based limits imposed under the Plan), (iii) the respective exercise price, number of shares of Stock and other limitations applicable to outstanding Awards, and
(iv) and other factors, limits or terms affecting any outstanding Awards. Notwithstanding the foregoing, an adjustment pursuant to this Section 4(e) shall be made only to the extent such adjustment complies, to the extent applicable, with
Code Section 409A. 

 Section 5. Options 

 

	 	(a)	 Grant of Options. Subject to the terms, restrictions and conditions specified in the Plan and the
associated Award Agreement, the Committee may grant Nonqualified Stock Options and Incentive Stock Options to Employees and Nonqualified Stock Options to Outside Directors at any time during the term of the Plan. Each Option granted hereunder shall
be evidenced by minutes of a meeting or the written consent of all of the members of the Committee, and by a written Award Agreement in such form as the Committee shall approve from time to time. The Award Agreement shall set forth such terms and
conditions of the Option as may be determined by the Committee, consistent with the Plan. 

  

	 	(b)	 Exercise Price. The exercise price of the Stock subject to an Option shall not be less than the Fair
Market Value on the date the Option is granted; provided, however, that the exercise price for an Incentive Stock Option granted to a Participant who owns or who is deemed to own shares possessing more than 10% of the total combined voting power of
all classes of shares of the Holding Company or any Affiliate as determined under Code Section 422 (a “10 Percent Owner”), shall not be less than 110% of the Fair Market Value on the date the Incentive Stock Option is granted.

  

	 	(c)	 Option Grant and Exercise Periods. No Option may be granted after the tenth anniversary of the Effective
Date. The period for exercise of each Option shall be determined by the Committee, but in no instance shall such period extend beyond the tenth anniversary of the date of grant of the Option. The period of exercise for each Incentive Stock Option
granted to a 10 Percent Owner may not be more than 5 years from the date of grant of the Option. 

  

	 	(d)	 Vesting. Options shall be exercisable according to respective vesting schedules set forth in each Award
Agreement as determined by the Committee; provided that vesting of any Option that is based in whole or in part on performance conditions and/or the level of achievement versus such performance conditions shall be subject to a performance
period of not less than one year, and vesting of any Option based solely upon continued employment or the passage of time shall vest over a period of not less than three years from the date the Award is made, provided that such vesting may
occur in pro rata installments over the three-year period, with the first installment vesting no sooner than the first anniversary of the date of grant of such Award. 

 

	 	(e)	 Option Exercise Procedure. 

 

	 	(i)	 Subject to the terms, restrictions and conditions specified in the Plan and the associated Award Agreement, an
Option may be exercised in whole or in part (but with respect to whole shares only) and from time to time by delivering to the Holding Company at its principal office written notice of intent to exercise the Option with respect to a specified number
of shares of Stock. 

  
 -5- 

	 	(ii)	 Subject to such terms and conditions as may be determined by the Committee in its sole discretion upon grant of
any Option, payment for the shares of Stock to be acquired pursuant to exercise of the Option shall be made as follows: 

  

	 	(A)	 By delivering to the Holding Company at its principal office a check payable to the order of “Central
Federal Corporation” in the amount of the exercise price for the number of shares of Stock with respect to which the Option is then being exercised; or 

  

	 	(B)	 By tendering to the Holding Company shares of Stock owned by the Participant for at least six months prior to
the date the Option is exercised (or such other period acceptable under the generally accepted accounting principles) having an aggregate Fair Market Value as of the date of exercise equal to the exercise price for the number of shares of Stock with
respect to which the Option is then being exercised; or 

  

	 	(C)	 By a cashless exercise (including by withholding shares of Stock deliverable upon exercise and through a
broker-assisted arrangement to the extent permitted by applicable law); or 

  

	 	(D)	 By any combination of payments delivered pursuant to Section 5(e)(ii)(A), (B) and (C) above.

  

	 	(f)	 Rights as a Shareholder. A Participant shall have no rights as a shareholder with respect to any share
of Stock subject to such Option prior to the exercise of the Option and the purchase of such shares of Stock. 

  

	 	(g)	 Requirement of Notification Upon Disqualifying Disposition Under Code Section 421(b). If any
Participant shall make any disposition of shares of Stock delivered pursuant to the exercise of an Incentive Stock Option under the circumstances described in Code Section 421(b) (i.e., a disqualifying disposition), such Participant shall
notify the Holding Company of such disposition within ten days thereof. 

 Section 6. Stock Appreciation
Rights 
  

	 	(a)	 Grant of Stock Appreciation Rights. Subject to the terms, restrictions and conditions specified in the
Plan and the associated Award Agreement, the Committee may grant Stock Appreciation Rights to Participants at any time during the term of the Plan, either alone or in tandem with other Awards. Such Stock Appreciation Rights shall be evidenced by an
Award Agreement in such form as the Committee shall from time to time approve. Such Award Agreements shall comply with, and be subject to, the following terms and conditions: 

 

	 	(b)	 Exercise Price. The exercise price of a Stock Appreciation Right may not be less than 100% of the Fair
Market Value on the date of grant. 

  

	 	(c)	 Stock Appreciation Right Period and Exercise. The Award Agreement will specify the period over which a
Stock Appreciation Right may be exercised and the terms and conditions that must be met before it may be exercised; provided, however, that an Award Agreement may not permit the Stock Appreciation Right to be exercisable more than 10 years after the
date of grant. A Participant may exercise a Stock Appreciation Right by giving written notice of exercise on a form acceptable to the Committee specifying the portion of the Stock Appreciation Right being exercised. 

 

	 	(d)	 Vesting. Stock Appreciation Rights shall be exercisable according to respective vesting schedules set
forth in each Award Agreement as determined by the Committee; provided that vesting of any Stock Appreciation Right that is based in whole or in part on performance conditions and/or the level of achievement versus such performance conditions
shall be subject to a performance period of not less than one year, and vesting of any Stock Appreciation Rights based solely upon continued employment or the passage of time shall vest over a period of not less than three years from the date the
Award is made, provided that such vesting may occur in pro rata installments over the three-year period, with the first installment vesting no sooner than the first anniversary of the date of grant of such Award. 

 

	 	(e)	 Calculation of Appreciation. Upon the exercise of Stock Appreciation Right, the Participant shall be
entitled to receive either (i) cash equal to the excess of the Fair Market Value on the exercise date over the Fair Market Value on the date the Stock Appreciation Right was granted, multiplied by the number shares of Stock with respect to
which the Stock Appreciation Right is being exercised (the “Cash Amount”), or (ii) a number of shares of Stock equal to the Cash Amount divided by the Fair Market Value on the exercise date of the Stock Appreciation Right.

  
 -6- 

	 	(f)	 Payment of Appreciation. The total appreciation available to a Participant from an exercise of a Stock
Appreciation Right shall be paid in a single lump sum payment in either cash or shares of Stock, as determined by the Committee. Unless an Award Agreement provides that any fractional shares shall be rounded down and forfeited, the Participant will
receive cash in lieu of fractional shares. 

  

	 	(g)	 Rights as a Shareholder. A Participant shall have no rights as a shareholder with respect to any share
of Stock subject to a Stock Appreciation Right. 

 Section 7. Restricted Stock 

 

	 	(a)	 Grant of Restricted Stock. Subject to the terms, restrictions and conditions specified in the Plan and
the associated Award Agreement, the Committee may grant Restricted Stock to Participants at any time during the term of the Plan. Such Restricted Stock shall be subject to the terms and conditions that the Committee specifies in the Award Agreement
and to the terms and conditions of the Plan. At the Committee’s sole discretion, all shares of Restricted Stock will be held by the Holding Company as escrow agent or issued to the Participant in the form of certificates bearing a legend
describing the restrictions imposed on the shares. If the recipient of a Restricted Stock Award is subject to the provisions of Section 16 of the Exchange Act, shares of Stock subject to the grant may not, without the written consent of the
Committee (which consent may be given in the Award Agreement), be sold or otherwise disposed of within six (6) months following the date of grant. 

  

	 	(b)	 Earning Restricted Stock. Restricted Stock may not be sold, transferred, pledged, assigned or otherwise
alienated or hypothecated until the terms, restrictions and conditions imposed on the Restricted Stock have lapsed as described in the Award Agreement. Restricted Stock will be (i) forfeited if all terms, restrictions and conditions described
in the Award Agreement have not been satisfied or (ii) released from escrow and distributed (or any restrictions described in the certificates removed) as soon as practicable after all terms, restrictions and conditions described in the Award
Agreement have been satisfied. Vesting of any Restricted Stock that is based in whole or in part on performance conditions and/or the level of achievement versus such performance conditions shall be subject to a performance period of not less than
one year, and vesting of any Restricted Stock based solely upon continued employment or the passage of time shall vest over a period of not less than three years from the date the Award is made, provided that such vesting may occur in pro
rata installments over the three-year period, with the first installment vesting no sooner than the first anniversary of the date of grant of such Award. 

  

	 	(c)	 Rights Associated with Restricted Stock. During the applicable period of restriction and unless the
Award Agreement provides otherwise, each Participant to whom Restricted Stock has been granted (i) may exercise full voting rights associated with that Restricted Stock and (ii) will be entitled to receive all dividends and other
distributions paid with respect to that Restricted Stock; provided, however, that such dividends or other distributions shall be subject to the same restrictions on transferability and forfeitability as the shares of Restricted Stock with respect to
which they were issued. This means that no accrued dividends shall be paid to the Participant until the restrictions on the Restricted Stock lapse and such dividends shall be forfeited to the extent that the Participant forfeits the related
Restricted Stock. 

  

	 	(d)	 Notification of Code Section 83(b) Election. In the event that a Participant wishes
to elect under Code Section 83(b) to include in gross income in the year of transfer the amounts specified in Code Section 83(b), the Participant shall notify the Holding Company of such election within ten days of filing notice of the
election with the Internal Revenue Service or other governmental authority, in addition to any filing and notification required pursuant to regulations issued under Code Section 83(b). 

Section 8. Restricted Stock Units 
  

	 	(a)	 Grant of Restricted Stock Units. Subject to the terms, restrictions and conditions specified in the Plan
and the associated Award Agreement, the Committee may grant Restricted Stock Units to Participants at any time during the term of the Plan. Such Restricted Stock Units shall be subject to the terms and conditions that the Committee specifies in the
Award Agreement and the terms and conditions of the Plan. 

  

	 	(b)	 Award Agreement. Each Award of Restricted Stock Units shall be evidenced by an Award Agreement that
specifies the number of shares of Stock underlying the Award, the restricted period, the conditions upon which the restrictions on the Restricted Stock Units will lapse, the time at which and form in which the Restricted Stock Units will be settled,
and such other terms and conditions as the Committee determines and which are not inconsistent with the terms and conditions of this Plan. 

  
 -7- 

	 	(c)	 Terms, Conditions and Restrictions. The Committee shall impose such other terms, conditions and
restrictions on any Award of Restricted Stock Units as the Committee may deem advisable, including, without limitation, restrictions based on the achievement of specific performance goals, time-based restrictions, holding requirements or sale
restrictions placed on the underlying shares of Stock by the Holding Company upon vesting of such Restricted Stock Units. Vesting of any Restricted Stock Unit that is based in whole or in part on performance conditions and/or the level of
achievement versus such performance conditions shall be subject to a performance period of not less than one year, and vesting of any Restricted Stock Unit based solely upon continued employment or the passage of time shall vest over a period of not
less than three years from the date the Award is made, provided that such vesting may occur in pro rata installments over the three-year period, with the first installment vesting no sooner than the first anniversary of the date of grant of
such Award. 

  

	 	(d)	 Form of Settlement. An Award of Restricted Stock Units may be settled in full shares of Stock, in cash
or in a combination thereof, as specified by the Committee in the related Award Agreement. 

  

	 	(e)	 Dividend Equivalents. Awards of Restricted Stock Units may provide the Participant with dividend
equivalents, as determined by the Committee in the Committee’s sole discretion and as set forth in the related Award Agreement; provided, however, that such dividend equivalents shall be subject to the same terms and conditions, including the
applicable forfeiture conditions, as the Restricted Stock Units. This means that no amount shall be paid in connection with a dividend equivalent right until shares of Stock are issued or cash is paid in connection with the Restricted Stock Units
and any dividend equivalents shall be forfeited to the extent that the Participant forfeits the related Restricted Stock Units. 

  

	 	(f)	 No Voting Rights. In no event will a Participant have any voting rights with respect to the shares of
Stock underlying the Restricted Stock Units. 

 Section 9. General Provisions. 

 

	 	(a)	 Nontransferability. Except as specifically permitted in an Award Agreement, during a Participant’s
lifetime, any Award may be exercised only by the Participant or any guardian or legal representative of the Participant and the Award shall not be transferable except by will or the laws of descent and distribution. No Award may be assigned,
alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Holding Company
or any Affiliate. 

  

	 	(b)	 Effect of Termination, Disability or Death. Unless otherwise specified in the Award Agreement or
determined by the Committee, all Awards will be exercisable or forfeited as described in this Section 9(b): 

  

	 	(i)	 Termination. If a Participant’s service as an Outside Director or an Employee terminates for any
reason, other than Retirement, Disability, death or Termination for Cause, before the date of expiration of the Awards held by such Participant, (A) any Options and Stock Appreciation Rights that are not exercisable, and any unvested Restricted
Stock and Restricted Stock Units, shall become null and void on the date of such termination and (B) all exercisable Options and Stock Appreciation Rights shall terminate on the earlier of (1) the date of expiration of the Options and
Stock Appreciation Rights, as applicable, or (2) 3 months following the date of the Participant’s termination. 

  

	 	(ii)	 Retirement. If a Participant Retires before the date of expiration of the Awards held by such
Participant, (A) any Options and Stock Appreciation Rights that are not exercisable, and any unvested Restricted Stock and Restricted Stock Units, shall become null and void on the date of such termination; (B) all exercisable Options and
Stock Appreciation Rights shall terminate on the earlier of (1) the date of expiration of the Options and Stock Appreciation Rights, as applicable, or (2) one year following the date of the Participant’s termination; and (C) to
the extent provided in an Award, any unvested Restricted Stock Units shall become fully vested. Any Incentive Stock Options exercised more than three (3) months following a Participant’s Retirement date will be treated as Nonqualified
Stock Options for tax purposes. 

  

	 	(iii)	 Disability or Death. If a Participant’s service as an Outside Director or an Employee terminates
due to his death or Disability before the expiration of the Awards held by the Participant, (A) any Options and Stock Appreciation Rights that are not exercisable shall become exercisable and all Options and Stock Appreciation Rights shall
terminate on the earlier of (1) the date of expiration of the Options and Stock 

  
 -8- 

	 	
Appreciation Rights, as applicable, or (2) one year following the date of the Participant’s death or Disability; and (B) any unvested Restricted Stock and Restricted Stock Units
shall become fully vested. The executor, administrator or personal representative of the estate of a deceased Participant, or the person or persons to whom an Award granted hereunder shall have been validly transferred by the executor, the
administrator or the personal representative of the Participant’s estate, shall have the right to exercise the Participant’s Option or Stock Appreciation Right or receive the Participant’s Restricted Stock and Restricted Stock Units.

  

	 	(iv)	 Termination for Cause. If a Participant’s service as an Outside Director or an Employee Terminates
for Cause, any outstanding Award shall become null and void on the date of such termination. 

 An Employee who also serves
as a director of the Holding Company or an Affiliate, who terminates employment with the Holding Company and all Affiliates, but who retains his status as a director, is not considered terminated with respect to any outstanding Award until the date
the Participant ceases to be both an Outside Director and an Employee. 
  

	 	(c)	 Effect of a Change in Control. 

 

	 	(i)	 Upon a Change in Control, (A) all Options and Stock Appreciation Rights held by an individual as of the
date of the Change in Control shall immediately become exercisable and shall remain exercisable until the expiration of the term of the Option or Stock Appreciation Right; and (B) any unvested Restricted Stock and Restricted Stock Units shall
become fully vested. 

  

	 	(ii)	 In the event of a Change of Control, each outstanding Option or Stock Appreciation Right may be assumed or an
equivalent option or right shall be substituted by the successor corporation or a parent or subsidiary of such successor corporation. If such successor corporation does not agree to assume the outstanding Options or to substitute equivalent options
or rights, then each Option, at the direction and discretion of the Committee: 

  

	 	(A)	 may (subject to such conditions, if any, as the Committee deems appropriate under the circumstances) be
cancelled unilaterally by the Holding Company in exchange for (a) a transfer to such Participant of the number of whole shares of Stock, if any, equal in Fair Market Value to the then-difference between the exercise price of the Option or Stock
Appreciate Right and the Fair Market Value of the Stock issuable upon the Option’s or Stock Appreciation Right’s exercise, or (b) a cash payment equal to the then-difference between the exercise price of the Option or Stock
Appreciation Right and the Fair Market Value of the Stock issuable upon the Option’s or Stock Appreciation Right’s exercise. 

  

	 	(B)	 may be cancelled unilaterally by the Holding Company if the exercise price equals or exceeds the Fair Market
Value of a share of Stock on a date set by the Board. 

  

	 	(d)	 Amendment, Modification and Termination of the Plan. 

 

	 	(i)	 The Committee may terminate, modify or amend this Plan at any time. No such action to amend the Plan shall
reduce the then-existing number of Awards granted to any Participant or adversely change the terms and conditions thereof without such Participant’s consent. 

 

	 	(ii)	 In no event shall the Board of Directors amend the Plan or shall the Committee amend an Award Agreement in any
manner that effectively: (A) allows any Option to be granted with an Exercise Price below the Fair Market Value of the Stock on the date of grant; (B) allows the Exercise Price of any Option previously granted under the Plan to be reduced
after the date of grant; (B) extends the Option term, unless and until the Committee determines that such extension does not cause the Option to cease to be exempt from Code Section 409A because it does not constitute a deferral of
compensation that would subject the Option to the excise taxes provided under Code Section 409A. 

  

	 	(iii)	 In addition, no amendment or modification of the Plan shall become effective without the approval of such
amendment or modification by a majority of the shareholders of the Company: 

  
 -9- 

	 	(A)	 if such amendment or modification increases the maximum number of shares subject to the Plan (except as
provided in Section 4(e)) or changes the designation or class of persons eligible to receive Awards under the Plan; or 

  

	 	(B)	 to make any grants of Awards after any change in the granting corporation (for example, by assumption of the
Plan by another corporation) or in the definition of Stock; or 

  

	 	(C)	 if counsel for the Holding Company determines that such approval is otherwise required by or necessary to
comply with applicable law. 

  

	 	(e)	 No Right to Continued Employment. Eligibility for participation in this Plan or the grant of an Award
shall not be construed as giving a Participant the right to be retained in the employ or service of the Holding Company or an Affiliate. Further, the Holding Company or an Affiliate may at any time dismiss a Participant from employment or service as
an Outside Director, free from any liability or any claim under this Plan, unless otherwise expressly provided in this Plan or in any Award Agreement. 

  

	 	(f)	 Tax Withholding. The Holding Company and/or any applicable Affiliate will withhold from amounts
distributed to a Participant under this Plan or require the Participant to remit to the Holding Company or any applicable Affiliate an amount sufficient to satisfy all federal, state and local income and employment tax withholding requirements with
respect to any amounts paid pursuant to the terms of this Plan. At the discretion of the Committee, a Participant may be permitted to pay to the Holding Company the withholding amount in the form of cash, shares of Stock owned by the Participant for
at least the previous six months (or such other period acceptable under the generally accepted accounting principles) or by having the Holding Company withhold shares of Stock from the settlement of the Award. If payment of the withholding amount is
made by tendering shares of Stock, the value of the shares of Stock delivered shall equal the Fair Market Value on the applicable day. 

  

	 	(g)	 Severability. If any provision of this Plan is held unenforceable, the remainder of the Plan shall
continue in full force and effect without regard to such unenforceable provision and shall be applied as though the unenforceable provision were not contained in this Plan. 

 

	 	(h)	 Other Compensation. The adoption of the Plan shall not preclude the Holding Company or any Affiliate
from establishing any other forms of incentive or other compensation for Outside Directors or Employees. 

  

	 	(i)	 No Impact on Benefits. Any amounts paid from the Plan are not compensation for purposes of calculating
the Participant’s rights under any employee benefit plan that does not specifically require the inclusion of such amounts in calculating benefits. 

  

	 	(j)	 Golden Parachute Tax. If the payments and the value of benefits received or to be received by a
Participant under this Plan, together with any other amounts and the value of benefits received or to be received by the Participant in connection with a Change in Control would result in the imposition of an excise tax pursuant to or by reason of
Code Section 4999, then the payment and value of benefits generating that excise tax will be reduced to the extent needed to avoid that excise tax. 

  

	 	(k)	 Unsecured and Unfunded Obligation. All payments of benefits under this Plan shall be made directly from
the general assets of the Holding Company, and the right of any Participant to any payment of such benefits shall be solely that of an unsecured general creditor of the Holding Company. No assets of the Holding Company or any Affiliate shall be set
aside, earmarked, placed in trust or escrow or represented as being specifically set aside to provide for benefits under this Plan. 

  

	 	(l)	 Requirements of Law. The grant of Awards and the issuance of shares of Stock under this Plan are subject
to all applicable laws, rules and regulations and to any required approvals of any governmental agencies or national securities exchanges. Also, no shares of Stock will be issued under the Plan unless the Holding Company is satisfied that the
issuance of those shares of Stock will comply with applicable federal and state securities laws. Shares of Stock tendered under the Plan may be subject to any stock transfer orders and other restrictions that the Committee believes to be advisable
under the rules, regulations and other requirements of the Securities and Exchange Commission, any exchange, market or other quotation system on or through which the Holding Company’s securities are then traded, or any other applicable federal
or state securities law. The Committee may cause a legend or legends to be placed on any certificates issued under the Plan to make appropriate reference to restrictions within the scope of this section. 

  
 -10- 

	 	(m)	 Governing Law. This Plan shall be construed in accordance with and governed by the laws of the State of
Delaware without regard to conflicts-of-laws principles that would require the application of any other law. 

 

	 	(n)	 Headings. Headings are inserted in this Plan for convenience of reference only and are to be ignored in
a construction of the provisions of this Plan. 

  

	 	(o)	 Jurisdiction and Jury Trial Waiver. All disputes of any kind or nature arising out of or in any way
connected to the interpretation of this Plan shall be resolved in the state or federal courts located in Franklin County, Ohio. All parties under this Plan agree to waive the right to trial by jury for all purposes in any dispute arising out of or
in any way connected to the interpretation of this Plan. 

  

	 	(p)	 Code Section 409A. This Plan is intended to comply with the requirements of Code
Section 409A, and the Holding Company will interpret, apply and administer this Plan in accordance with this intent. Notwithstanding the foregoing, none of the Holding Company, the Board or its delegates shall have any liability to a
Participant for failure to comply with the requirements of Code Section 409A. If an Award is intended to be subject to Section 409A, Participants who are “specified employees” (as defined under Section 409A), shall not be
paid any amount under such Award in connection with a separation from service until the first day of the seventh month after such separation from service. 

  

	 	(q)	 Plan Binding on Successors. The Plan shall be binding upon the successors and assigns of the Holding
Company. 

 This Plan is adopted by the Board on the 27th day of March, 2019. 

IN WITNESS WHEREOF, the Holding Company has caused the Plan to be executed this 27th day of March, 2019. 

 

			
	CENTRAL FEDERAL CORPORATION
		
	By:	 	 /s/ Timothy T. O’Dell

	Name:	 	Timothy T. O’Dell
	Title:	 	President and Chief Executive Officer

  
 -11-

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