Document:

Exhibit 10.10 Letter Agreement

Exhibit 10.10

[PVF Capital Corp. Letterhead]

July 27, 2009

Mr. John R. Male

PVF Capital Corp.

30000 Aurora Road

Solon, Ohio 44139

Dear Mr. Male:

The purpose of this letter is to confirm our understanding regarding your retirement and
certain related matters.

	 	1.	 	You will retire from your position as President of PVF Service
Corporation effective as of the date of this letter. You acknowledge and agree
that, upon your retirement, your severance agreement with PVF Capital Corp. (the
“Corporation”) and Park View Federal Savings Bank (the “Bank”) is terminated, and
we will have no obligation to you under such agreement. The Bank will pay directly
up to $2,500 toward your cost of obtaining legal counsel regarding the matters
addressed in this letter.

	 	2.	 	You will be entitled to receive an early retirement benefit under the
Park View Federal Savings Bank Supplemental Executive Retirement Plan in the amount
of $1,471,731. You understand that, under Section 409A of the Internal Revenue
Code of 1986, as amended, you are treated as a “specified employee” (as such term
is defined in Section 409A) and, therefore, your lump sum benefit in the amount
stated above will not be paid until the date that is six months and one day after
your retirement date (the “Section 409A payment date”). You acknowledge that in no
event will payment occur prior to the Section 409A payment date, whether at your
request or otherwise. The Corporation and the Bank affirm their obligation to pay
you the additional amounts described in paragraph 10 of the January 29, 2009 letter
agreement, if and when applicable.

	 	3.	 	Subject to paragraph 5 below, we agree to continue your current
bank-provided health insurance coverage on the same terms as such coverage was made
available to you while you were employed by the bank through the earliest date that
you are eligible for Medicare coverage.

 

 

 

	 	4.	 	Subject to paragraph 5 below, to ensure a smooth transition with
respect to matters within your current responsibilities and to ensure your
continued availability on a limited basis to provide advice to the Chief Executive
Officers on operations and customer matters, we will retain you as a consultant to
Park View Federal Savings Bank for a 12-month period following receipt of the approval
referenced in paragraph 5 below. You will provide these services as an independent
contractor at mutually agreeable times, either by telephone or at the bank’s
offices, for not more than eight (8) hours per week. In addition, you agree that,
during the 12-month consulting period, you will not become an officer, employee, or
director, of any savings bank, savings and loan association, savings and loan
holding company, credit union, bank or bank holding company, or any other entity
that competes with the business of the Corporation or the Bank and has offices
within twenty-five (25) miles of the Corporation’s headquarters in Solon, Ohio. In
consideration of these services and the foregoing restrictive covenant, we will pay
you $8,333 per month, payable on the first business day of each month, during the
12-month consulting period.

	 	5.	 	You acknowledge that our ability to (i) provide continued health
insurance under paragraph 3 and (ii) enter into a consulting/noncompete arrangement
with you under paragraph 4, is subject to prior approval and/or receipt of
non-objection from the Office of Thrift Supervision and the Federal Deposit
Insurance Corporation. In the event that we are unable to obtain such approval,
neither you nor the Corporation or the Bank will have any obligation under
paragraphs 3 and 4 of this letter. We agree to request such approval not later
than 10 days after the date you execute this letter.

If the foregoing accurately reflects your understanding of the matters covered in paragraphs
1-5 of this letter, please indicate your acceptance of the terms stated herein in the space
provided below. You acknowledge that this letter is a binding agreement between you, the
Corporation, the Bank and Park View Service Corporation. This letter represents our entire
agreement regarding the matters addressed in the letter and supersedes any prior communications
relating to such matters, whether written or oral.

	 	 	 	 	 
	 	Sincerely,

 	 
	 	/s/ Marty E. Adams
 	 
	 	Marty Adams 	 
	 	Interim Chief Executive Officer 	 
	 

Accepted and Agreed this 27th day of July, 2009:

/s/ John R. Male

John R. Male<PAGE>

                                                                    EXHIBIT 10.7

                        BALDWIN TECHNOLOGY COMPANY, INC.
                          2005 EQUITY COMPENSATION PLAN

                        PERFORMANCE SHARE AWARD AGREEMENT

This Agreement evidences the grant of a Performance Award of Shares (the
"Performance Shares") pursuant to the 2005 Equity Compensation Plan (the "Plan")
of Baldwin Technology Company, Inc. (the "Company") to the individual whose name
appears below (the "Participant"), pursuant to the provisions of the Plan and on
the following express terms and conditions. Capitalized terms not otherwise
defined herein will each have the meaning assigned to them in the Plan.

1.   Name of Participant: [INSERT NAME]

2.   Number of Performance Shares Awarded at 100% of Target: [INSERT NUMBER OF
     SHARES]

3.   Date of Grant: [INSERT DATE OF AWARD]

4.   Determination of Number of Performance Shares: Subject to Section 6 below,
     the following table sets forth the applicable performance criteria and
     targets for determining the percentage of the Performance Shares indicated
     in Section 2 above that will be awarded if the Committee determines that
     the performance criteria set forth below for the three-year performance
     period ending on June 30, 2011 meet or exceed the applicable targets for
     such period. The performance criteria were set forth in the Company's most
     recent Strategic Plan as presented to the Board of Directors on June 9,
     2008. Performance between the applicable threshold targets will be
     determined using straight-line interpolation.

<TABLE>
<CAPTION>
                       2011 ORGANIC REVENUE
2011 ORGANIC REVENUE     PERCENT OF GRANT
       ACTUAL              OPPORTUNITY
--------------------   --------------------
<S>                    <C>
$XXXXXXXX or above             100%
$XXXXXXXX or below               0%
OVERALL WEIGHTING:              50%
</TABLE>

<TABLE>
<CAPTION>
2011 ORGANIC OPERATING      2011 ORGANIC OPERATING
INCOME AS A PERCENT OF      INCOME AS A PERCENT OF
ORGANIC REVENUE (AFTER      ORGANIC REVENUE (AFTER
 NON-RECURRING ITEMS)        NON-RECURRING ITEMS)
        ACTUAL           PERCENT OF GRANT OPPORTUNITY
----------------------   ----------------------------
<S>                      <C>
XXX% or above                        100%
XXX% or below                          0%
OVERALL WEIGHTING:                    50%
</TABLE>

     The percentage of the Performance Shares that will be awarded will equal
     (i) the "2011 Organic Revenue Percent of Grant Opportunity" percentage
     multiplied by 50%, plus (ii) the "2011 Organic Operating Income as a
     Percent of Organic Revenue (after non-recurring items) Percent of Grant
     Opportunity" percentage multiplied by 50% (this sum, the "Total Award
     Percentage"). The number of Performance Shares that will be awarded will
     equal the Total Award Percentage multiplied by the number of Performance
     Shares

<PAGE>

     indicated in Section 2 above, rounded down to the preceding whole number
     (e.g., 101.74 rounded down to 101). [For these purposes, a performance
     target will be deemed to have been met if at any time during the period
     ending June 30, 2011, such target has been met and the Committee so
     certifies between July 1, 2011 and September 30, 2011 that such target has
     been met.]

     For purposes of this Award Agreement, "2011 Organic Revenue" and "2011
     Organic Operating Income as a Percent of Organic Revenue (after
     non-recurring items)" means the revenue and operating income for the
     Company as determined in good faith by the Company.

5.   Payment Date: Payment of the Performance Shares will be made solely in
     Shares. Subject to Sections 6 and 7 below, the number of Performance Shares
     which are awarded pursuant to Section 4 above will be transferred to the
     Participant between July 1, 2011 and September 30, 2011 (the "Payment
     Date").

6.   Cessation of Employment or Service: Upon termination of the Participant's
     employment or services for any reason prior to the Payment Date, the
     Performance Shares shall be immediately forfeited on the date of such
     cessation of employment or services. The Participant shall have no further
     right to any forfeited Performance Shares.

7.   Tax Withholding: The Performance Shares shall be subject to the tax
     withholding provisions set forth in the Plan. By accepting this Performance
     Share award, the Participant agrees that the Company or any of its
     Subsidiaries may withhold from cash otherwise payable to the Participant in
     order to meet any applicable tax withholding obligations.

8.   No Right to Continued Employment or Service. The Participant's rights, if
     any, to continue to be employed by or to serve the Company or any of its
     Subsidiaries as an employee or otherwise, shall not be enlarged or
     otherwise affected by the grant of the Performance Shares, and the Company
     and its Subsidiaries reserve the right to terminate the Participant's
     employment or service at any time. The right of the Company or any
     Subsidiary to terminate at will the Participant's employment or service at
     any time for any reason is specifically reserved.

9.   Grant Subject to Plan Provisions. The Performance Shares are awarded
     pursuant to the Plan, the terms of which are incorporated herein by
     reference, and in all respects shall be interpreted in accordance with the
     Plan. The grant of the Performance Shares is subject to interpretations,
     regulations and determinations concerning the Plan established from time to
     time by the Committee in accordance with the provisions of the Plan,
     including, but not limited to, provisions pertaining to (i) rights and
     obligations with respect to withholding taxes, (ii) adjustments in the
     event of certain capital events, and (iii) other requirements of applicable
     law. The Committee shall have the authority to interpret and construe the
     Performance Shares pursuant to the terms of the Plan, and its decisions
     shall be conclusive as to any questions arising hereunder. The Committee
     shall administer the Plan and its decisions shall be final, conclusive, and
     binding on the Company and the Participant or any person claiming rights
     under the Plan from or through any Participant.

<PAGE>

10.  No Shareholder Rights. Neither the Participant, nor any other person, shall
     have any of the rights and privileges of a shareholder with respect to any
     Shares subject to the Performance Shares prior to payment of the Shares
     pursuant to Section 5 above.

11.  Applicable Law. This Award Agreement, and all actions taken in connection
     herewith shall be governed by and construed in accordance with the laws of
     the State of Delaware without reference to principles of conflict of laws,
     except as superseded by applicable federal law.

12.  Amendment. This Award Agreement may be amended or modified at any time by
     mutual agreement between the Committee and the Participant or such other
     persons as may then have an interest therein, subject to the terms of the
     Plan.

13.  Section 409A. The Performance Shares provided under this Award Agreement
     are intended to qualify for the "short-term deferral" exception to Code
     section 409A.

A copy of the Plan, and other materials required to be delivered or made
available to the Participant, will be delivered or made available
electronically, provided that upon request of the Participant, the Company will
deliver to the Participant paper copies of such materials. By accepting the
grant of the Performance Shares under this Award Agreement, the Participant
hereby agrees to be bound by the terms and conditions of the Plan and this Award
Agreement. The payment of any award hereunder is expressly conditioned upon the
terms and conditions of this Award Agreement and the Plan and the Participant's
compliance with such terms and conditions.

IN WITNESS WHEREOF, the Company has caused its duly authorized officers to
execute and attest this Award Agreement, effective as of the Date of Grant.

BALDWIN TECHNOLOGY COMPANY, INC.

By:
    --------------------------------

Date:
      ------------------------------

AGREED TO AND ACCEPTED

By:
    --------------------------------
              Participant

Date:
      ------------------------------

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