Document:

EX-10.25

 

Exhibit 10.25

Performance Period 200     -200     

Performance Share Agreement

          WHEREAS, * (hereinafter called the “Grantee”) is a key associate of Diebold,
Incorporated (hereinafter called the “Corporation”) or a Subsidiary; and

          WHEREAS, the execution of a Performance Share Agreement substantially in the form hereof has
been authorized by a resolution of the Compensation Committee (the “Committee”) of the Board of
Directors of the Corporation (the “Board”) duly adopted on                        ,          (the “Date of Grant”).

          NOW, THEREFORE, subject to the terms and conditions of the 1991 Equity and Performance
Incentive Plan (As Amended and Restated as of February 15, 2006) (the “Plan”), and the terms and
conditions described below, the Corporation hereby confirms to the Grantee the grant, effective on
the Date of Grant, of [          ] Performance Shares, together with the opportunity to earn up to an
additional 100% of such number of Performance Shares for superior performance as described herein.

     1. Definitions.

          As used in this Agreement:

          (a) A “Change in Control” shall be deemed to have occurred if any of the following
events shall occur:

     (i) The acquisition by any individual, entity or group (within the meaning
of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of 15% of more of either: (A) the then-outstanding
shares of common stock of the Corporation (the “Corporation Common Stock”) or (B) the
combined voting power of the then-outstanding voting securities of the Corporation entitled
to vote generally in the election of directors (“Voting Stock”); provided,
however, that for purposes of this subsection (i), the following acquisition shall
not constitute a Change in Control (1) any acquisition directly from the Corporation, (2)
any acquisition by the Corporation, (3) any acquisition by any employee benefit plan

1

 

(or related trust) sponsored or maintained by the Corporation or any Subsidiary of the
Corporation, or (4) any acquisition by any Person pursuant to a transaction which complies
with clauses (A), (B) and (C) of subsection (iii) of this Section 1(b); or

     (ii) Individuals who, as to the date hereof, constitute the Board cease for
any reason (other than death or disability) to constitute at least a majority of the Board;
provided, however, that any individual becoming a director subsequent to the
date hereof whose election, or nomination for election by the Corporation’s shareholders,
was approved by a vote of at least a majority of the directors then comprising the Incumbent
Board (either by a specific vote or by approval of the proxy statement of the Corporation in
which such person is named as a nominee for director, without objection to such nomination)
shall be considered as though such individual were a member of the Incumbent Board, but
excluding for this purpose, any such individual whose initial assumption of office occurs as
a result of an actual or threatened election contest (within the meaning of Rule 14a-11 of
the Exchange Act) with respect to the election or removal of directors or other actual or
threatened solicitation of proxies or consents by or on behalf of a Person other than the
Board; or

     (iii) Consummation of a reorganization, merger or consolidation or sale or
other disposition of all or substantially all of the assets of the Corporation (a “Business
Combination”), in each case, unless, following such Business Combination, (A) all or
substantially all of the individuals and entities who were the beneficial owners,
respectively, of the Corporation Common Stock and Voting Stock immediately prior to such
Business Combination beneficially own, directly or indirectly, more than 50% of,
respectively, the then-outstanding shares of common stock and the combined voting power of
the then-outstanding voting securities entitled to vote generally in the election of
directors, as the case may be, of the entity resulting from such Business Combination
(including, without limitation, an entity which as a result of such transaction owns the
Corporation or all or substantially all of the Corporation’s assets either directly or
through one or more subsidiaries) in substantially the same proportions relative to each
other as their ownership, immediately prior to such Business Combination, of the Corporation
Common Stock and Voting Stock of the Corporation, as the case may be, (B) no Person
(excluding any entity resulting from such Business Combination or any employee benefit plan
(or related trust) sponsored or maintained by the Corporation or such entity resulting from
such Business Combination) beneficially owns, directly or indirectly, 15% or more of,
respectively, the then-outstanding shares of common stock of

 

 

the entity resulting from such Business Combination, or the combined voting power of
the then-outstanding voting securities of such corporation except to the extent that such
ownership existed prior to the Business Combination and (C) at least a majority of the
members of the board of directors of the corporation resulting from such Business
Combination were members of the Incumbent Board at the time of the execution of the initial
agreement, or of the action of the Board providing for such Business Combination; or

     (iv) Approval by the shareholders of the Corporation of a complete
liquidation or dissolution of the Corporation.

          (b) “Management Objectives” means Relative Total Shareholder Return goals
established by the Board for the Corporation for the Performance Period covered by this Agreement
as described in Section 2 of this Agreement.

          (c) “Performance Period” means the period commencing with the closing price of the
Common Shares of the Corporation on January 30, 2007 through the time of the determination of the
closing price on the New York Stock Exchange on the day of the Corporation’s annual earnings
release in January 2010.

          (d) “Relative Total Shareholder Return” or “Relative TSR” means the return,
including reinvested dividends (or as determined at the beginning of the Performance Period in such
manner as is consistent with the index), shareholders earn from investing in Common Shares,
relative to the return earned from an investment in each of the following: (i) a benchmark peer
group index comprised of the 31 companies set forth on Exhibit A and (ii) all the companies
comprising the Standard & Poors 400 Midcap Index at the closing prices of January 30, 2007.

          (e) Capitalized terms used herein without definition shall have the meanings
assigned to them in the Plan.

     2. Management Objectives.

          The Management Objectives for the Performance Period covered by this Agreement are set forth
on Exhibit B-1. The following applies with respect to the Management Objectives.

          (a) Each Management Objective shall be evaluated separately with the total award
determined through the matrix set forth on Exhibits B-1 and B-2, which correlates the
Corporation’s performance against each Management Objective.

 

 

          (b) In no event shall the Grantee be entitled to receive more than 200% of the
Performance Shares granted hereunder.

     3. Grant of Performance Shares.

          The Corporation hereby grants to the Grantee the number of Performance Shares specified above,
which may be earned by the Grantee during the Performance Period as set forth in Section 4 of this
Agreement.

     4. Earned Shares.

          The Performance Shares granted hereby shall be earned based on the level of the Corporation’s
results with respect to each of the Management Objectives established for the Performance Period
covered by this Agreement. The number of Performance Shares earned shall be determined based on
the level of results of the Management Objectives in accordance with the matrix, which correlates
performance against both measures, as set forth on

          Exhibits B-1 and B-2. No additional Performance Shares shall be earned for results in
excess of the maximum level of results for the Management Objectives. If results for a Management
Objective are attained at interim levels of performance on the matrix, a proportionate number of
Performance Shares shall be earned, as determined by mathematical interpolation, as described by
example in Exhibit B-1. If the Corporation’s performance with respect to both Management
Objectives is determined to be below the 10th percentile, the number of Performance
Shares earned, if any, shall be at the discretion of the Committee, except in the case of Covered
Employees.

     5. Payment of Awards.

          Payment shall be made in the form of the Corporation’s Common Shares, cash or a combination of
Common Shares and cash, as determined by the Committee in its sole discretion. Final awards shall
be paid, less applicable taxes, as soon as practicable after the receipt of audited financial
statements relating to the last fiscal year of the Performance Period covered by this Agreement and
the determination by the Committee of the level of attainment of each Management Objective, (but in
all events within 2 1/2 months of the last day of the last fiscal year of the Performance Period)
except as otherwise agreed to by the Corporation and the Grantee.

          Any payment of awards due pursuant to this Agreement to a deceased Grantee shall be paid to
the beneficiary designated by the Grantee by the latest Designation of Death Beneficiary in the
form attached as Exhibit C hereto filed by the Grantee with the Corporation.

 

 

If no such beneficiary has been designated or survives the Grantee, payment shall be made to
the Grantee’s legal representative. A beneficiary designation may be changed or revoked by a
Grantee at any time, provided the change or revocation is filed with the Corporation.

          Prior to payment, the Corporation shall only have an unfunded and unsecured obligation to make
payment of earned awards to the Grantee.

     6. Effect of Change in Control.

          In the event of a Change in Control prior to the end of the Performance Period, the
Performance Shares granted hereby (and under any prior Performance Share Agreements between the
Corporation and the Grantee) shall be deemed to have been earned in full and shall be immediately
due and payable in the form of Common Shares as soon as practicable following such Change in
Control.

     7. Effect of Death, Disability or Retirement.

          If the Grantee’s employment with the Corporation or one of its Subsidiaries should terminate
under the circumstances set forth in 7(a) through 7(d) below, prior to the payment of an award, the
extent to which the Performance Shares granted hereby shall be deemed to have been earned shall be
determined as if the Grantee’s employment had not terminated and the result shall be multiplied by
a fraction, the numerator of which is the number of full months the Grantee was employed during the
Performance Period and the denominator of which is the total number of months in the Performance
Period [; provided, however, the Board, upon the recommendation of the Committee may, in its
discretion, increase payments made under the foregoing circumstances up to the full amount payable
for service throughout the Performance Period]:

          (a) because of death

          (b) because of permanent disability

          (c) on or after the date on which the Grantee attains age 65 and on such date the
Grantee shall have completed five (5) or more years of continuous employment with the Corporation
and its Subsidiaries;

          (d) any sum of the Grantee’s age and the number of the Grantee’s years of
continuous employment with the Corporation and its Subsidiaries on such termination date equals or
exceeds 70.

 

 

     8. Effect of Other Terminations of Employment; Detrimental Activity.

          In the event that the Grantee’s employment shall terminate prior to the payment of an award in
a manner other than any specified in Section 7 hereof or if the Grantee shall at any time engage in
any Detrimental Activity (as defined below), the Grantee shall forfeit any rights he or she may
have in any Performance Shares that have not been paid out to the Grantee prior to the time of such
termination; provided, however, that the Board, upon recommendation of the Committee, may order
payment of an award in an amount determined as in Section 7 hereof for termination for the reasons
set forth in Section 7 hereof, under circumstances which warrant such exceptional treatment in the
judgment of the Committee and the Board.

     9. Detrimental Activity.

          If the Grantee, either during employment by the Corporation or a Subsidiary or within one year
after termination of such employment, shall engage in any Detrimental Activity, and the Board shall
so find, and (except for any Detrimental Activity described in Section 9(d)(v)(B)) if the Grantee
shall not have ceased all Detrimental Activity within 30 days after notice of such finding given
within one year after commencement of such Detrimental Activity, the Grantee shall:

          (a) Return to the Corporation all Performance Shares that the Grantee has not
disposed of and an amount equal to all cash paid out pursuant to this Agreement within a period of
one year prior to the date of the commencement of such Detrimental Activity, and

          (b) With respect to any Performance Shares that the Grantee has disposed of that
were paid out pursuant to this Agreement within a period of one year prior to the date of the
commencement of such Detrimental Activity, pay to the Corporation in cash the value of such
Performance Shares on the date such Performance Shares were paid out.

          (c) To the extent that the amounts referred to in Section 9(a) and (b) above are
not paid to the Corporation, the Corporation may set off the amounts so payable to it against any
amounts that may be owing from time to time by the Corporation or a Subsidiary to the Grantee,
whether as wages, deferred compensation or vacation pay or in the form of any other benefit or for
any other reason.

          (d) For purposes of this Agreement, the term “Detrimental Activity” shall include:

 

 

     (i) Engaging in any activity, as an employee, principal, agent, or
consultant for another entity, and in a capacity, that directly competes with the
Corporation or any Subsidiary in any actual product, service or business activity (or in any
product, service or business activity which was under active development while the Grantee
was employed by the Corporation if such development is being actively pursued by the
Corporation during the one-year period first referred to in this Section 9) for which the
Grantee has had any direct responsibility and direct involvement during the last two years
of his or her employment with the Corporation or a Subsidiary, in any territory in which the
Corporation or a Subsidiary manufactures, sells, markets, services, or installs such product
or service, or engages in such business activity.

     (ii) Soliciting any employee of the Corporation or a Subsidiary to
terminate his or her employment with the Corporation or a Subsidiary.

     (iii) The disclosure to anyone outside the Corporation or a Subsidiary, or
the use in other than the Corporation or a Subsidiary’s business, without prior written
authorization from the Corporation, of any confidential, proprietary or trade secret
information or material relating to the business of the Corporation and its Subsidiaries,
acquired by the Grantee during his or her employment with the Corporation or its
Subsidiaries or while acting as a consultant for the Corporation or its Subsidiaries
thereafter.

     (iv) The failure or refusal to disclose promptly and to assign to the
Corporation upon request all right, title and interest in any invention or idea, patentable
or not, made or conceived by the Grantee during employment by the Corporation and any
Subsidiary, relating in any manner to the actual or anticipated business, research or
development work of the Corporation or any Subsidiary or the failure or refusal to do
anything reasonably necessary to enable the Corporation or any Subsidiary to secure a patent
where appropriate in the United States and in other countries.

     (v) Activity that results in Termination for Cause. For the purposes of
this Section, “Termination for Cause” shall mean a termination:

     (A) due to the Grantee’s willful and continuous gross neglect of
his or her duties for which he or she is employed, or

     (B) due to an act of dishonesty on the part of the Grantee
constituting a felony resulting or intended to result, directly or indirectly, in
his or her gain for personal enrichment at the expense of the Corporation or a
Subsidiary.

 

 

     10. Shares Non-Transferable.

          The Performance Shares granted hereby that have not yet been paid out are not transferable
other than by will or the laws of descent and distribution.

     11. Dilution and Other Adjustments.

          In the event of any change in the aggregate number of outstanding Common Shares by reason of
any stock dividend or stock split, recapitalization, reclassification, merger, consolidation,
combination or exchange of shares or other similar corporate change, then the Committee, shall
adjust the Management Objectives and/or the number of Performance Shares then held by the Grantee.
Such adjustments made by the Committee shall be conclusive and binding for all purposes of this
Agreement.

     12. Withholding Taxes.

          To the extent that the Corporation is required to withhold federal, state, local or foreign
taxes in connection with the delivery of Common Shares to the Grantee or other person under this
Agreement, and the amounts available to the Corporation for such withholding are insufficient, it
shall be a condition to the receipt of such delivery that the Grantee or such other person will
make arrangements satisfactory to the Corporation for payment of the balance of such taxes required
to be withheld, which arrangements (in the discretion of the Committee) may include relinquishment
of a portion of such benefit. In no event, however, shall the Corporation accept Common Shares for
payment of taxes in excess of required tax withholding rates, except that, in the discretion of the
Committee, the Grantee or such other person may surrender Common Shares owned for more than 6
months to satisfy any tax obligations resulting from any such transaction.

13. Compliance with Section 409A of the Code.

          To the extent applicable, it is intended that this Agreement and the Plan comply with the
provisions of Section 409A of the Code, so that the income inclusion provisions of Section
409A(a)(1) do not apply to Grantee. This Agreement and the Plan shall be administered in a manner
consistent with this intent, and any provision that would cause the Agreement or the Plan to fail
to satisfy Section 409A of the Code shall have no force and effect until amended to comply with
Section 409A of the Code (which amendment may be retroactive to the extent permitted by Section
409A of the Code and may be made by the Company without the consent of the Grantee). In
particular, to the extent the Performance Shares shall be deemed to be earned upon a Change in
Control pursuant to Section 6 and such Change in Control does not constitute

 

 

          a “change in the ownership or effective control of the corporation, or in the ownership of a
substantial portion of the assets of the corporation” (determined in accordance with Section 409A),
then notwithstanding that the Performance Shares shall be deemed to be earned upon the Change in
Control or anything to the contrary in Section 6, payment which in such case may be in the form of
Common Shares, cash or a combination of Common Shares and cash, as determined by the Committee in
its sole discretion, will be made, to the extent necessary to comply with the provisions of Section
409A of the Code, to the Grantee on the earlier of (a) the Grantee’s “separation from service” with
the Company (determined in accordance with Section 409A); provided, however, that if the Grantee is
a “specified employee” (within the meaning of Section 409A), the payment date shall be the date
that is six months after the date of the Grantee’s separation of service with the Company, (b) the
date payment otherwise would have made under Section 5 above, or (c) the Grantee’s death.
Reference to Section 409A of the Code is to Section 409A of the Internal Revenue Code of 1986, as
amended, and will also include any proposed, temporary or final regulations, or any other guidance,
promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal
Revenue Service.

     14. Employment Rights.

          For purposes of this Agreement, the continuous employ of the Grantee with the Corporation or a
Subsidiary shall not be deemed interrupted, and the Grantee shall not be deemed to have ceased to
be an associate of the Corporation or any Subsidiary, by reason of the transfer of his or her
employment among the Corporation and its Subsidiaries. This award is a voluntary, discretionary
bonus being made on a one-time basis and it does not constitute a commitment to make any future
awards. This award and any payments made hereunder will not be considered salary or other
compensation for purposes of any severance pay or similar allowance, except as otherwise required
by law. Nothing in this Agreement will give the Grantee any right to continue employment with the
Corporation or any Subsidiary, as the case may be, or interfere in any way with the right of the
Corporation or a Subsidiary to terminate the employment of the Grantee.

     15. Data Protection.

          Information about the Grantee and the Grantee’s participation in the Plan may be collected,
recorded and held, used and disclosed for any purpose related to the administration of the Plan.
The Grantee understands that such processing of this information may need to be carried out by the
Corporation and its Subsidiaries and by third party administrators whether such persons are located
within the Grantee’s country or elsewhere, including the United States

 

 

of America. The Grantee consents to the processing of information relating to the Grantee and
the Grantee’s participation in the Plan in any one or more of the ways referred to above.

     16. Amendments.

     Any amendment to the Plan shall be deemed to be an amendment to this agreement to the extent
that the amendment is applicable hereto; provided, however, that no amendment shall
adversely affect the rights of the Grantee with respect to the Performance Shares without the
Grantee’s consent.

     17. Validity.

          If any provision of this Agreement or the application of any provision hereof to any person or
circumstances is held invalid, unenforceable or otherwise illegal, the remainder of this Agreement
and the application of such provision in any other person or circumstances shall not be affected,
and the provisions so held to be invalid, unenforceable or otherwise illegal shall be reformed to
the extent (and only to the extent) necessary to make it enforceable, valid and legal.

     18. Governing Law.

          This Agreement is made under, and shall be construed in accordance with the internal
substantive laws of the State of Ohio.

               Executed as of the ___day of                     , 200     .

	 	 	 	 	 	 	 
	 	 	DIEBOLD, INCORPORATED	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

     The undersigned hereby acknowledges receipt of an executed original of this Performance Share
Agreement and accepts the Performance Shares granted thereunder on the terms and conditions set
forth therein and in the Plan.

	 	 	 	 	 	 	 
	Date:                                        

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	*<PAGE>

                                                                    Exhibit 10.1

                              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

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<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),

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<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

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<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

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<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

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