THIRD AMENDMENT TO EMPLOYMENT AGREEMENT CENTRAL FEDERAL CORPORATIONEmployment Agreement Amendment |
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Search Employment Agreement Amendment by:
Exhibit 10.1
Third Amendment to Employment Agreement between
Central Federal
Corporation and David C. Vernon
THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
CENTRAL FEDERAL CORPORATION
This THIRD AMENDMENT TO
EMPLOYMENT AGREEMENT (this “Amendment”) is entered into and
made effective as of January 8, 2007 between Central Federal Corporation,
a Delaware corporation (the “Holding Company”), and David C.
Vernon, an Ohio resident (the “Executive”).
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A. |
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The Holding
Company and the Executive entered into an Employment Agreement as of
February 28, 2003, which agreement was amended as of May 10, 2004
and as of December 16, 2004 (the Employment Agreement, as amended, the
“Agreement”). |
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B. |
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The Executive
was invited to provide services to First National Bank of Orrville (“FNB
Orrville”) and its holding company, National Bancshares Corporation
(“NBOH”). |
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C. |
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The Board of
Directors of the Holding Company values the services of the Executive and
desires to have him continue to provide services to the Holding Company. |
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D. |
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The Board of
Directors of the Holding Company, after evaluating the markets served by FNB
Orrville and CFBank, which is a federally chartered savings association and a
wholly owned subsidiary of the Holding Company, as well as the asset size of
both financial institutions, concluded that the Executive’s service to
FNB Orrville does not and will not present any conflict of interest with
CFBank or the Holding Company or materially affect the performance of his
duties to the Holding Company. |
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E. |
