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[PVF Capital Corp.
Letterhead]
Mr. John
R. Male
PVF Capital Corp.
30000 Aurora Road
Solon, Ohio 44139
The purpose of this letter is to confirm our
understanding regarding your retirement and certain related
matters.
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1.
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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.
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2.
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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.
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3.
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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 a
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