SALARY CONTINUATION AGREEMENT BETWEEN CFBANK AND DAVID C. VERNON
SALARY CONTINUATION AGREEMENT
THIS SALARY CONTINUATION AGREEMENT (the "AGREEMENT") is adopted as of this 25th day of
May, 2004, by and between CFBANK, a federally-chartered savings association located in Fairlawn, Ohio (the
"COMPANY"), and David C. Vernon (the "EXECUTIVE").
The purpose of this Agreement is to provide specified benefits to the Executive, a member of a select group of
management or highly compensated employees who contribute materially to the continued growth, development
and future business success of the Company. This Agreement shall be unfunded for tax purposes and for
purposes of Title I of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended from time
to time. The Company will pay the benefits from its general assets.
The Company and the Executive agree as provided in this Agreement.
Whenever used in this Agreement, the following words and phrases shall have the meanings specified:
1.1 "ACCRUAL BALANCE" means the liability that should be accrued by the Company, under Generally
Accepted Accounting Principles ("GAAP"), for the Company's obligation to the Executive under this Agreement,
by applying Accounting Principles Board Opinion Number 12 ("APB 12") as amended by Statement of Financial
Accounting Standards Number 106 ("FAS 106") and the Discount Rate. Any one of a variety of amortization
methods may be used to determine the Accrual Balance, in the sole discretion of the Board of Directors of the
Company. However, once chosen, the method must be consistently applied. The Accrual Balance shall be
reported by the Company to the Executive on SCHEDULE A.
1.2 "BENEFICIARY" means each designated person, or the estate of the deceased Executive, entitled to
benefits, if any, upon the death of the Executive, as determined under Article 4.
1.3 "BENEFICIARY DESIGNATION FORM" means the form established from time to time by the Plan