EMPLOYMENT AGREEMENT BETWEEN CFBANK AND RICHARD J. O'DONNELL
This AGREEMENT ("Agreement") is made effective as of October 22, 2004 by and between RESERVE
MORTGAGE SERVICES, INC. ("Reserve"), a wholly-owned subsidiary of CFBank (the "Bank"), the Bank
and RICHARD J. O'DONNELL (the "Executive").
WHEREAS, The Bank and Reserve wish to be assured of the services of the Executive for the period provided
in this Agreement following its acquisition by the Bank, a wholly-owned subsidiary of Central Federal
Corporation ("GCFC"); and
WHEREAS, the Executive is willing to serve in the employ of Reserve for said period; and
WHEREAS, the Executive is willing to provide services to the Bank and Reserve as provided herein.
NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the other terms and
conditions hereinafter provided, the parties hereby agree, as follows:
1. POSITION AND RESPONSIBILITIES.
During the period of Executive's employment hereunder, the Executive agrees to serve as President and Chief
Executive Officer of Reserve. The Executive shall render such administrative and management services to
Reserve, as are customarily performed by persons in a similar executive capacity for a mortgage banking
company, and to the Bank as may be assigned to him, from time to time, by the Chairman of the Bank, to whom
he shall report. The Executive shall render such services at the current home office location of the Bank or
Reserve or such other location within thirty miles of either location unless the Executive otherwise consents to a
(a) The period of Executive's employment under this Agreement shall be deemed to have commenced as of the
date first above written and shall continue for a period of thirty-six (36) full calendar months thereafter (the
"Term"). The Term may be extended at the discretion of Reserve upon a comprehensive performance evaluation
by Reserve's Board of Directors (the "Board") or a