Document:

EX10-2OlthoffAgreement

EXHIBIT 10.2
RENEWAL ADDENDUM NO. 1 TO EMPLOYMENT AGREEMENT

This Renewal Addendum No. 1 is made this 13th day of March, 2014, to the Employment Agreement between Brent R. Olthoff (the “Employee”) and Home Federal Bank, a federally chartered savings bank (the “Bank”), dated March 27, 2013 (the “Employment Agreement”).  The Board of Directors of the Bank and of HF Financial Corp., the parent company of the Bank, have authorized the Chairman of the Bank’s Board of Directors to execute this Renewal Addendum No. 1 on behalf of the Bank.  

WHEREAS, the term of Employment Agreement expires on June 30, 2014, unless renewed by mutual agreement of Employee and the Bank; and

WHEREAS, the Employment Agreement may be renewed for not less than one year by providing notice thereof no later than ninety (90) days prior to the end of the then existing term; and

WHEREAS, Employee and the Bank do mutually agree to renew the term of the Employment Agreement.

NOW, THEREFORE, in consideration of the foregoing and of paragraph 1 of the Employment Agreement, the parties agree as follows:  

1.    The term of the Employment Agreement is hereby renewed and the Employment Agreement shall continue in effect through June 30, 2015.

IN WITNESS WHEREOF, Employee and the Bank have executed this Renewal Addendum No. 1 effective as of the day and year first above written.

EMPLOYEE    HOME FEDERAL BANK 
    
/s/ Brent R. Olthoff        /s/ Michael M. Vekich     
Brent R. Olthoff        By: Michael M. Vekich 
        Its: Chairman of the BoardEX10-3WestbergAgreement

EXHIBIT 10.3
RENEWAL ADDENDUM NO. 1 TO EMPLOYMENT AGREEMENT

This Renewal Addendum No. 1 is made this 13th day of March, 2014, to the Employment Agreement between Michael Westberg (the “Employee”) and Home Federal Bank, a federally chartered savings bank (the “Bank”), dated March 27, 2013 (the “Employment Agreement”).  The Board of Directors of the Bank and of HF Financial Corp., the parent company of the Bank, have authorized the Chairman of the Bank’s Board of Directors to execute this Renewal Addendum No. 1 on behalf of the Bank.  

WHEREAS, the term of Employment Agreement expires on June 30, 2014, unless renewed by mutual agreement of Employee and the Bank; and

WHEREAS, the Employment Agreement may be renewed for not less than one year by providing notice thereof no later than ninety (90) days prior to the end of the then existing term; and

WHEREAS, Employee and the Bank do mutually agree to renew the term of the Employment Agreement.

NOW, THEREFORE, in consideration of the foregoing and of paragraph 1 of the Employment Agreement, the parties agree as follows:  

1.    The term of the Employment Agreement is hereby renewed and the Employment Agreement shall continue in effect through June 30, 2015.

IN WITNESS WHEREOF, Employee and the Bank have executed this Renewal Addendum No. 1 effective as of the day and year first above written.

EMPLOYEE    HOME FEDERAL BANK 
    
/s/ Michael Westberg        /s/ Michael M. Vekich     
Michael Westberg        By: Michael M. Vekich 
        Its: Chairman of the BoardEX10-4GadberryAgreement

EXHIBIT 10.4
RENEWAL ADDENDUM NO. 1 TO EMPLOYMENT AGREEMENT

This Renewal Addendum No. 1 is made this 13th day of March, 2014, to the Employment Agreement between Jon M. Gadberry (the “Employee”) and Home Federal Bank, a federally chartered savings bank (the “Bank”), dated March 27, 2013 (the “Employment Agreement”).  The Board of Directors of the Bank and of HF Financial Corp., the parent company of the Bank, have authorized the Chairman of the Bank’s Board of Directors to execute this Renewal Addendum No. 1 on behalf of the Bank.  

WHEREAS, the term of Employment Agreement expires on June 30, 2014, unless renewed by mutual agreement of Employee and the Bank; and

WHEREAS, the Employment Agreement may be renewed for not less than one year by providing notice thereof no later than ninety (90) days prior to the end of the then existing term; and

WHEREAS, Employee and the Bank do mutually agree to renew the term of the Employment Agreement.

NOW, THEREFORE, in consideration of the foregoing and of paragraph 1 of the Employment Agreement, the parties agree as follows:  

1.    The term of the Employment Agreement is hereby renewed and the Employment Agreement shall continue in effect through June 30, 2015.

IN WITNESS WHEREOF, Employee and the Bank have executed this Renewal Addendum No. 1 effective as of the day and year first above written.

EMPLOYEE    HOME FEDERAL BANK 
    
/s/ Jon M. Gadberry        /s/ Michael M. Vekich     
Jon M. Gadberry        By: Michael M. Vekich 
        Its: Chairman of the BoardMRV-EX 10.6 - 2013 Q4

Exhibit 10.6

AMENDMENT TO
MRV COMMUNICATIONS, INC.
2007 OMNIBUS INCENTIVE PLAN
 
Approved by the Board on August 8, 2012
Approved by Stockholders on October 11, 2012

The MRV Communications, Inc. 2007 Omnibus Incentive Plan (the “Plan”) is hereby amended as follows, effective on the date the amendment is approved by the stockholders of MRV Communications, Inc. (the “Company”).
 
1.  The second sentence of Section 4.01(a) of the Plan (relating to a 1,000,000 share limit on the number of shares issuable pursuant to restricted stock and certain other performance awards) is deleted.
 
2.   The first sentence of Section 6.02(b) of the Plan is amended to read as follows:
 
“The Exercise Price per share established under any Stock Appreciation Right granted under this Plan shall not be less than Fair Market Value on the date the Stock Appreciation Right is granted.”
 
3.  The following new sentence is added at the end of Section 6.03(b) of the Plan:
 
“Unless sooner terminated in accordance with this subsection (b) or the applicable Award Agreement, each outstanding Option and each outstanding Stock Appreciation Right shall terminate and be of no further force or effect on the 10th anniversary of the date such Option or Stock Appreciation Right is granted.”
 
4.  The following new Section 7.04 is added at the end of Article VII of the Plan in order to clarify that the Committee has authority to grant restricted stock unit awards under the Plan:
 
“Restricted Stock Units. In addition to or in lieu of issuing Restricted Shares, the Committee may grant restricted stock unit Awards pursuant to which (a) a participant will have a right to receive shares of Common Stock in the future subject to the satisfaction of specified service and/or performance conditions, and (b) the Company will issue shares of Common Stock to the participant in the future if the applicable conditions are satisfied. The terms and conditions of a restricted stock unit Award shall be determined by the Committee consistent with the provisions hereof applicable to Restricted Share Awards; provided, however, that the holder of a restricted stock unit Award shall have no right to vote the shares of Common Stock covered by the Award unless and until the Award becomes vested and such shares are issued.”
 
5.  The following new subsection (e) is added at the end of Section 8.01 of the Plan:
 
“Dividend Equivalents on Performance Awards.  Unless the Committee determines otherwise, no Dividend Equivalents shall accrue with respect to shares of Common Stock covered by a Performance Award; provided, however, that (i) any such Dividend Equivalents which do accrue shall not be paid or payable unless and until the corresponding shares covered by the Performance Award become vested, and (ii) any such Dividend Equivalents which do accrue shall be forfeited if and to the extent that the corresponding shares of Common Stock covered by the Performance Award do not become vested.”
 
6.  The last sentence of Section 11.01 of the Plan (relating to certain pricing modifications of outstanding awards) is amended to read as follows:
 
“Except in connection with a corporate transaction involving the Company (including, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of shares), the terms of outstanding Awards may not be amended to reduce the Purchase Price with respect to outstanding Options or the Exercise Price with respect to outstanding Stock Appreciation Rights or to cancel outstanding Options or Stock 

Appreciation Rights in exchange for cash, other Awards or Options or Stock Appreciation Rights with an exercise or base price that is less than the Purchase Price or Exercise Price of the original Options or Stock Appreciation Rights, unless and except to the extent any such amendment or cancellation and exchange transaction is approved the Company's stockholders.”
 
7.  The following sentence is added at the end of Section 11.04 of the Plan (relating to permitted transfers of certain Plan awards):
 
“The Committee shall not permit Awards to be transferred for consideration pursuant to clause (a) of this Section 11.04.”
 
8.  The last sentence of Section 11.06 of the Plan (relating to certain amendments to outstanding Plan awards) is amended to read as follows:
 
“Notwithstanding the foregoing, no such surrender or substitution shall be permitted without the approval of the Company's shareholders if such approval is required by the rules of any applicable stock exchange or by Section 11.01 of the Plan.”
 
IN WITNESS WHEREOF, the undersigned, acting pursuant to authority granted by the Board of Directors of the Company, has caused this Amendment to the MRV Communications, Inc. 2007 Omnibus Incentive Plan to be executed this 9th day of November, 2012.
	
			
	 
	 
	 

	 
	 
	/s/ Barry Gorsun

	 
	 
	Barry Gorsun

	 
	 
	Chief Executive Officer

	 
	 
	(Principal Executive Officer)sec10k123113_ex10-8.htm

 

EXHIBIT 10.8

SUMMARY OF COMPENSATION FOR

DIRECTORS AND NAMED EXECUTIVE OFFICERS

OF OHIO VALLEY BANC CORP.

Directors

                All of the directors of Ohio Valley Banc Corp. (“Ohio Valley”) also serve as directors of its subsidiary, The Ohio Valley Bank Company (the “Bank”).  The directors of Ohio Valley are paid by the Bank for their services rendered as directors of the Bank, not Ohio Valley.  Each director of the Bank who is not an employee of Ohio Valley or any of its subsidiaries (a “Non-Employee Director”) receives $550 per month for his or her services.  Each director of the Bank who is an employee of Ohio Valley or any of its subsidiaries (an “Employee Director”) receives $350 per month for his or her services.  In addition, each director of the Bank receives an annual retainer of $14,700 paid in December of each year for services to be rendered during the following year.

Each Non-Employee Director who is a member of the Executive Committee of the Bank receives $2,000.00 per month for his or her services.  In addition, each Non-Employee Director receives an annual retainer of $16,695 paid in December of each year for services to be rendered during the following year.  This figure was pro-rated for time served for new members.  Included in the Executive Committee Chairman’s current salary is an annual fee of $50,000 for his duties as such.  Employee Directors receive no additional compensation for serving on the Executive Committee.

Brent A. Saunders, LPA received retainer fees of $20,000 for legal services to the Company and its subsidiaries during the Company’s 2013 fiscal year, as approved by the Board of Directors in December 2012.  In December 2013, the Board of Directors of Ohio Valley approved the payment to Mr. Saunders of $20,000 in retainer fees for legal services to the Company and its subsidiaries during the Company’s 2014 fiscal year.  The Board of Directors determined that such a relationship does not interfere with Mr. Saunders’ exercise of independent judgment in carrying out his responsibilities as a director; rather, in fact, Mr. Saunders’ legal experience provides value to his service as a director.

The Bank maintains a life insurance policy for all directors with a death benefit of two times annual director fees at time of death reduced by 35% at age 65 and 50% at age 70 as part of the Bank’s group term life insurance program.  The life insurance policies terminate upon retirement.  Messrs. Smith and Wiseman, as employees of the Bank, are excluded from this benefit under the terms of the Bank’s group term life insurance program.  The Bank also maintains a Director Retirement Plan for all directors of the Bank and a Deferred Compensation Plan for all directors and executive officers of the Bank.  These documents are filed as Exhibit 10.1, Exhibit 10.3(a), Exhibit 10.4(a), and Exhibit 10.6(a) and Exhibit 10.6(b), respectively, to Ohio Valley’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (SEC File No. 0-20914).

Named Executive Officers

  The following sets forth the current salaries of the executive officers of Ohio Valley named in the Summary Compensation Table in Ohio Valley’s proxy statement (the “Named Executive Officers”):

	
Name

	
Current Salary

	  	  
	
Jeffrey E. Smith

	
          $251,973

	  	  
	
Thomas E. Wiseman

	
            268,114

	  	  
	
Scott W. Shockey

	
            145,767

	  	  
	
Katrinka V. Hart

	
            162,431

	  	  
	
E. Richard Mahan

	
            163,574

	  	  
	
Larry E. Miller, II

	
            163,130

Certain Named Executive Officers are entitled to participate in several benefit arrangements, including the Ohio Valley Banc Corp. Bonus Program, the Ohio Valley Bank Company Executive Group Life Split Dollar Plan, the Executive Deferred Compensation Plan, and a supplemental  executive retirement plan (currently only for Messrs. Smith and Wiseman), as set forth in exhibits 10.1, 10.2, 10.3(a), 10.3(b), 10.4(a), 10.4(b), 10.5, 10.6(a), 10.6(b), 10.7(a), 10.7(b), 10.8, 10.9 and 10.10 to Ohio Valley's Annual Report on Form 10-K for the fiscal year ended December 31, 2013, SEC File No. 0-20914.  In addition, Named Executive Officers are entitled to participate in various benefit plans available to all employees, including a Profit Sharing Retirement Plan, a 401(k) plan, an employee stock ownership plan, group term life insurance, health insurance, disability insurance and a flexible compensation/cafeteria plan, all as described in Ohio Valley's proxy statement for its 2014 annual meeting of shareholders.

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