Document:

sec10k123111_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 $70,000 for his duties as such.  Employee Directors receive no additional compensation for serving on the Executive Committee.

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, 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, 2008 (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

	
          $234,019

	  	  
	
Thomas E. Wiseman

	
            228,585

	  	  
	
Scott W. Shockey

	
            123,074

	  	  
	
Katrinka V. Hart

	
            154,757

	  	  
	
E. Richard Mahan

	
            154,709

	  	  
	
Larry E. Miller, II

	
            154,290

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, 10.4, 10.5, 10.6(a), 10.6(b), 10.7(a), 10.7(b), 10.8 and 10.9 to Ohio Valley's Annual Report on Form 10-K for the fiscal year ended December 31, 2011, 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 2012 annual meeting of shareholders.sec10k123111_ex10-9.htm

EXHIBIT 10.9

SUMMARY OF BONUS PROGRAM

OF OHIO VALLEY BANC CORP.

The following is a description of the Bonus Program (the "Bonus Program") of Ohio Valley Banc Corp. ("Ohio Valley") provided pursuant to Item 601(b)(10)(iii) of Regulation S-K promulgated by the Securities and Exchange Commission, which requires a written description of a compensatory plan when no formal document contains the compensation information.

The executive officers of the Company receive no compensation from the Company.  Instead they are paid by subsidiaries for services rendered in their capacities as executive officers of subsidiaries of the Company.

The objectives of the bonus component of the Company's compensation program are to: (a) motivate executive officers and other employees and reward such persons for the accomplishment of both  annual and long range goals of the Company and its subsidiaries, (b) reinforce a strong performance orientation with differentiation and variability in individual awards based on contribution to long-range business results and (c) provide a fully competitive compensation package which will attract, reward, and retain individuals of the highest quality.  Prior to the adoption in 2011 of a new salary grade design, all employees of the Company's subsidiaries holding positions with a pay grade of 9 or above were eligible to participate in the Bonus Program, including all subsidiaries' executive officers.  However, as a result of the new salary grade design structure, approximately 22 employees that had previously been graded 9 or higher, fell below that level.  All 22 employees currently serving in these positions were grandfathered into the Bonus Program.

Bonuses payable to participants in the Bonus Program are based on (a) the performance of the Company and its subsidiaries as measured against specific performance targets; (b) each employee's individual performance; and (c) the marketplace range of compensation for employees holding comparable positions.   At the beginning of each fiscal year, the Compensation Committee sets specific performance targets for the Company and its subsidiaries based on a combination of some or all of a number of performance criteria set forth in the Company’s strategic plan.  The targets are based on one or more of the following performance criteria: net income, net income per share, return on assets, return on equity, asset quality (as measured by the ratio of adversely classified assets to tier 1 capital plus the ALLL), tier 1 leverage ratio and efficiency ratio.  It is the objective of the Compensation Committee to establish goals that are “reaching” but “reachable”.  The Committee may not consider the goals to be of equal weight, but, in the aggregate, it considers them to be fundamental metrics which are important to the long-term performance of the Company and which, at the same time, do not expose the Company, nor incent the employees to undertake, excessive risks which would threaten the Company’s long-term value.  At the end of the fiscal year, the aggregate amount available for the payment of a bonus, if any at all, is determined by the Company’s Board of Directors upon recommendation of its Compensation Committee based on an evaluation of the accomplishment of the performance targets.  A bonus may be paid without targets having been established or achieved.  No officer or employee has any right to the payment of a bonus until the Board of Directors has exercised its discretion to award one and the amount to be paid to each person has been determined and announced.

Once the aggregate amount of the bonus pool is determined, individual bonus awards are determined through a formula that applies each employee's performance evaluation score to a “bonus grid”, reflecting the individual employee's job grade, the market place range of compensation for that job grade, and individual job performance using the Evaluation Criteria referenced above.  Employees are evaluated by their supervisors, except for Mr. Smith and Mr. Wiseman, who are evaluated by the Compensation Committee of the Company’s Board of Directors.  The Company’s Board of Directors approves the bonuses payable to the executive officers under the Bonus Program based upon the recommendation of the Compensation Committee.

Bonuses are normally paid in February in cash in a single lump sum, subject to payroll taxes and tax withholdings.Exhibit 10.8

AMENDMENT TO SEVERANCE PAY AGREEMENT

WHEREAS, CyberOptics Corporation, a Minnesota
Corporation (the “Company”) and Kathleen P. Iverson (“Executive”) have previously entered into a Severance
Pay Agreement dated May 19, 2008 (the “Agreement”); and

WHEREAS, the Company and the Executive
desire to amend the Agreement.

NOW, THEREFORE, the Company and Executive
agree that the Agreement is hereby amended as follows:

1.      
Section 3 is hereby amended to add the following definition to such Section:

(v) “Termination” or “termination of
employment” shall mean a “separation from service” as that term is defined in Code Section 409A and the regulations
thereunder.

2.      
Section 4(i)(b) is hereby amended to read in its entirety as follows:

		(b)	In lieu of any further base salary payments to Executive for periods subsequent to the date that the termination of Executive’s
employment becomes effective, the Company shall pay as severance pay to Executive an amount equal to the total of (A) twelve (12)
months salary for Executive as in existence immediately prior to such termination, plus (B) the Executive’s portion of the
cost of insurance premiums for Executive under COBRA for the twelve months following termination. The payments under this Section
4(b)(i) shall be due and payable in a single lump sum cash payment on the first day of the seventh month following termination
of Executive’s employment.

IN WITNESS WHEREOF, the Company has caused this
amendment to the Agreement to be executed in its name by a duly authorized officer, and Executive has hereunto set her hand, as
of December 31, 2011.

 

	CyberOptics Corporation	 	EXECUTIVE:	 
	 	 	 	 	 
	By 	/s/  Jeffrey A. Bertelsen	 	/s/ Kathleen P. Iverson	 
	 	Its 	Vice President-Finance	 	Kathleen P. Iverson

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