Document:

EX-10.1(B)

 

Exhibit 10.1(b)

CHASE [logo]

Line of Credit Note

$40,000,000.00

Date: March 12, 2007

Promise to Pay. On or before March 12, 2008, for value received, Park National Corporation (the
“Borrower”) promises to pay to JPMorgan Chase Bank, N.A., whose address is 8044 Montgomery Rd.,
Cincinnati, OH 45236 (the “Bank”) or order, in lawful money of the United States of America, the
sum of Forty Million and 00/100 Dollars ($40,000,000.00) or such lesser sum as is indicated on Bank
records, plus interest as provided below.

Definitions. As used in this Note, the following terms have the following respective meanings:

“Adjusted LIBOR Rate” means, with respect to a LIBOR Rate Advance for the relevant Interest Period,
the sum of (i) the Applicable Margin plus (ii) the quotient of (a) the LIBOR Rate applicable to
such Interest Period, divided by (b) one minus the Reserve Requirement (expressed as a decimal)
applicable to such Interest Period.

“Advance” means a LIBOR Rate Advance or a Prime Rate Advance and “Advances” means all LIBOR Rate
Advances and all Prime Rate Advances under this Note.

“Applicable Margin” means with respect to any Prime Rate Advance, 0.00% per annum and with respect
to any LIBOR Rate Advance, 0.95% per annum.

“Business Day” means (i) with respect to any borrowing, payment or rate selection of LIBOR Rate
Advances, a day (other than a Saturday or Sunday) on which banks generally are open in Ohio and/or
New York for the conduct of substantially all of their commercial lending activities and on which
dealings in United States dollars are carried on in the London interbank market and (ii) for all
other purposes, a day other than a Saturday, Sunday or any other day on which national banking
associations are authorized to be closed.

“Interest Period” means, with respect to a LIBOR Rate Advance, a period of three (3) month(s)
commencing on a Business Day selected by the Borrower pursuant to this Note. Such Interest Period
shall end on the day which corresponds numerically to such date three (3) month(s) thereafter, as
applicable, provided, however, that if there is no such numerically corresponding day in such third
succeeding month(s), as applicable, such Interest Period shall end on the last Business Day of such
third succeeding month(s), as applicable. If an Interest Period would otherwise end on a day which
is not a Business Day, such Interest Period shall end on the next succeeding Business Day,
provided, however, that if said next succeeding Business Day falls in a new calendar month, such
Interest Period shall end on the immediately preceding Business Day.

“LIBOR Rate” means with respect to any LIBOR Rate Advance for any Interest Period, the interest
rate determined by the Bank by reference to Page 3750 of the Moneyline Telerate
Service (“MTS”) (or on any successor or substitute page of the MTS, or any successor to or
substitute for the MTS, providing rate quotations comparable to those currently provided on Page
3750 of the MTS, as determined by the Bank from time to time for purposes of providing quotations
of interest rates applicable to dollar deposits in the London interbank market) to be the rate at
approximately 11:00 a.m. London time, two Business Days prior to the commencement of the Interest
Period for the offering by the Bank’s London office, of dollar deposits in an amount comparable to
such LIBOR Rate Advance with a maturity equal to such Interest Period. If no LIBOR Rate is
available to the Bank, the applicable LIBOR Rate for the relevant Interest Period shall instead be
the rate determined by the Bank to be the rate at which the Bank offers to place deposits in U.S.
dollars with first-class banks in the London interbank market at approximately 11:00 a.m. (London
time) two Business Days prior to the first day of such Interest Period, in the approximate amount
of the principal amount outstanding on such date and having a maturity equal to such Interest
Period.

“LIBOR Rate Advance” means any borrowing under this Note when and to the extent that its interest
rate is determined by reference to the Adjusted LIBOR Rate.

 

 

“Prime Rate” means the rate of interest per annum announced from time to time by the Bank as its
prime rate. The Prime Rate is a variable rate and each change in the Prime Rate is effective from
and including the date the change is announced as being effective. THE PRIME RATE IS A REFERENCE
RATE AND MAY NOT BE THE BANK’S LOWEST RATE.

“Prime Rate Advance” means any Advance under this Note when and to the extent that its interest
rate is determined by reference to the Prime Rate.

“Principal Payment Date” is defined in the paragraph entitled “Principal Payments” below.

“Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as from
time to time in effect and any successor thereto or other regulation or official interpretation of
said Board of Governors relating to reserve requirements applicable to member banks of the Federal
Reserve System.

“Reserve Requirement” means, with respect to an Interest Period, the maximum aggregate reserve
requirement (including all basic, supplemental, marginal and other reserves) which is imposed under
Regulation D.

Interest Rates. The Advance(s) evidenced by this Note may be drawn down and remain outstanding as
up to five (5) LIBOR Rate Advances and/or a Prime Rate Advance. The Borrower shall pay interest to
the Bank on the outstanding and unpaid principal amount of each Prime Rate Advance at the Prime
Rate plus the Applicable Margin and each LIBOR Rate Advance at the Adjusted LIBOR Rate. Interest
shall be calculated on the basis of the actual number of days elapsed in a year of 360 days. In no
event shall the interest rate applicable to any Advance exceed the maximum rate allowed by law.
Any interest payment which would for any reason be deemed unlawful under applicable law shall be
applied to principal.

Bank Records. The Bank shall, in the ordinary course of business, make notations in its records of
the date, amount, interest rate and Interest Period of each Advance hereunder, the amount of
each payment on the Advances, and other information. Such records shall, in the absence of
manifest error, be conclusive as to the outstanding principal balance of and interest rate or rates
applicable to this Note.

Notice and Manner of Electing Interest Rates on Advances. The Borrower shall give the Bank written
notice (effective upon receipt) of the Borrower’s intent to draw down an Advance under this Note no
later than 2:00 p.m. Eastern time, on the date of disbursement, if the full amount of the drawn
Advance is to be disbursed as a Prime Rate Advance and no later than 11:00 a.m. Eastern time three
(3) Business Days before disbursement, if any part of such Advance is to be disbursed as a LIBOR
Rate Advance. The Borrower’s notice must specify: (a) the disbursement date, (b) the amount of
each Advance, (c) the type of each Advance (Prime Rate Advance or LIBOR Rate Advance), and (d) for
each LIBOR Rate Advance, the duration of the applicable Interest Period; provided, however, that
the Borrower may not elect an Interest Period ending after the maturity date of this Note. Each
LIBOR Rate Advance shall be in a minimum amount of One Hundred Thousand and 00/100 Dollars
($100,000.00). All notices under this paragraph are irrevocable. By the Bank’s close of business
on the disbursement date and upon fulfillment of the conditions set forth herein and in any other
of the Related Documents, the Bank shall disburse the requested Advances in immediately available
funds by crediting the amount of such Advances to the Borrower’s account with the Bank.

Conversion and Renewals. The Borrower may elect from time to time to convert one type of Advance
into another or to renew any Advance by giving the Bank written notice no later than 2:00 p.m.
Eastern time, on the date of the conversion into or renewal of a Prime Rate Advance and 11:00 a.m.
Eastern time three (3) Business Days before conversion into or renewal of a LIBOR Rate Advance,
specifying: (a) the renewal or conversion date, (b) the amount of the Advance to be converted or
renewed, (c) in the case of conversion, the type of Advance to be converted into (Prime Rate
Advance or LIBOR Rate Advance), and (d) in the case of renewals of or conversion into a LIBOR Rate
Advance, the applicable Interest Period, provided that (i) the minimum principal amount of each
LIBOR Rate Advance outstanding after a renewal or conversion shall be One Hundred Thousand and
00/100 Dollars ($100,000.00); (ii) a LIBOR Rate Advance can only be converted on the last day of
the Interest Period for the Advance; and (iii) the Borrower may not elect an Interest Period ending
after the maturity date of this Note. All notices given under this paragraph are irrevocable. If
the Borrower fails to give the Bank the notice specified above for the renewal or conversion of a
LIBOR Rate Advance by 11:00 a.m. Eastern time three (3) Business Days before the end of the
Interest Period for that Advance, the Advance shall automatically be converted to a Prime Rate
Advance on the last day of the Interest Period for the Advance.

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Interest Payments. Interest on the Advances shall be paid as follows:

A. For each Prime Rate Advance, on the 12th day of each quarter beginning with the first quarter
following disbursement of the Advance or following conversion of an Advance into a Prime Rate
Advance, and at the maturity or conversion of the Advance into a LIBOR Rate Advance;

B. For each LIBOR Rate Advance, on the last day of the Interest Period for the Advance and, if the
Interest Period is longer than three months, at three-month intervals beginning with the day three
months from the date the Advance is disbursed.

Principal Payments. All outstanding principal and interest is due and payable in full on March 12,
2008, which is defined herein as the “Principal Payment Date”.

Default Rate of Interest. After a default has occurred under this Note, whether or not the Bank
elects to accelerate the maturity of this Note because of such default, all Advances outstanding
under this Note, including all LIBOR Rate Advances, shall bear interest at a per annum rate equal
to the Prime Rate, plus the Applicable Margin for a Prime Rate Advance, plus three percent (3.00%)
from the date the Bank elects to impose such rate. Imposition of this rate shall not affect any
limitations contained in this Note on the Borrower’s right to repay principal on any LIBOR Rate
Advance before the expiration of the Interest Period for that Advance.

Prepayment. The Borrower may prepay all or any part of any Prime Rate Advance at any time without
premium or penalty. The Borrower may prepay any LIBOR Rate Advance only at the end of an Interest
Period.

Funding Loss Indemnification. Upon the Bank’s request, the Borrower shall pay the Bank amounts
sufficient (in the Bank’s reasonable opinion) to compensate it for any loss, cost, or expense
incurred as a result of:

A. Any payment of a LIBOR Rate Advance on a date other than the last day of the Interest Period for
the Advance, including, without limitation, acceleration of the Advances by the Bank pursuant to
this Note or the Related Documents; or

B. Any failure by the Borrower to borrow or renew a LIBOR Rate Advance on the date specified in the
relevant notice from the Borrower to the Bank.

Additional Costs. If any applicable domestic or foreign law, treaty, government rule or regulation
now or later in effect (whether or not it now applies to the Bank) or the interpretation or
administration thereof by a governmental authority charged with such interpretation or
administration, or compliance by the Bank with any guideline, request or directive of such an
authority (whether or not having the force of law), shall (a) affect the basis of taxation of
payments to the Bank of any amounts payable by the Borrower under this Note or the Related
Documents (other than taxes imposed on the overall net income of the Bank by the jurisdiction or by
any political subdivision or taxing authority of the jurisdiction in which the Bank has its
principal office), or (b) impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit extended by the Bank,
or (c) impose any other condition with respect to this Note or the Related Documents and the result
of any of the foregoing is to increase the cost to the Bank of maintaining any LIBOR Rate Advance
or to reduce the amount of any sum receivable by the Bank on such an Advance, or (d) affect the
amount of capital required or expected to be maintained by the Bank (or any corporation controlling
the Bank) and the Bank reasonably determines that the amount of such capital is increased by or
based upon the existence of the Bank’s obligations under this Note or the Related Documents and the
increase has the effect of reducing the rate of return on the
Bank’s (or its controlling corporation’s) capital as a consequence of the obligations under this
Note or the Related Documents to a level below that which the Bank (or its controlling corporation)
could have achieved but for such circumstances (taking into consideration its policies with respect
to capital adequacy) by an amount deemed by the Bank to be material, then the Borrower shall pay to
the Bank, from time to time, upon request by the Bank, additional amounts sufficient to compensate
the Bank for the increased cost or reduced sum receivable. Whenever the Bank shall learn of
circumstances described in this section which are likely to result in additional costs to the
Borrower, the Bank shall give prompt written notice to the Borrower of the basis for and the
estimated amount of any such anticipated additional costs. A statement as to the amount of the
increased cost or reduced sum receivable, prepared in good faith and in reasonable detail by the
Bank and submitted by the Bank to the Borrower, shall be conclusive and binding for all purposes
absent manifest error in computation.

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Illegality. If any applicable domestic or foreign law, treaty, rule or regulation now or later in
effect (whether or not it now applies to the Bank) or the interpretation or administration thereof
by a governmental authority charged with such interpretation or administration, or compliance by
the Bank with any guideline, request or directive of such an authority (whether or not having the
force of law), shall make it unlawful or impossible for the Bank to maintain or fund the LIBOR Rate
Advances, then, upon notice to the Borrower by the Bank, the outstanding principal amount of the
LIBOR Rate Advances, together with accrued interest and any other amounts payable to the Bank under
this Note or the Related Documents on account of the LIBOR Rate Advances shall be repaid (a)
immediately upon the Bank’s demand if such change or compliance with such requests, in the Bank’s
judgment, requires immediate repayment, or (b) at the expiration of the last Interest Period to
expire before the effective date of any such change or request provided, however, that subject to
the terms and conditions of this Note and the Related Documents the Borrower shall be entitled to
simultaneously replace the entire outstanding balance of any LIBOR Rate Advance repaid in
accordance with this section with a Prime Rate Advance in the same amount.

Inability to Determine Interest Rate. If the Bank determines that (a) quotations of interest rates
for the relevant deposits referred to in the definition of Adjusted LIBOR Rate are not being
provided in the relevant amounts or for the relevant maturities for purposes of determining the
interest rate on a LIBOR Rate Advance as provided in this Note, or (b) the relevant interest rates
referred to in the definition of Adjusted LIBOR Rate do not accurately cover the cost to the Bank
of making or maintaining LIBOR Rate Advances, then the Bank shall forthwith give notice of such
circumstances to the Borrower, whereupon (i) the obligation of the Bank to make LIBOR Rate Advances
shall be suspended until the Bank notifies the Borrower that the circumstances giving rise to the
suspension no longer exists, and (ii) the Borrower shall repay in full the then outstanding
principal amount of each LIBOR Rate Advance, together with accrued interest, on the last day of the
then current Interest Period applicable to the Advance, provided, however, that, subject to the
terms and conditions of this Note and the Related Documents, the Borrower shall be entitled to
simultaneously replace the entire outstanding balance of any LIBOR Rate Advance repaid in
accordance with this section with a Prime Rate Advance in the same amount.

Obligations Due on Non-Business Day. Whenever any payment under this Note becomes due and payable
on a day that is not a Business Day, if no default then exists under this Note, the maturity of the
payment shall be extended to the next succeeding Business Day, except, in the
case of a LIBOR Rate Advance, if the result of the extension would be to extend the payment into
another calendar month, the payment must be made on the immediately preceding Business Day.

Matters Regarding Payment. The Borrower will pay the Bank at the Bank’s address shown above or at
such other place as the Bank may designate. Payments shall be allocated among principal, interest
and fees at the discretion of the Bank unless otherwise agreed or required by applicable law.
Acceptance by the Bank of any payment which is less than the payment due at the time shall not
constitute a waiver of the Bank’s right to receive payment in full at that time or any other time.

Authorization for Direct Payments (ACH Debits). To effectuate any payment due under this Note, the
Borrower hereby authorizes the Bank to initiate debit entries to Account Number
___ at the Bank and to debit the same to such account. This authorization to
initiate debit entries shall remain in full force and effect until the Bank has received written
notification of its termination in such time and in such manner as to afford the Bank a reasonable
opportunity to act on it. The Borrower represents that the Borrower is and will be the owner of
all funds in such account. The Borrower acknowledges (1) that such debit entries may cause an
overdraft of such account which may result in the Bank’s refusal to honor items drawn on such
account until adequate deposits are made to such account; (2) that the Bank is under no duty or
obligation to initiate any debit entry for any purpose; and (3) that if a debit is not made because
the above-referenced account does not have a sufficient available balance, or otherwise, the
payment may be late or past due.

Credit Facility. The Bank has approved a credit facility to the Borrower in a principal amount not
to exceed the face amount of this Note. The credit facility is in the form of advances made from
time to time by the Bank to the Borrower. This Note evidences the Borrower’s obligation to repay
those advances. The aggregate principal amount of debt evidenced by this Note is the amount
reflected from time to time in the records of the Bank. Until the earliest of maturity, the
occurrence of any default, or the occurrence of any event that would constitute a default but for
the giving of notice or the lapse of time or both until the end of any grace or cure period, the
Borrower may borrow, pay down and reborrow under this Note subject to the terms of the Related
Documents.

Miscellaneous. This Note binds the Borrower and its successors, and benefits the Bank, its
successors and assigns. Any reference to the Bank includes any holder of this Note. This Note is
issued pursuant and entitled to the benefits of that certain Credit Agreement by and between the
Borrower and the Bank, dated March 12, 2007, and all replacements thereof (the “Credit Agreement”)
to which reference is hereby made for a more complete statement of the terms and conditions under
which the loan

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evidenced hereby is made and is to be repaid. The terms and provisions of the
Credit Agreement are hereby incorporated and made a part hereof by this reference thereto with the
same force and effect as if set forth at length herein. No reference to the Credit Agreement and
no provisions of this Note or the Credit Agreement shall alter or impair the absolute and
unconditional obligation of the Borrower to pay the principal and interest on this Note as herein
prescribed. Capitalized terms not otherwise defined herein shall have the meanings assigned to
such terms in the Credit Agreement.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Borrower:	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Address:	 	50 N. 3rd Street	 	Park National Corporation	 	 	 	 
	 

	 	Newark, OH 43055-5523
	 	By:	 	/s/ John W. Kozak	 	 	 	 	 
	 	 	 	 	 	 	   
	 
	 	 	 	 	 	John W. Kozak             Chief Financial Officer	 	 
	 	 	 	 	 	 	   
	 	 	 	 	 	 	Printed Name                 Title
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Date Signed:
	 	March 12, 2007	 	 	 	 	 	 

5EX-10.1(E)

 

Exhibit 10.1(e)

VISION BANK

SALARY CONTINUATION AGREEMENT

     THIS SALARY CONTINUATION AGREEMENT (the “Agreement”) is adopted this 14th day of July, 2004,
by and between VISION BANK, a state-chartered commercial bank located in Gulf Shores, Alabama (the
“Company”), and J. DANIEL SIZEMORE (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 herein.

Article I.

Definitions

     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. 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 determined pursuant to Article
4.
	 
	1.3	 	“Beneficiary Designation Form” means the form established from time to time by the
Plan Administrator that the Executive completes, signs and returns to the Plan Administrator
to designate one or more Beneficiaries.
	 
	1.4	 	“Change of Control” shall mean a merger, consolidation or other corporate
reorganization involving the Holding Company or the Company in which the Holding Company or
the Company does not survive; (ii) the beneficial ownership of one person, related group of
persons, or groups of persons acting in concert, of as much as 35% of the outstanding voting
securities of the Holding Company or Bank; or (iii) such additional circumstances as may be
determined by the Board of Directors of the Company from time to time.

 

 

	1.5	 	“Code” means the Internal Revenue Code of 1986, as amended.
	 
	1.6	 	“Constructive Termination of Employment” means the Executive experiences one of the
following:

(i) Without the Executive’s express written consent, the assignment to the Executive of any
duties or responsibilities inconsistent with the Executive’s current positions, or a change
in the Executive’s reporting responsibilities, titles or offices; and/or

(ii) A reduction by the Company in the Executive’s base salary.

	1.7	 	“Disability” shall mean the Executive’s physical or mental incapacity, as certified
by a physician that renders him incapable of performing (with reasonable accommodation) the
essential functions of the duties required by this Agreement for ninety (90) or more
consecutive days.
	 
	1.8	 	“Discount Rate” means the rate used by the Plan Administrator for determining the
Accrual Balance. The initial Discount Rate is seven percent (7.0%). However, the Plan
Administrator, in its sole discretion, may adjust the Discount Rate to maintain the rate
within reasonable standards according to GAAP.
	 
	1.9	 	“Voluntary Termination” means the Termination of Employment prior to Normal
Retirement Age for reasons other than death, Disability, Involuntary Termination, Constructive
Termination of Employment, Termination for Cause or following a Change of Control.
	 
	1.10	 	“Voluntary Termination Date” means the month, day and year in which Voluntary
Termination occurs.
	 
	1.11	 	“Effective Date” means April 1, 2004.
	 
	1.12	 	“Final Pay” means the current base annual salary of the executive at Termination of
Employment.
	 
	1.13	 	“Involuntary Termination of Employment” means the Executive is notified in writing by
the Company, that employment with the Company is terminated for reasons other than an approved
leave of absence, Voluntary Termination, Constructive Termination of Employment, or
Termination for Cause.
	 
	1.14	 	“Normal Retirement Age” means the Executive’s 65th birthday.
	 
	1.15	 	“Normal Retirement Date” means the later of the Normal Retirement Age or Termination
of Employment.
	 
	1.16	 	“Plan Administrator” means the plan administrator described in Article 8.

	 
	1.17	 	“Plan Year” means each twelve-month period commencing on the Effective Date.

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	1.18	 	“Termination for Cause” has that meaning set forth in Article 5.
	 
	1.19	 	“Termination of Employment” means that the Executive ceases to be employed by the
Company for any reason, voluntary or involuntary, other than by reason of a leave of absence
approved by the Company.
	 
	1.20	 	“Holding Company” means Vision Bancshares, Inc.

Article 2

Benefits During Lifetime

	2.1	 	Normal Retirement Benefit. Upon Termination of Employment on or after the Normal
Retirement Age for reasons other than death, the Company shall pay to the Executive the
benefit described in this Section 2.1 in lieu of any other benefit under this Article.

	 	2.1.1	 	Amount of Benefit. The annual benefit under this Section 2.1 is
thirty percent (30%) of Final Pay.
	 
	 	2.1.2	 	Payment of Benefit. The Company shall pay the annual benefit to the
Executive in twelve (12) equal monthly installments commencing on the first day of the
month following the Executive’s Normal Retirement Date. The annual benefit shall be
paid to the Executive for fifteen (15) years.

	2.2	 	Involuntary Termination Benefit. Upon Involuntary Termination, the Company shall pay
to the Executive the benefit described in this Section 2.2 in lieu of any other benefit under
this Article.

	 	2.2.1	 	Amount of Benefit. The annual benefit under this Section 2.2 is the
Involuntary Termination Benefit set forth on Schedule A for the Plan Year during which
the Involuntary Termination Date occurs. This benefit is determined by vesting the
Executive in one hundred percent (100%) of the Accrual Balance.
	 
	 	2.2.2	 	Payment of Benefit. The Company shall pay the annual benefit to the
Executive in twelve (12) equal monthly installments commencing with the month following
Normal Retirement Age. The annual benefit shall be paid to the Executive for fifteen
(15) years.

	2.3	 	Voluntary Termination Benefit. Upon Voluntary Termination, the Company shall pay to
the Executive the benefit described in this Section 2.3 in lieu of any other benefit under
this Article.

	 	2.3.1	 	Amount of Benefit. The annual benefit under this Section 2.3 is the
Voluntary Termination Benefit set forth on Schedule A for the Plan Year during which
the Voluntary Termination Date occurs. This benefit is determined by vesting the
Executive in eighty percent (80%) of the Accrual Balance for the first Plan Year, and
an additional twenty percent (20%) of the Accrual Balance for each succeeding Plan Year
thereafter until the Executive becomes one hundred percent (100%) vested in the Accrual
Balance.

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	 	2.3.2	 	Payment of Benefit. The Company shall pay the annual benefit to the
Executive in twelve (12) equal monthly installments commencing with the month following
Normal Retirement Age. The annual benefit shall be paid to the Executive for fifteen
(15) years.

	2.4	 	Disability Benefit. Upon Termination of Employment due to Disability prior to Normal
Retirement Age, the Company shall pay to the Executive the benefit described in this Section
2.4 in lieu of any other benefit under this Article.

	 	2.4.1	 	Amount of Benefit. The annual benefit under this Section 2.4 is the
Disability Benefit set forth on Schedule A for the Plan Year during which the
Termination of Employment occurs. This benefit is determined by vesting the Executive
in one hundred percent (100%) of the Benefit Level.
	 
	 	2.42	 	Payment of Benefit. The Company shall pay the annual benefit to the
Executive in twelve (12) equal monthly installments commencing with the month following
Normal Retirement Age. The annual benefit shall be paid to the Executive for fifteen
(15) years.

	2.5	 	Change of Control Benefit. Upon a Change of Control followed by the Executive’s
Involuntary Termination of Employment or Constructive Termination of Employment, the Company
shall pay to the Executive the benefit described in this Section 2.5 in lieu of any other
benefit under this Article.

	 	2.5.1	 	Amount of Benefit. The annual benefit under this Section 2.5 is the
Change of Control Benefit set forth on Schedule A for the Plan Year during which
Termination of Employment occurs. This benefit is determined by vesting the Executive
in one hundred percent (100%) of the Benefit Level.
	 
	 	2.5.2	 	Payment of Benefit. The Company shall pay the annual benefit to the
Executive in twelve (12) equal monthly installments commencing with the month following
Normal Retirement Age. The annual benefit shall be paid to the Executive for fifteen
(15) years.

Article 3

Death Benefits

	3.1	 	Death During Active Service. If the Executive dies while in the active service of
the Company, the Company shall pay to the Beneficiary the benefit described in this Section
3.1. This benefit shall be paid in lieu of the benefits under Article 2.

	 	3.1.1	 	Amount of Benefit. The annual benefit under this Section 3.1 is
thirty percent (30%) of Final Pay.
	 
	 	3.1.2	 	Payment of Benefit. The Company shall pay the annual benefit to the
Executive’s Beneficiary in twelve (12) equal monthly installments commencing on the
first day of the month following the Executive’s Normal Retirement Date. The annual
benefit shall be paid to the Executive for fifteen (15) years.

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	3.2	 	Death During Payment of a Benefit. If the Executive dies after any benefit payments
have commenced under Article 2 of this Agreement but before receiving all such payments, the
Company shall pay the remaining benefits to the Beneficiary at the same time and in the same
amounts they would have been paid to the Executive had the Executive survived.

	3.3	 	Death After Termination of Employment But Before Payment of a Benefit Commences. If
the Executive is entitled to any benefit payments under Article 2 of this Agreement, but dies
prior to the commencement of said benefit payments, the Company shall pay the same benefit
payments to the Beneficiary that the Executive was entitled to prior to death except that the
benefit payments shall commence on the first day of the month following the date of the
Executive’s death.

Article 4

Beneficiaries

	4.1	 	Beneficiary Designation. The Executive shall have the right, at any time, to
designate a Beneficiary(ies) to receive any benefits payable under this Agreement upon the
death of the Executive. The Beneficiary designated under this Agreement may be the same as or
different from the beneficiary designation under any other benefit plan of the Company in
which the Executive participates.

	4.2	 	Beneficiary Designation Change. The Executive shall designate a Beneficiary by
completing and signing the Beneficiary Designation Form, and delivering it to the Plan
Administrator or its designated agent. The Executive’s Beneficiary designation shall be
deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive
names a spouse as Beneficiary and the marriage is subsequently dissolved. The Executive shall
have the right to change a Beneficiary by completing, signing and
otherwise complying with the terms of the Beneficiary Designation Form and the Plan
Administrator’s rules and procedures, as in effect from time to time. Upon the acceptance
by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary
designations previously filed shall be cancelled. The Plan Administrator shall be entitled
to rely on the last Beneficiary Designation Form filed by the Executive and accepted by the
Plan Administrator prior to the Executive’s death.

	4.3	 	Acknowledgment. No designation or change in designation of a Beneficiary shall be
effective until received, accepted and acknowledged in writing by the Plan Administrator or
its designated agent.

	4.4	 	No Beneficiary Designation. If the Executive dies without a valid beneficiary
designation, or if all designated Beneficiaries predecease the Executive, then the Executive’s
spouse shall be the designated Beneficiary. If the Executive has no surviving spouse, the
benefits shall be made to the personal representative of the Executive’s estate.

	4.5	 	Facility of Payment. If the Plan Administrator determines in its discretion that a
benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable
of handling the disposition of that person’s property, the Plan Administrator may direct

5

 

	 	 	payment of such benefit to the guardian, legal representative or person having the care or
custody of such minor, incompetent person or incapable person. The Plan Administrator may
require proof of incompetence, minority or guardianship as it may deem appropriate prior to
distribution of the benefit. Any payment of a benefit shall be a payment for the account of
the Executive and the Executive’s Beneficiary, as the case may be, and shall be a complete
discharge of any liability under the Agreement for such payment amount.

Article 5

General Limitations

	5.1	 	Termination for Cause. Notwithstanding any provision of this Agreement to the
contrary, the Company shall not pay any benefit under this Agreement if the Company’s Board of
Directors terminates the Executive’s employment for:

	 	(a)	 	Gross negligence or gross neglect of duties to the Company;
	 
	 	(b)	 	Commission of a felony or of a gross misdemeanor involving moral turpitude;
	 
	 	(c)	 	Fraud or willful violation of any law or significant Company policy committed
in connection with the Executive’s employment and resulting in a material adverse
effect on the Company; or
	 
	 	(d)	 	Issuance of an order for removal of the Executive by the Company’s banking
regulators.

	5.2	 	Suicide or Misstatement. The Company shall not pay any benefit under this Agreement
if the Executive commits suicide within three (3) years after the Effective Date. In
addition, the Company shall not pay any benefit under this Agreement if the Executive
has made any material misstatement of fact on any application for life insurance owned by
the Company on the Executive’s life.

	5.3	 	Non-Competition and Non-Solicitation. In the event the Executive’s employment is
terminated pursuant to Section 2.3 of this Agreement, the Executive, for the period
immediately following the date of termination to the third anniversary of the date of
termination (the “Non-Competition Period”), will not, without the prior written approval of
the Company Board, directly or indirectly (i) own greater than 5% equity interest in any class
of stock of, or manage, operate, participate in, be employed by, perform consulting services
for, or otherwise be connected in any manner with any depository institution located within a
50-mile radius of Gulf Shores, Alabama which would be competitive with the business of the
Company at any time prior to the date the employment period would have expired had it not been
terminated earlier; (ii) solicit or induce any employee of the Company or the holding company
owning the Company to terminate such employment or to become employees of any other person or
entity; (iii) solicit any customer, supplier, contractual party of the Company, or holding
company owning the Company or any other persons with whom each of them has business relations
to cease doing business with the Company, the Company or the holding company owning the
Company; or (iv) in any way interfere with the relationship of the Company or holding company
owning the Company and any of their respective

6

 

	 	 	employees, customers, suppliers, contractual
parties or any other person with whom each other has business relations. The Executive agrees
that each of the covenants set forth above are reasonable with respect to its duration,
geographical area and scope. In the event of a breach by the Executive of any covenant set
forth above the term of such covenant shall be extended by the period of the duration of such
breach.

Article 6

Claims And Review Procedures

	6.1	 	Claims Procedure. An Executive or Beneficiary (“claimant”) who has not received
benefits under the Agreement that he or she believes should be paid shall make a claim for
such benefits as follows:

	 	6.1.1	 	Initiation — Written Claim. The claimant initiates a claim by
submitting to the Plan Administrator a written claim for the benefits.
	 
	 	6.1.2	 	Timing of Plan Administrator Response. The Plan Administrator shall
respond to such claimant within 90 days after receiving the claim. If the Plan
Administrator determines that special circumstances require additional time for
processing the claim, the Plan Administrator can extend the response period by an
additional 90 days by notifying the claimant in writing, prior to the end of the
initial 90-day period, that an additional period is required. The notice of extension
must set forth the special circumstances and the date by which the Plan Administrator
expects to render its decision.
	 
	 	6.1.3	 	Notice of Decision. If the Plan Administrator denies part or all of
the claim, the Plan Administrator shall notify the claimant in writing of such denial.
The Plan Administrator shall write the notification in a manner calculated to be understood
by the claimant. The notification shall set forth:

(a) The specific reasons for the denial;

(b) A reference to the specific provisions of the Agreement on which the denial is
based;

(c) A description of any additional information or material necessary for the
claimant to perfect the claim and an explanation of why it is needed;

(d) An explanation of the Agreement’s review procedures and the time limits
applicable to such procedures; and

(e) A statement of the claimant’s right to bring a civil action under ERISA Section
502(a) following an adverse benefit determination on review.

	6.2	 	Review Procedure. If the Plan Administrator denies part or all of the claim, the
claimant shall have the opportunity for a full and fair review by the Plan Administrator of
the denial, as follows:

	 	6.2.1	 	Initiation — Written Request. To initiate the review, the claimant,
within 60 days after receiving the Plan Administrator’s notice of denial, must file
with the Plan Administrator a written request for review.

7

 

	 	6.2.2	 	Additional Submissions — Information Access. The claimant shall then
have the opportunity to submit written comments, documents, records and other
information relating to the claim. The Plan Administrator shall also provide the
claimant, upon request and free of charge, reasonable access to, and copies of, all
documents, records and other information relevant (as defined in applicable ERISA
regulations) to the claimant’s claim for benefits.
	 
	 	6.2.3	 	Considerations on Review. In considering the review, the Plan
Administrator shall take into account all materials and information the claimant
submits relating to the claim, without regard to whether such information was submitted
or considered in the initial benefit determination.
	 
	 	6.2.4	 	Timing of Plan Administrator Response. The Plan Administrator shall
respond in writing to such claimant within 60 days after receiving the request for
review. If the Plan Administrator determines that special circumstances require
additional time for processing the claim, the Plan Administrator can extend the
response period by an additional 60 days by notifying the claimant in writing, prior to
the end of the initial 60-day period, that an additional period is required. The
notice of extension must set forth the special circumstances and the date by which the
Plan Administrator expects to render its decision.
	 
	 	6.2.5	 	Notice of Decision. The Plan Administrator shall notify the claimant
in writing of its decision on review. The Plan Administrator shall write the
notification in a manner calculated to be understood by the claimant. The notification
shall set forth:

(a) The specific reasons for the denial;

(b) A reference to the specific provisions of the Agreement on which the denial is
based;

(c) A statement that the claimant is entitled to receive, upon request and free of
charge, reasonable access to, and copies of, all documents, records and other
information relevant (as defined in applicable ERISA regulations) to the claimant’s
claim for benefits; and

(d) A statement of the claimant’s right to bring a civil action under ERISA Section
502(a).

Article 7

Amendments and Termination

     This Agreement may be amended or terminated only by a written agreement signed by the Company
and the Executive. Provided, however, if the Company’s Board of Directors determines that the
Executive is no longer a member of a select group of management or highly compensated employees, as
that phrase applies to ERISA, for reasons other than death, Disability or retirement, the Company
may amend or terminate this Agreement. Upon such amendment or termination the Company shall pay
benefits to the Executive as if Early Termination occurred on the date of such amendment or
termination, regardless of whether Early Termination actually occurs.

8

 

Article 8

Administration of Agreement

	8.1	 	Plan Administrator Duties. This Agreement shall be administered by a Plan
Administrator which shall consist of the Board, or such committee or person(s) as the Board
shall appoint. The Executive may be a member of the Plan Administrator. The Plan
Administrator shall also have the discretion and authority to (i) make, amend, interpret and
enforce all appropriate rules and regulations for the administration of this Agreement and
(ii) decide or resolve any and all questions including interpretations of this Agreement, as
may arise in connection with the Agreement.

	8.2	 	Agents. In the administration of this Agreement, the Plan Administrator may employ
agents and delegate to them such administrative duties as it sees fit, (including acting
through a duly appointed representative), and may from time to time consult with counsel who
may be counsel to the Company.

	8.3	 	Binding Effect of Decisions. The decision or action of the Plan Administrator with
respect to any question arising out of or in connection with the administration,
interpretation and application of the Agreement and the rules and regulations promulgated
hereunder shall be final and conclusive and binding upon all persons having any interest in
the Agreement. No Executive or Beneficiary shall be deemed to have any right, vested or
nonvested, regarding the continued use of any previously adopted assumptions, including but
not limited to the Discount Rate.

	8.4	 	Indemnity of Plan Administrator. The Company shall indemnify and hold harmless the
members of the Plan Administrator against any and all claims, losses, damages, expenses
or liabilities arising from any action or failure to act with respect to this Agreement,
except in the case of willful misconduct by the Plan Administrator or any of its members.

	8.5	 	Company Information. To enable the Plan Administrator to perform its functions, the
Company shall supply full and timely information to the Plan Administrator on all matters
relating to the date and circumstances of the retirement, Disability, death, or Termination of
Employment of the Executive and such other pertinent information as the Plan Administrator may
reasonably require.

	8.6	 	Annual Statement. The Plan Administrator shall provide to the Executive, within 120
days after the end of each Plan Year, a statement setting forth the benefits payable under
this Agreement.

Article 9

Miscellaneous

	9.1	 	Binding Effect. This Agreement shall bind the Executive and the Company, and their
beneficiaries, survivors, executors, successors, administrators and transferees.

	9.2	 	No Guarantee of Employment. This Agreement is not an employment policy or contract.
It does not give the Executive the right to remain an employee of the Company, nor does it
interfere with the Company’s right to discharge the Executive. It also does not require

9

 

	 	 	the Executive to remain an employee nor interfere with the Executive’s right to terminate
employment at any time.

	9.3	 	Non-Transferability. Benefits under this Agreement cannot be sold, transferred,
assigned, pledged, attached or encumbered in any manner.

	9.4	 	Tax Withholding. The Company shall withhold any taxes that, in its reasonable
judgment, are required to be withheld from the benefits provided under this Agreement. The
Executive acknowledges that the Company’s sole liability regarding taxes is to forward any
amounts withheld to the appropriate taxing authority(ies).

	9.5	 	Applicable Law. The Agreement and all rights hereunder shall be governed by the laws
of the State of Alabama, except to the extent preempted by the laws of the United States of
America.

	9.6	 	Unfunded Arrangement. The Executive and Beneficiary are general unsecured creditors
of the Company for the payment of benefits under this Agreement. The benefits represent the
mere promise by the Company to pay such benefits. The rights to benefits are not subject in
any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
attachment, or garnishment by creditors. Any insurance on the Executive’s life is a general
asset of the Company to which the Executive and Beneficiary have no preferred or secured
claim.

	9.7	 	Reorganization. The Company shall not merge or consolidate into or with another
company, or reorganize, or sell substantially all of its assets to another company, firm, or
person unless such succeeding or continuing company, firm, or person agrees to assume
and discharge the obligations of the Company under this Agreement. Upon the occurrence of
such event, the term “Company” as used in this Agreement shall be deemed to refer to the
successor or survivor company.

	9.8	 	Entire Agreement. This Agreement constitutes the entire agreement between the
Company and the Executive as to the subject matter hereof. No rights are granted to the
Executive by virtue of this Agreement other than those specifically set forth herein.

	9.9	 	Interpretation. Wherever the fulfillment of the intent and purpose of this Agreement
requires, and the context will permit, the use of the masculine gender includes the feminine
and use of the singular includes the plural.

	9.10	 	Alternative Action. In the event it shall become impossible for the Company or the
Plan Administrator to perform any act required by this Agreement, the Company or Plan
Administrator may in its discretion perform such alternative act as most nearly carries out
the intent and purpose of this Agreement and is in the best interests of the Company.

	9.11	 	Headings. Article and section headings are for convenient reference only and shall
not control or affect the meaning or construction of any of its provisions.

	9.12	 	Validity. In case any provision of this Agreement shall be illegal or invalid for
any reason, said illegality or invalidity shall not affect the remaining parts hereof, but
this

10

 

	 	 	Agreement shall be construed and enforced as if such illegal and invalid provision has
never been inserted herein.

	9.13	 	Notice. Any notice or filing required or permitted to be given to the Company or
Plan Administrator under this Agreement shall be sufficient if in writing and hand-delivered,
or sent by registered or certified mail, to the address below:

Vision Bank

PO Box 4649

Gulf Shores, AL 36547

	 	 	 	Such notice shall be deemed given as of the date of delivery or, if delivery is made by
mail, as of the date shown on the postmark on the receipt for registration or certification.
	 
	 	 	 	Any notice or filing required or permitted to be given to the Executive under this Agreement
shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known
address of the Executive.

          IN WITNESS WHEREOF, the Executive and a duly authorized representative of the Company have
signed this Agreement.

	 	 	 	 	 	 	 	 	 	 	 
	EXECUTIVE:	 	 	 	COMPANY:
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Vision Bank
	 
	 	 	 	 	 	 	 	 	 	 
	/s/ J. Daniel Sizemore

	 	 	 	By
	 	/s/ William E. Blackmon	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	J. Daniel Sizemore

	 	 	 	Title
	 	CFO	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

11

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