Document:

Exhibit

EXHIBIT 4.1

PEOPLES BANCORP INC. ANNUAL REPORT ON FORM 10-K
FOR FISCAL YEAR ENDED DECEMBER 31, 2017

PEOPLES BANCORP INC.
138 Putnam Street
Marietta, OH  45750
(740) 373-3155

February 27, 2018 

Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C.  20549

RE:  Peoples Bancorp Inc. - Annual Report on Form 10-K for the fiscal year ended December 31, 2017

Ladies and Gentlemen:

Peoples Bancorp Inc., an Ohio corporation, is today filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2017 (the “Form 10-K”), as executed on February 27, 2018.

Pursuant to the provisions of Item 601(b)(4)(iii) of SEC Regulation S-K, Peoples Bancorp Inc. hereby agrees to furnish to the SEC, upon request, copies of instruments and agreements defining (i) the rights of holders of Peoples Bancorp Inc.'s long-term debt or (ii) the rights of holders of the long-term debt of one of its consolidated subsidiaries, not being filed or incorporated by reference as an exhibit to the Form 10-K.  Such long-term debt does not exceed 10% of the total assets of Peoples Bancorp Inc. and its subsidiaries on a consolidated basis.

Very truly yours,
            
Peoples Bancorp Inc.

/s/ JOHN C. ROGERS 
John C. Rogers
Executive Vice President,
Chief Financial Officer and TreasurerExhibit

EXHIBIT 10.6

PEOPLES BANCORP INC. ANNUAL REPORT ON FORM 10-K
FOR FISCAL YEAR ENDED DECEMBER 31, 2017

SUMMARY OF PERQUISITES FOR EXECUTIVE OFFICERS
OF PEOPLES BANCORP INC.

Peoples Bancorp Inc. ("Peoples") maintains an Executive Health Program, which provides an opportunity for each executive officer to participate, on a voluntary basis, in a comprehensive medical screening annually at the expense of Peoples.  The objective of the Executive Health Program is the early identification of potential health problems and the prompt, expert treatment of any medical problems detected, thereby mitigating the negative potential impact on Peoples' financial performance or current management succession plans.  Some of the executive officers participate in a program under which Peoples offers a limited reimbursement for fitness club memberships.  This program is available to all employees, and is part of an overall wellness initiative at Peoples.  In 2017, all of the named executive officers participated in a wellness incentive program, available to all Peoples medical plan participants, which provided up to a one-time $1,250 payment to a Health Savings or Flexible Spending Account, depending upon individual compliance with the program’s requirements, which include wellness related activities.
Based on business need, on a case-by-case basis, the Compensation Committee of Peoples' Board of Directors has granted the use of a company-paid automobile and/or country club membership to certain executive officers to further business development on behalf of Peoples and our shareholders.  Personal use of a company-paid automobile is reported as income to the executive officer.  Expenses relating to personal use of the country club amenities are either reimbursed to Peoples or paid by the named executive officer.  
On a case-by-case basis, the Compensation Committee will approve the payment of or reimbursement to an executive officer for moving expenses and temporary housing as part of the executive officer's recruitment package.Exhibit

EXHIBIT 10.7

PEOPLES BANCORP INC. ANNUAL REPORT ON FORM 10-K
FOR FISCAL YEAR ENDED DECEMBER 31, 2017

SUMMARY OF BASE SALARIES FOR EXECUTIVE OFFICERS 
OF PEOPLES BANCORP INC.

The base salaries of executive officers of Peoples Bancorp Inc. (“Peoples”) are determined by evaluating the most recent comparative peer data and the role and responsibilities of their positions.  Individual salary increases are reviewed annually and are based on Peoples' overall performance and the executive's attainment of specific individual business objectives during the preceding year.

The following table details the base salaries to be paid by Peoples and its subsidiaries to Charles W. Sulerzyski, President and Chief Executive Officer of Peoples, and the four other most highly compensated executive officers of Peoples for the fiscal year ending December 31, 2017: 

	
					
	Name
	Position/Title
	Base Salary

	Charles W. Sulerzyski
	President and Chief Executive Officer
	$
	565,000
	

	 
	 
	 

	John C. Rogers
	Executive Vice President, Chief Financial Officer and Treasurer
	315,000
	

	 
	 
	 

	Doug Wyatt
	Executive Vice President, Chief Commercial Banking Officer
	260,000
	

	 
	 
	 

	Carol A. Schneeberger
	Executive Vice President, Chief Administrative Officer
	260,000
	

	 
	 
	 

	Robyn A. Stevens
	Executive Vice President, Chief Credit Officer
	230,000Exhibit

EXHIBIT 10.8

PEOPLES BANCORP INC. ANNUAL REPORT ON FORM 10-K 
FOR FISCAL YEAR ENDED DECEMBER 31, 2017

Summary of Compensation for 
Directors of Peoples Bancorp Inc. 

The Compensation Committee of the Board of Directors of Peoples Bancorp Inc. ("Peoples") believes the combination of cash and equity-based compensation (in the form of common shares) in its director compensation model promotes independent decision-making on the part of directors as the common shares have immediate value, unlike stock options or similar forms of equity-based awards.  In 2017, an annual retainer of $44,800 paid in quarterly installments.  The annual retainer was paid 60% in cash and 40% in the form of the number of common shares with an equivalent fair market value at the time of payment. 
In 2017, the chairs of the Audit, Compensation, Governance,and Nominating and Risk Committees each received an annual retainer of $5,000 paid in quarterly installments.  The annual retainer was paid 60% in cash and 40% in the form of the number of common shares with equivalent fair market value at the time of payment. 
In 2017, the Chairman of the Board of Peoples received an annual retainer of $20,000 paid in quarterly installments, with 60% paid in cash and 40% paid in the form of the number of common shares with an equivalent fair market value at the time of payment.
All directors of Peoples are also directors of Peoples Bank.  Directors receive compensation for their service as Peoples Bank directors in addition to the compensation received for their service as directors of Peoples.  In 2017, each director of Peoples, other than Mr. Sulerzyski, received for service as a director of Peoples Bank an annual retainer of $11,200 paid in quarterly installments, with 60% paid in cash and 40% paid in the form of the number of common shares with equivalent fair market value at the time of payment. 
Directors who travel a distance of 50 miles or more to attend a Board or Board committee meeting of Peoples or Peoples Bank receive a $150 travel fee.  A single travel fee of $150 is paid for multiple meetings occurring on the same day.  Directors who travel a distance of 500 miles or more (round trip) to attend a Board of Directors or Board committee meeting are reimbursed for the actual cost of reasonable travel expenses including coach class airfare, car rental, and other usual and customary travel expense in lieu of the $150 fee.  Directors who stay overnight to attend a meeting are reimbursed for the actual cost of their overnight accommodations.  Peoples believes these fees and reimbursements are reasonable and partially offset travel expenses incurred by those directors living outside the Marietta, Ohio area, where Board of Directors and Board committee meetings are typically held.

Additionally, on January 26, 2017, based on the recommendation of the Compensation Committee, each of the directors, other than Mr. Sulerzyski, received a grant of 300 restricted common shares.  The restricted common shares had a time-based vesting requirement that was met six months after the grant date, provided the individual was still serving as a director at the time.

The Board of Directors did not make any changes to the director compensation arrangements discussed above for 2018, except that on August 24, 2017, the Board of Directors added an annual grant of 400 unrestricted common shares to each director, with the exception of Mr. Sulerzyski, to be paid in the first quarter of each fiscal year beginning in 2018.  This annual grant is separate from the annual retainers discussed above.  The common shares to be awarded in the first quarter of 2018 were granted on January 31, 2018.

Mr. Sulerzyski received no compensation as a director of Peoples or Peoples Bank during 2017 and will receive none in those capacities in 2018.Exhibit

  FIRST AMENDMENT TO THE
PEOPLES BANCORP INC. 
SECOND AMENDED AND RESTATED
2006 EQUITY PLAN

This First Amendment (this “First Amendment”) to the Peoples Bancorp Inc. Second Amended and Restated 2006 Equity Plan (as previously amended, the “Plan”) is adopted by the Board of Directors (the “Board”) of Peoples Bancorp Inc. (the “Company”) on January 25, 2018 (the “Effective Date”).

WHEREAS, the Company sponsors the Plan; and

WHEREAS, the Company desires to amend the Plan in order to amend the definition of “Retirement” for purposes of the Plan; and

WHEREAS, Section 12.2(a) of the Plan permits the Board to amend the Plan at any time in such respects as the Board may deem to be in the best interests of the Company without the approval of the shareholders of the Company unless:  (a) the amendment would increase the number of shares of Company Stock (as defined in the Plan) which may be issued under the Plan, except as otherwise permitted under Section 12.1 of the Plan; (b) the amendment would expand the types of awards available to Participants (as defined in the Plan) under the Plan; (c) the amendment would materially expand the class of employees and/or advisors eligible to participate in the Plan; (d) the amendment would materially change the method of determining the Option Price of Options (as each is defined in the Plan) or the Exercise Price of SARs (as each is defined in the Plan); (e) the amendment would delete or limit the provision in Section 5.8 of the Plan prohibiting the repricing of Options and SARs; (f) the amendment would extend the termination date of the Plan; or (g) the approval of the amendment by the shareholders of the Company would be required to satisfy any applicable laws or regulations or the rules or standards of any securities exchange, market or other quotation system on or through which the Company Stock is listed or traded; and

WHEREAS, the amendment of the definition of “Retirement” for purposes of the Plan is not within the stated exceptions that require shareholder approval and, therefore, approval by the Company’s shareholders is not required under the provisions of Section 12.2(a) of the Plan in order to amend the Plan as set forth in this First Amendment; and

WHEREAS, the new definition of “Retirement” provided for in this First Amendment as being applicable to future Awards (as defined in the Plan) issued under the Plan shall not apply to outstanding Awards issued under the Plan;

NOW, THEREFORE, the Plan is hereby amended as follows, effective as of the date of the adoption of this First Amendment as contemplated in the introductory paragraph of this First Amendment:  

1.Section 2.36 of the Plan is hereby deleted in its entirety and the following is substituted therefor:

2.36    RETIREMENT means:  (a) in the case of any Award made under the Plan prior to January 25, 2018, a Termination by a Participant other than due to death or Disability on or after attaining 65 years of age and with at least 10 years of service with the Company or any Subsidiary; and (b) in the case of any Award made under the Plan on or after January 25, 2018, a Termination by a Participant other than due to death or Disability on or after attaining 62 years of age and with at least five years of service with the Company or any Subsidiary.  
    
IN WITNESS WHEREOF, the Company has caused this First Amendment to be executed by its duly authorized officer, effective as of the Effective Date.

Peoples Bancorp Inc.

By:                        

Printed Name:                    

Its:

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