Document:

EXHIBIT 4.1

    

    

    

    

    OHIO VALLEY BANC CORP.

    420 Third Avenue

    Gallipolis, OH  45631

    (740) 446-2631

    

    

    March 16, 2022

    

    

    Securities and Exchange Commission

    100 F Street, N.E.

    Washington, D.C.  20549

    

    

    RE: Ohio Valley Banc Corp. – Form 10-K for the fiscal year ended December 31, 2021

    

    

    Gentlemen:

    

    

    Ohio Valley Banc Corp., an Ohio corporation (“Ohio Valley”), is today filing an Annual Report on Form 10-K for the fiscal year ended December 31,
      2021 (the “Form 10-K”), as executed on March 16, 2022.

    

    

    Pursuant to the instructions relating to the Exhibits in Item 601(b)(4)(iii) of Regulation S-K, Ohio Valley hereby agrees to furnish the
      Commission, upon request, copies of instruments and agreements defining the rights of holders of its long-term debt and of the long-term debt of its consolidated subsidiaries, which are not being filed as exhibits to the Form 10-K.  No such
      instrument or agreement represents long-term debt exceeding  10% of the total assets of Ohio Valley Banc Corp. and its subsidiaries on a consolidated basis.

    

    

    

    

    Very truly yours,

    

    

    	/s/Thomas E. Wiseman 

          
	
            Thomas E. Wiseman

          
	
            Chief Executive Officer

          
	
            Ohio Valley Banc Corp.EXHIBIT 10.3(b)

    

    

    SCHEDULE A TO EXHIBIT 10.3(a)

    

    

    The following individuals entered into director retirement agreements with The Ohio Valley Bank Company which are identical to the Third Amended and
      Restated Director Retirement Agreement, dated December 18, 2012, between Thomas E. Wiseman and The Ohio Valley Bank Company filed herewith.

    

    

    	
            Name

          	 	
            Date of Agreement

          
	 	 	 
	
            David W. Thomas

          	 	
            December 18, 2012EXHIBIT 10.5(b)

    

    

    SCHEDULE A TO EXHIBIT 10.5(a)

    

    

    The following individuals entered into director deferred fee agreements with The Ohio Valley Bank Company which are identical to the Second Amended and
      Restated Director Deferred Fee Agreement, dated December 18, 2012, between Thomas E. Wiseman and The Ohio Valley Bank Company filed herewith.

    

    

    	
            Name

          	 	
            Date of Agreement

          
	 	 	 
	
            David W. Thomas

          	 	
            December 18, 2012EXHIBIT 10.7

    

    

    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 $750 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 $17,000 paid in January or February for non-employee directors and monthly for employee directors of each year for services to be rendered during the year, pro-rated for time served for new or retiring
      members.

     

    

    Each Non-Employee Director who is a member of the Executive Committee of the Bank receives $2,000 per month for his or her services.  In
      addition, each Non-Employee Director who is a member of the Executive Committee receives an annual retainer of $16,695 paid in January or February of each year for services to be rendered during the year as members of that committee, pro-rated for
      time served for new or retiring members.  Employee Directors receive no additional compensation for serving on the Executive Committee.

     

    

    Brent A. Saunders, LPA received retainer fees of $22,000 for legal services to the Company and its subsidiaries during 2021, as approved
      by the Board of Directors in December 2020.  In December 2021, the Board of Directors of Ohio Valley approved the payment to Mr. Saunders of $22,000 in retainer fees for legal services to the Company and its subsidiaries during 2022.

     

    

    The Bank maintains a life insurance policy for each director 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. Miller and Wiseman, as employees of the Bank, are excluded from this benefit under
      the terms of the Bank’s group term life insurance program.  Each director is entitled to retirement and deferred compensation agreements, and the Bank has executed agreements with all such persons, except that Mr. Miller has elected not to
      participate in the director deferred compensation plan and new directors Edward B. Roberts and K. Ryan Smith have not executed agreements so far.  These documents are filed as exhibits to various documents filed by Ohio Valley with the Securities and
      Exchange Commission, as set forth in the Exhibit Index to Ohio Valley’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

    

    

    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

          
	 	 
	
            Thomas E. Wiseman

          	
            391,373

          
	 	 
	
            Larry E. Miller II

          	
            299,934

          
	 	 
	
            Scott W. Shockey

          	
            210,310

          

    

    

    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. Wiseman, Miller and Shockey).  These benefit plans are
      set forth in exhibits to various documents filed by Ohio Valley, as set forth in the Exhibit Index to Ohio Valley’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and described in Ohio Valley’s proxy statement for its 2022
      annual meeting of shareholders.  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, as described in Ohio Valley's proxy statement for its 2022 annual meeting of shareholders.EXHIBIT 10.8

    

    

    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. (the “Company”) 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 that will attract, reward, and retain individuals of the highest quality.  Typically, all employees of the Company's subsidiaries holding positions with a pay grade
      of 9 or above, are eligible to participate in the bonus program, including all of the named executive officers. 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; and (b) each employee's individual performance.  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.  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 Compensation 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 to, 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, 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, for eligible employees in grades 11 and below, are
      typically determined through a formula that applies each employee's performance evaluation score to a “bonus grid,” reflecting the individual employee's job grade and individual job performance using the performance criteria referenced above.  For
      employees in grades 12 and above, individual bonus awards are determined by the level of achievement by the Company and its subsidiaries of some or all of a number of previously mentioned performance metrics. Upon the recommendation of the
      Compensation Committee and if approved by the Board, individual bonus awards for grades 12 and above are typically awarded as a percent of base compensation.  Employees are evaluated by their supervisors, except for Messrs. Wiseman and Miller, who
      are evaluated by the Compensation Committee.  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.  For 2021 bonus amounts, goals
      were based on net income, the efficiency and asset quality.

     

    

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

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