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                                                                    EXHIBIT 10.1
                            SUMMARY OF BASE SALARIES
                                       FOR
                 EXECUTIVE OFFICERS OF PARK NATIONAL CORPORATION

      On January 18, 2005, upon recommendation of the Compensation Committee,
the Board of Directors of Park National Corporation ("Park") approved the base
salaries for each of the executive officers of Park: (a) C. Daniel DeLawder,
Chairman of the Board and Chief Executive Officer of Park and The Park National
Bank, a subsidiary of Park; (b) David L. Trautman, President and Secretary of
Park and President of The Park National Bank; and (c) John W. Kozak, Chief
Financial Officer of Park and Senior Vice President and Chief Financial Officer
of The Park National Bank, for the fiscal year ended December 31, 2005 (the
"2005 fiscal year"). The Compensation Committee also recommended that the cash
compensation paid to these three executive officers during the 2005 fiscal year
be split at 50% base salary and 50% incentive compensation. Messrs. DeLawder,
Trautman and Kozak historically had received the majority of their total cash
compensation in incentive compensation. The Compensation Committee reviewed
independently generated peer group information of similarly sized bank holding
companies developed by SNL Securities which revealed that the individuals
holding these positions typically receive a majority of their cash compensation
in base salary. To be more consistent with peers, and at the suggestion of the
management of Park and The Park National Bank, the Compensation Committee
considered and then approved a 50/50 split between base salary and cash
incentive compensation. Management also suggested that Messrs. DeLawder and
Trautman receive no increase in the aggregate amount of cash compensation paid
during the 2005 fiscal year, but that the proportion of total cash compensation
allocated to base salary and incentive compensation for the 2005 fiscal year
should change. Management suggested, and the Compensation Committee concurred
after reviewing peer data, to increase Mr. Kozak's total cash compensation.
Accordingly, the base salaries for the 2005 fiscal year were $464,240 for Mr.
DeLawder, $307,108 for Mr. Trautman and $200,500 for Mr. Kozak.

      On February 7, 2006, the Compensation Committee approved the base salaries
for each of Messrs. DeLawder, Trautman and Kozak for the fiscal year ending
December 31, 2006 (the "2006 fiscal year"). Management suggested that Messrs.
DeLawder, Trautman and Kozak receive the same base salary for the 2006 fiscal
year as they had received in 2005 and the Compensation Committee concurred after
reviewing independently generated peer group information of similarly sized bank
holding companies developed by SNL Securities.<PAGE>

                                                                    EXHIBIT 10.2

                     SUMMARY OF INCENTIVE COMPENSATION PLAN
                          OF PARK NATIONAL CORPORATION

      The Compensation Committee of the Board of Directors of Park National
Corporation ("Park") administers Park's incentive compensation plan which
enables the officers of The Park National Bank (the Park National Division, the
Fairfield National Division, the Consolidated Computer Center Division and the
First Clermont Division), The Richland Trust Company, Century National Bank, The
First-Knox National Bank of Mount Vernon (the First-Knox National Division and
the Farmers and Savings Division), Second National Bank, United Bank, N.A., The
Security National Bank and Trust Co. (the Security National Division and the
Unity National Division), The Citizens National Bank of Urbana, Scope Leasing,
Inc. and Guardian Financial Services Company (collectively, "Park's Principal
Subsidiaries") to share in any above-average return on equity (net income
divided by average equity) which Park and its subsidiaries on a consolidated
basis may generate during a fiscal year. During the fiscal year ended December
31, 2005 (the "2005 fiscal year"), all officers of Park's Principal
Subsidiaries, including C. Daniel DeLawder (who served as Chairman of the Board
and Chief Executive Officer of Park and Park National Bank during the 2005
fiscal year and continues to so serve), David L. Trautman (who served as
President and Secretary of Park and as President of Park National Bank during
the 2005 fiscal year and continues to so serve), and John W. Kozak (who served
as Chief Financial Officer of Park and as Senior Vice President and Chief
Financial Officer of Park National Bank during the 2005 fiscal year and
continues to so serve) were eligible to participate in the incentive
compensation plan. For the fiscal year ending December 31, 2006 (the "2006
fiscal year"), all officers of Park's Principal Subsidiaries (including Messrs.
DeLawder, Trautman and Kozak) will also be eligible to participate.

      Above-average return on equity is defined as the amount by which the net
income to average equity ratio of Park and its subsidiaries on a consolidated
basis exceeds the median net income to average equity ratio of all U.S. bank
holding companies of similar asset size ($3 billion to $10 billion). A formula
determines the amount, if any, by which Park's return on equity ratio exceeds
the median return on equity ratio of these peer bank holding companies. Twenty
percent (20%) of that amount on a before-tax equivalent basis is available for
incentive compensation. If Park's return on equity ratio is equal to or less
than that of the peer group, no incentive compensation will be available with
respect to that year. The Chief Executive Officer and the President of Park and
Park National Bank have historically received a fixed percentage of the amount
available for incentive compensation as determined by the Board of Directors
and, more recently, the Compensation Committee. Mr. DeLawder and Mr. Trautman
recommended to the Compensation Committee that, because of the modest increase
in net income earned by Park for the 2005 fiscal year, their total cash
compensation to be paid during the 2006 fiscal year remain unchanged, and that
the ratio of base salary and incentive compensation to be paid during the 2006
fiscal year remain at 50/50. After reviewing the independently generated peer
group information of similarly sized bank holding companies developed by SNL
Securities, the Compensation Committee determined that Mr. Kozak's total cash
compensation to be paid during the 2006 fiscal year should be increased to
$420,500. As a result, Mr. Kozak's incentive compensation in respect of the 2005
fiscal year was $220,000. Mr. DeLawder's incentive compensation and Mr.
Trautman's incentive compensation in respect of the 2005 fiscal year were
$464,240 and $307,108, respectively.

<PAGE>

      After deducting the incentive compensation paid to Messrs. DeLawder,
Trautman and Kozak, the remaining amount available for incentive compensation
pay was distributed to the officers of Park's Principal Subsidiaries on the
basis of their respective contributions to Park's meeting its short-term and
long-term financial goals during the 2005 fiscal year, which contributions were
subjectively determined by the Chairman of the Board and Chief Executive Officer
and the President and Secretary of Park and approved by Park's Board of
Directors, upon recommendation of the Compensation Committee. Recommendations of
the presidents of Park's Principal Subsidiaries were considered when determining
incentive compensation amounts for officers (other than the internal audit
staff) of those subsidiaries. The incentive compensation paid to the internal
audit staff of Park's Principal Subsidiaries is determined by the Audit
Committee of Park's Board of Directors. The payment of the incentive
compensation amounts for the 2005 fiscal year was made during the first quarter
of the 2006 fiscal year (in February of 2006).

                                      -2-<PAGE>

                                                      SCHEDULE A TO EXHIBIT 10.4

      The following directors of Park National Corporation ("Park") entered into
Split-Dollar Agreements with the subsidiaries of Park identified below which are
identical to the Split-Dollar Agreement, dated September 3, 1993, between Leon
Zazworsky and The Park National Bank ("Park National Bank") filed as Exhibit
10.3 to Park's Annual Report on Form 10-K for the fiscal year ended December 31,
2003 (File No. 1-13006):

<TABLE>
<CAPTION>
                                     Subsidiary of Park which is a Party to                  Date of Split-Dollar
    Name of Director                        Split-Dollar Agreement                                 Agreement
-------------------------          --------------------------------------------              --------------------
<S>                                <C>                                                       <C>
Maureen Buchwald                   The First-Knox National Bank of Mount Vernon              May 22, 1998
                                   ("First-Knox National Bank")

James J. Cullers                   First-Knox National Bank                                  May 22, 1998

F. William Englefield IV           Park National Bank                                        September 2, 1993

Michael J. Menzer                  Park National Bank                                        April 28, 1999

John J. O'Neill                    Park National Bank                                        September 2, 1993

J. Gilbert Reese                   Park National Bank                                        September 8, 1993

Rick R. Taylor                     The Richland Trust Company                                September 29, 1993
</TABLE><PAGE>

                                                                    EXHIBIT 10.7

                    DESCRIPTION OF PARK NATIONAL CORPORATION
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

      Park National Corporation ("Park") adopted the Park National Corporation
Supplemental Executive Retirement Plan or "SERP" in December 1996. The SERP
currently benefits 31 current and former officers of Park and its subsidiaries,
including: (a) William T. McConnell, who serves as Chairman of the Executive
Committee of the Board of Directors of each of Park and The Park National Bank,
a subsidiary of Park ("PNB"); (b) C. Daniel DeLawder, who serves as Chairman of
the Board and Chief Executive Officer of each of Park and PNB; and (c) John W.
Kozak, who serves as Chief Financial Officer of Park and as Senior Vice
President and Chief Financial Officer of PNB. David L. Trautman, who serves as
President and Secretary of Park and as President of PNB, does not participate in
the SERP.

      The SERP is a non-qualified benefit plan designed to restore benefits lost
due to limitations under the Internal Revenue Code of 1986, as amended, on the
amount of compensation covered by and the benefits payable under a defined
benefit plan such as the Park National Corporation Defined Benefit Pension Plan.
Park has purchased life insurance contracts to fund the SERP. The SERP is
designed to provide a monthly retirement benefit of approximately $5,000,
$10,500 and $500 for Messrs. McConnell, DeLawder and Kozak, respectively. These
additional benefits are not guaranteed and are dependent upon the earnings from
the related life insurance contracts compared to the average yield on
three-month Treasury bills. The SERP also provides a life insurance benefit to a
current or former officer of Park or one of its subsidiaries participating in
the SERP who dies before age 86. The amount of this life insurance benefit will
be equal to the present value of the stream of future benefits which would have
been paid to the individual until age 86 but had not been paid at the time of
the individual's death.

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