Document:

Document

Exhibit 10.1

BUSINESS LOAN AGREEMENT

																								
	Principal
$20,000,000.00
	Loan Date
02-08-2022
	Maturity
02-08-2023
	Loan No
	Call / Coll
OTPU / D0
	Account
	Officer
PRW
	Initials

	References in the boxes above are for Lender's use only and do not limit the applicability of this document to any 
Any item above containing "***" has been omitted due to text length 

Borrower:         LCNB Corp.
2 North Broadway
Lebanon, OH 45036

Lender:            Bankers' Bank
7700 Mineral Point Road Madison, WI 53717

THIS BUSINESS LOAN AGREEMENT dated February 8, 2022, is made and executed between LCNB Corp. ("Borrower") and Bankers' Bank ("Lender") on the following terms and conditions. Borrower has received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may be described on any exhibit or schedule attached to this Agreement. Borrower understands and agrees that: (A) in granting, renewing, or extending any Loan, Lender is relying upon Borrower's representations, warranties, and agreements as set forth in this Agreement; (B) the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender's sole judgment and discretion; and (C) all such Loans shall be and remain subject to the terms and conditions of this Agreement. This Agreement shall apply to any and all present and future loans, loan advances, extension of credit, financial accommodations and other agreements and undertakings of every nature and kind that may be entered into by and between Borrower and Lender now and in the future.

TERM. This Agreement shall be effective as of February 8, 2022, and shall continue in full force and effect until such time as all of Borrower's Loans in favor of Lender have been paid in full, including principal, interest, costs, expenses,  attorneys' fees, and  other fees  and charges, or until February 8, 2023.

LINE OF CREDIT. The Indebtedness includes a revolving line of credit.  Advances under the Indebtedness, as well as directions for payment from Borrower's accounts, may be requested either orally or  in writing  by Borrower.  All non-written requests  shall be confirmed  in writing  on the day of the request. Borrower agrees to be liable for all sums  either: (A)  advanced in accordance with the instructions of an  authorized person as described in the "Advance Authority" section below or (B) credited to any of Borrower's accounts with Lender.

ADVANCE AUTHORITY. The following person or persons are authorized to request advances and authorize payments under the line of credit until Lender receives from Borrower, at Lender's address shown above, written notice of revocation of such authority: Eric Meilstrup, Chief Executive Officer & President of LCNB National Bank, Robert Haines, Chief Financial Officer of LCNB National Bank, Matthew Layer, Chief Lending Officer of LCNB National Bank, Bradley Ruppert, Chief Investment Officer of LCNB National Bank, or Lawrence Mulligan, Chief Operations Officer of LCNB National Bank.

CONDITIONS PRECEDENT TO EACH ADVANCE. Lender's obligation to make the initial Advance and each subsequent Advance under this Agreement shall be subject to the fulfillment to Lender's satisfaction of all of the conditions set forth in this Agreement and in the Related Documents.

Loan Documents.  Borrower shall provide to Lender the following documents for the Loan:  (1)  the Note;  (2)   Security Agreements granting to Lender security interests in the Collateral; (3)  financing statements and all other documents perfecting Lender's Security Interests; (4)  evidence of insurance as required below;  (5)  together with all such Related Documents as Lender may require for the Loan; all in form and substance satisfactory to Lender and Lender's counsel.

Required Collateral. Negative Pledge Agreement on 100% of the issued and outstanding Capital Stock of the LCNB National Bank.

Borrower's Authorization. Borrower shall have provided in form and substance satisfactory to Lender properly certified resolutions, duly authorizing the execution and delivery of this Agreement, the Note and the Related Documents. In addition, Borrower shall have provided such other resolutions, authorizations, documents and instruments as Lender or its counsel, may require.

Payment of Fees and Expenses. Borrower shall have paid to Lender all fees, charges, and other expenses which are then due and payable as specified in this Agreement or any Related Document.

Representations and Warranties. The representations and warranties set forth in this Agreement, in the Related Documents, and in any document or certificate delivered to Lender under this Agreement are true and correct.

No Event of Default. There shall not exist at the time of any Advance a condition which would constitute an Event of Default under this Agreement or under any Related Document.

REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to Lender, as of the date of this Agreement, as of the date of each disbursement of loan proceeds, as of the date of any renewal, extension or modification of any Loan, and at all times any Indebtedness exists:

Organization. Borrower is a corporation for profit which is, and at all times shall be, duly organized, validly existing, and in good standing under and by virtue of the laws of the State of Ohio. Borrower is duly authorized to transact business in all other states in which Borrower is doing business, having obtained all necessary filings, governmental licenses and approvals for each state in which Borrower is doing business. Specifically, Borrower is, and at all times shall be, duly qualified as a foreign corporation in all states in which the failure to so qualify would have a material adverse effect on its business or financial condition. Borrower has the full power and authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage. Borrower maintains an office at 2 North Broadway, Lebanon, OH 45036. Unless Borrower has designated otherwise in writing, the principal office is the office at which Borrower keeps its books and records including its records concerning the Collateral. Borrower will notify Lender prior to any change in the location of Borrower's state of organization or any change in Borrower's name. Borrower shall do all things necessary to preserve and to keep in full force and effect its 

existence, rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental authority or court applicable to Borrower and Borrower's business activities.

Assumed Business Names. Borrower has filed or recorded all documents or filings required by law relating to all assumed business names used by Borrower. Excluding the name of Borrower, the following is a complete list of all assumed business names under which Borrower does business:

												
	Borrower	Assumed Business Name	Filing Location	Date
	LCNB Corp.	LCNB National Bank	Lebanon, O	01-01-1877
		LCBN Risk Management, INC.	Las Vegas, 	05-31-2017

Authorization. Borrower's execution, delivery, and performance of this Agreement and all the Related Documents have been duly authorized by all necessary action by Borrower, do not require the consent or approval of any other person, regulatory authority, or governmental body, and do not conflict with, result in a violation of, or constitute a default under (1) any provision of (a) Borrower's articles of incorporation or organization, or bylaws, code of regulations, or (b) any agreement or other instrument binding upon Borrower or   (2)   any law, governmental regulation, court decree, or order applicable to Borrower or to Borrower's properties.   Borrower has the power and authority to enter into the Note and the Related Documents and to grant collateral as security for the Loan. Borrower has the further power and authority to own and to hold all of Borrower's assets and properties, and to carry on Borrower's business as presently conducted.

Financial Information. Each of Borrower's financial statements supplied to Lender truly and completely disclosed Borrower's financial condition as of the date of  the statement, and there has  been no material adverse change in Borrower's financial condition subsequent to the date of the most recent financial statement supplied to Lender. Borrower has no material contingent obligations except as disclosed in such financial statements.

Legal Effect. This Agreement constitutes, and any instrument or agreement Borrower is required to give under this Agreement when delivered will constitute legal, valid, and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms.

Properties. Except as contemplated by this Agreement or as previously disclosed in Borrower's financial statements or in writing to Lender and as accepted by Lender, and except for property tax liens for taxes not presently due and payable, Borrower owns and has good title to all of Borrower's properties free and clear of all Security Interests, and has not executed any security documents or financing statements relating to such properties. All of Borrower's properties are titled in Borrower's legal name, and Borrower has not used or filed a financing statement under any other name for at least the last five (5) years.

Hazardous Substances. Except as disclosed to and acknowledged by Lender in writing, Borrower represents and warrants that: (1) During the period of Borrower's ownership of the Collateral, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from any of the Collateral. (2) Borrower has no knowledge of, or reason to believe that there has been (a) any breach or violation of any Environmental Laws; (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or  from the Collateral by any prior owners or occupants of any of the Collateral; or (c) any actual or threatened litigation or claims of any kind by any person relating to such matters.   (3)   Neither Borrower nor any tenant, contractor, agent or other authorized user of any of the Collateral shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from any of  the Collateral; and any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations, and ordinances, including without limitation all Environmental Laws. Borrower authorizes Lender and its agents to enter upon the Collateral to make such inspections and tests as Lender may deem appropriate to determine compliance of the Collateral with this section of the Agreement. Any inspections or tests made by Lender shall be at Borrower's expense and for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Borrower or to any other person.  The representations and warranties contained herein are based on Borrower's due diligence in investigating the Collateral for hazardous waste and Hazardous Substances.  Borrower hereby   (1)   releases and waives any future claims against Lender for indemnity or contribution in the event Borrower becomes liable for cleanup or other costs under any such laws, and (2) agrees to indemnify, defend, and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Agreement or as a consequence of any use, generation, manufacture, storage,  disposal, release or threatened release of a hazardous waste or substance on the Collateral.  The provisions of this section of the Agreement, including the obligation to indemnify and defend, shall survive the payment of the Indebtedness and the termination, expiration  or satisfaction of this Agreement and shall not be affected by Lender's acquisition of any interest in any  of the Collateral, whether by foreclosure or otherwise.

Litigation and Claims. No litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid taxes) against Borrower is pending or threatened, and no other event has occurred which may materially adversely affect Borrower's financial condition or properties, other than litigation, claims, or other events, if any, that have been disclosed to and acknowledged by Lender in writing.

Taxes. To the best of Borrower's knowledge, all of Borrower's tax returns and  reports that  are or  were required to be  filed, have  been filed, and all taxes, assessments and other governmental charges have been paid in full, except those presently being or to be contested by Borrower in good faith in the ordinary course of business and for which adequate reserves have been provided.

Lien Priority. Unless otherwise previously disclosed to Lender in writing, Borrower has not entered into or granted any  Security Agreements, or permitted the filing or attachment of any Security Interests on or affecting any of  the Collateral  directly  or  indirectly securing repayment of Borrower's Loan and Note, that would be prior or that may in any way be superior to Lender's Security Interests and rights in and to such Collateral.

Binding Effect.  This Agreement, the Note, all Security Agreements (if any), and all Related Documents are binding upon the signers thereof, as well as upon their successors, representatives and assigns, and are legally enforceable in accordance with their  respective terms.

Commercial Purposes. Borrower intends to use the Loan proceeds solely for business or commercially related purposes.

Employee Benefit Plans. Each employee benefit plan as to which Borrower may have any liability complies in all material respects with all applicable requirements of law and regulations, and (1) no Reportable Event nor Prohibited Transaction (as defined in ERISA) has occurred with respect to any such plan,  (2)  Borrower has not withdrawn from any such plan or initiated steps to do so,   (3)   no steps have been taken to terminate any such plan or to appoint a trustee to administer such a plan,  and  (4)  there  are no unfunded  liabilities other than those previously disclosed to Lender in writing.
Investment Company Act. Borrower is not an "investment company" or a company "controlled" by an "investment company", within the meaning of the Investment Company Act of 1940, as amended.

Public Utility Holding Company Act. Borrower is not a "holding company", or a "subsidiary company" of a "holding company", or an "affiliate" of a "holding company" or of a "subsidiary company" of a "holding company", within the meaning of the Public Utility Holding Company Act of 1935, as amended.

Regulations T and U. Borrower is not engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T and U of the Board of Governors of the Federal Reserve System).

Information.   All information previously furnished or which is now being furnished by Borrower to Lender for the purposes of or in connection with this Agreement or any transaction contemplated by this Agreement is, and all information furnished by or on behalf of Borrower to Lender in the future will be, true and accurate in every material respect on the date as of which such information is dated or certified; and no such information is or will be incomplete by omitting to state any material fact the omission of which would cause the information to be misleading.

Claims and Defenses. There are no defenses or counterclaims, offsets or other adverse claims, demands or actions of any kind, personal or otherwise, that Borrower, any Grantor, or any Guarantor could assert with respect to the Note, Loan, this Agreement, or the Related Documents.

AFFIRMATIVE COVENANTS. Borrower covenants and agrees with Lender that, so long as this Agreement remains in effect, Borrower will:

Repayment. Repay the Loan in accordance with its terms and the terms of this Agreement.

Notices of Claims and Litigation. Promptly inform Lender in writing of (1) all material adverse changes in Borrower's financial condition, and  (2)  all existing and all threatened litigation, claims, investigations, administrative proceedings or similar actions affecting Borrower or any Guarantor which could materially affect the financial condition of Borrower or the financial condition of any Guarantor.

Financial Records. Maintain its books and records in accordance with GAAP, applied on a consistent basis, and permit Lender to examine and audit Borrower's books and records at all reasonable times.

Financial Statements. Furnish Lender with such financial statements and other related information at such frequencies and in such detail as Lender may reasonably request.

Additional Information. Furnish such additional information and statements, as Lender may request from time to time.

Insurance. Maintain fire and other risk insurance, public liability insurance, and such other insurance as Lender may require with respect to Borrower's properties and operations, in form, amounts, coverages and with insurance companies acceptable to Lender. Borrower, upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished without at least thirty (30) days  prior written  notice  to Lender.  Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Borrower or any other person. In connection with all policies covering assets in which Lender holds or is offered a security interest for the Loans, Borrower will provide Lender with such lender's loss payable or other endorsements as Lender may require.

Insurance Reports. Furnish to Lender, upon request of Lender, reports on each existing insurance policy showing such information as Lender may reasonably request, including without limitation the following:  (1)  the name of the insurer;  (2)  the risks insured;  (3)  the amount of the policy; (4)  the properties insured;  (5)  the then current property values on the basis of which insurance has been obtained, and the manner of determining those values; and (6)  the expiration date of the policy.  In addition, upon request of Lender (however not more often than annually), Borrower will have an independent appraiser satisfactory to Lender determine, as applicable, the actual cash value or replacement cost of any Collateral. The cost of such appraisal shall be paid by Borrower.

Other Agreements.   Comply with all terms and conditions of all other agreements, whether now or hereafter existing, between Borrower and any other party and notify Lender immediately in writing of any default in connection with any other such agreements.

Loan Proceeds. Use all Loan proceeds solely for Borrower's business operations, unless specifically consented to the contrary by Lender in writing.

Taxes, Charges and Liens. Pay and discharge when due all of its indebtedness and obligations, including without limitation all assessments, taxes, governmental charges, levies and liens, of every kind and nature, imposed upon Borrower or its properties, income, or profits, prior to the date on which penalties would attach, and all lawful claims that, if unpaid, might become a lien or charge upon any of Borrower's properties, income, or profits.   Provided however, Borrower will not be required to pay and discharge any such assessment, tax, charge, levy, lien or claim so long as  (1)  the legality of the same shall be contested in good faith by appropriate proceedings, and  (2)  Borrower shall have established on Borrower's books adequate reserves with respect to such contested assessment, tax, charge, levy, lien, or claim in accordance with GAAP.

Performance. Perform and comply, in a timely manner, with all terms, conditions, and provisions set forth in this Agreement, in the Related Documents, and in all other instruments and agreements between Borrower and Lender, and in all other loan agreements now or in the future existing between Borrower and any other party. Borrower shall notify Lender immediately in writing of any default in connection with any agreement.

Operations. Maintain executive and management personnel with substantially the same qualifications and experience as the present executive and management personnel; provide written notice to Lender of any change in executive and management personnel; conduct its business affairs in a reasonable and prudent manner.

Environmental Studies. Promptly conduct and complete, at Borrower's expense, all such investigations, studies, samplings and testings as may be requested by Lender or any governmental authority relative to any substance, or any waste or by-product of any substance defined as toxic or a hazardous substance under applicable federal, state, or local law, rule, regulation, order or directive, at or affecting any property or any facility owned, leased or used by Borrower.

Compliance with Governmental Requirements. Comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to the conduct of Borrower's properties, businesses and operations, and to the use or occupancy of the Collateral, including without limitation, the Americans With Disabilities Act. Borrower may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Borrower has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Collateral are not jeopardized. Lender may require Borrower to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest.

Inspection. Permit employees or agents of Lender at any reasonable time to inspect any and all Collateral for the Loan or Loans and Borrower's other properties and to examine or audit Borrower's books, accounts, and records and to make copies and memoranda of Borrower's books, accounts, and records. If Borrower now or at any time hereafter maintains any records (including without limitation computer generated records and computer software programs for the generation of such records) in the possession of a third party, Borrower, upon request of Lender, shall notify such party to permit Lender  free access to such records  at all reasonable times and to provide Lender with copies of any records it may request, all at Borrower's expense.

Change of Location. Immediately notify Lender in writing of any additions to or changes in the location of Borrower's businesses.

Title to Assets and Property. Maintain good and marketable title to all of Borrower's assets and properties.

Notice of Default, Litigation and ERISA Matters. Forthwith upon learning of the occurrence of any of the following, Borrower shall provide Lender with written notice thereof, describing the same and the steps being taken by Borrower with respect thereto: (1)  the occurrence of any Event of Default, or (2) the institution of, or any adverse determination in, any litigation, arbitration proceeding or governmental proceeding, or (3) the occurrence of a Reportable Event under, or the institution of steps by Borrower to withdraw from, or the institution of any steps to terminate, any employee benefit plan as to which Borrower may have any liability.

Other Information. From time to time Borrower will provide Lender with such other information as Lender may reasonably request.

Employee Benefit Plans. So long as this Agreement remains in effect, Borrower will maintain each employee benefit plan as to which Borrower may have any liability, in compliance with all applicable requirements of law and regulations.

Compliance Certificates. Unless waived in writing by Lender, provide Lender at least annually, with a certificate executed by Borrower's chief financial officer, or other officer or person acceptable to Lender, certifying that the representations and warranties set forth in this Agreement are true and correct as of the date of the certificate and further certifying that, as of the date of the  certificate, no Event  of Default exists under this Agreement.

Environmental Compliance and Reports. Borrower shall comply in all respects with any and all Environmental Laws; not cause or permit to exist, as a result of an intentional or unintentional action or omission on Borrower's part or on  the part  of any  third party,  on  property owned and/or occupied by Borrower, any environmental activity where damage may result to the environment, unless such environmental activity is pursuant to and in compliance with the conditions of a permit issued by the appropriate federal, state or local governmental authorities; shall furnish to Lender promptly  and in any event within thirty  (30) days after receipt thereof  a copy of any notice, summons, lien, citation, directive, letter or other communication from any governmental agency or instrumentality concerning any intentional or unintentional action or omission on Borrower's part in connection with any environmental activity whether or not there is damage to the environment and/or other natural resources.

Additional Assurances. Make, execute and deliver to Lender such promissory notes, mortgages, deeds of trust, security agreements, assignments, financing statements, instruments, documents and other agreements as Lender or its attorneys may reasonably request to evidence and secure the Loans and to perfect all Security Interests.

LENDER'S EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender's interest in the Collateral or if Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower's failure to discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or any Related Documents, Lender on Borrower's behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on any Collateral and paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Borrower. All such expenses will become a part of the Indebtedness and, at Lender's option, will  (A)  be payable on demand;   (B)   be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either  (1)  the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity.

NEGATIVE COVENANTS.  Borrower covenants and agrees with Lender that while this Agreement is in effect, Borrower shall not, without the prior written consent of Lender:

Continuity of Operations. (1)  Engage in any business activities substantially different than those in which Borrower is presently engaged, (2)  cease operations, liquidate, merge or restructure as a legal entity (whether by division or otherwise), consolidate with or acquire any other entity, change its name, convert to another type of entity or redomesticate, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) pay any dividends on Borrower's stock (other than dividends payable in its stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from the payment of dividends, if Borrower is a "Subchapter S Corporation" (as defined in the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower's stock, or purchase or retire any of Borrower's outstanding shares or alter or amend Borrower's capital structure.

Agreements. Enter into any agreement containing any provisions which would be violated or breached by the performance of Borrower's obligations under this Agreement or in connection herewith.

CESSATION OF ADVANCES. If Lender has made any commitment to make any Loan to Borrower, whether under this Agreement or under any other agreement, Lender shall have no obligation to make Loan Advances or to disburse Loan proceeds if: (A) Borrower or any Guarantor is in default under the terms of this Agreement or any of the Related Documents or any other agreement that Borrower or any Guarantor has with Lender;  (B)   Borrower or any Guarantor dies, becomes incompetent or becomes insolvent, files a petition in bankruptcy or similar proceedings, or is adjudged a bankrupt; (C) there occurs a material adverse change in Borrower's financial condition, in the financial condition of any Guarantor, or in the value of any Collateral securing any Loan; or (D)  any Guarantor seeks, claims or otherwise attempts to limit, modify or revoke such Guarantor's guaranty of the Loan or any other loan with Lender.

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower's accounts with Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by law.  Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the debt against any and all such accounts.

DEFAULT. Each of the following shall constitute an Event of Default under this Agreement:
 
 Payment Default. Borrower fails to make any payment when due under the Loan.

Other Defaults. Borrower fails to comply with or to  perform any other  term, obligation, covenant  or condition contained in this Agreement or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower.

Default in Favor of Third Parties. Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower's or any Grantor's property or Borrower's or any Grantor's ability to repay the Loans or perform their respective obligations under this Agreement or any of the Related Documents.

False Statements.   Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf, or made by Guarantor, under this Agreement or the Related Documents in connection with the obtaining of the Loan evidenced by the Note or any 

security document directly or indirectly securing repayment of the Note is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter.

Insolvency. The dissolution or termination of Borrower's existence as a going business, the insolvency of Borrower, the appointment of a receiver for any part of Borrower's property, any assignment for the benefit of creditors, any type of  creditor  workout,  or  the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.

Defective Collateralization. This Agreement or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason.

Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the Loan. This includes a garnishment of any of Borrower's accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.

Execution; Attachment. Any execution or attachment is levied against the Collateral, and such execution or attachment is not set aside, discharged or stayed within thirty (30) days after the same is levied.

Change in Zoning or Public Restriction. Any change in any zoning ordinance or regulation or any other public restriction is enacted, adopted or implemented, that limits or defines the uses which may be made of the Collateral such that the present or intended use of the Collateral, as specified in the Related Documents, would be in violation of such zoning ordinance or regulation or public restriction, as changed.

Default Under Other Lien Documents. A default occurs under any other mortgage, deed of trust or security agreement covering all or any portion of the Collateral.

Judgment. Unless adequately covered by insurance in the opinion of Lender, the entry of a final judgment for the payment of money involving more than ten thousand dollars ($10,000.00) against Borrower and the failure by Borrower to discharge the same, or cause it to be discharged, or bonded off to Lender's satisfaction, within thirty (30) days from the date of the order, decree or process under which or pursuant to which such judgment was entered.

Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.

Change in Ownership. Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower.

Adverse Change. A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or performance of the Loan is impaired.

EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the "Insolvency" subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of  any Grantor shall not affect Lender's right to declare a default and to exercise its rights and remedies.

ADDITIONAL DOCUMENTS. Borrower shall provide Lender with the following additional documents:

Corporate Resolution. Borrower has provided or will provide Lender with a certified copy of resolutions properly adopted by Borrower's Board of Directors, and certified by Borrower's corporate secretary, assistant secretary, or other authorized officer, under which Borrower's Board of Directors authorized one or more designated officers or employees to execute this Agreement, the Note, and to consummate the borrowings and other transactions as contemplated under this Agreement, and to  consent to  the remedies following any  default by Borrower as provided in this Agreement.

Opinion of Counsel. When required by Lender, Borrower has provided or will provide Lender with an opinion of Borrower's counsel certifying to and that: (1)  Borrower's Note, and this Agreement constitute valid and binding obligations on Borrower's part that are enforceable in accordance with their respective terms; (2) Borrower is validly existing and in good standing; (3) Borrower has authority to enter into this Agreement and to consummate the transactions contemplated under this Agreement; and  (4)  such other matters as may have been requested by Lender or by Lender's counsel.

MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Agreement:

Amendments.   This Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this  Agreement.   No alteration of or amendment to  this Agreement shall be effective unless given in  writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.

Attorneys' Fees; Expenses. Borrower agrees to pay upon demand all of Lender's costs and expenses, including Lender's attorneys' fees and Lender's legal expenses, incurred in connection with the enforcement of this Agreement. Lender may hire or pay someone else to help enforce this Agreement, and Borrower shall pay the costs and expenses of such enforcement. Costs and expenses include Lender's attorneys' fees and legal expenses whether or not there is a lawsuit, including attorneys' fees and legal expenses for  bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services. Borrower also shall pay all court costs and such additional fees as may be directed by the court.

Borrower Information. Borrower consents to the release of information on or about Borrower by Lender in accordance with any court order, law or regulation and in response to credit inquiries concerning Borrower.
Caption Headings. Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define the provisions of this Agreement.

Consent to Loan Participation. Borrower agrees and consents to Lender's sale or transfer, whether now or later, of one or more participation interests in the Loan to one or more purchasers, whether related or unrelated to Lender. Lender may provide, without any limitation whatsoever, to any one or more purchasers, or potential purchasers, any information or knowledge Lender may have about Borrower or about any other matter relating to the Loan, and Borrower hereby waives any rights to privacy Borrower may have with respect to such matters. Borrower additionally waives any and all notices of sale of participation interests, as well as all notices of any repurchase of such participation 

interests.  Borrower also agrees that the purchasers of any such participation interests will be considered as the absolute owners of such interests in the Loan and will have all the rights granted under  the participation agreement or  agreements governing the sale of such participation interests. Borrower further waives all rights of offset or counterclaim that it may have now or later against Lender or against any purchaser of such a participation interest and unconditionally agrees that either Lender or such purchaser may enforce Borrower's obligation under the Loan irrespective of the failure or insolvency of any holder of any interest in the Loan. Borrower further agrees that the purchaser of any such participation interests may enforce its interests irrespective of any  personal claims  or defenses that Borrower may have against Lender.

Governing Law. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Wisconsin without regard to its conflicts of law provisions. This Agreement has been accepted by Lender in the State of Wisconsin.

Choice of Venue. If there is a lawsuit, Borrower agrees upon Lender's request to submit to the jurisdiction of the courts of Dane County, State of Wisconsin.

Non-Liability of Lender. The relationship between Borrower and Lender created by this Agreement is strictly a debtor and creditor relationship and not fiduciary in nature, nor is the relationship to be construed as creating any partnership or joint venture between Lender and Borrower.  Borrower is exercising Borrower's own judgment with respect to Borrower's business.   All information supplied to Lender is for Lender's protection only and no other party is entitled to rely on such information.  There is no duty for Lender to review, inspect, supervise or inform Borrower of any matter with respect to Borrower's business. Lender and Borrower intend that Lender may reasonably rely on all information supplied by Borrower to Lender, together with all representations and warranties given by Borrower to Lender, without investigation or confirmation by Lender and that any investigation or failure to investigate will not diminish Lender's right to so rely.

Notice of Lender's Breach. Borrower must notify Lender in writing of any breach of this Agreement or the Related Documents by Lender and any other claim, cause of action or offset against Lender within thirty (30) days after the occurrence of such breach or after the accrual of such claim, cause of action or offset. Borrower waives any claim, cause of action or offset for which notice is not given in accordance with this paragraph. Lender is entitled to rely on any failure to give such notice.

Indemnification of Lender. Borrower agrees to indemnify, to defend and to save and hold Lender harmless from any and all claims, suits, obligations, damages, losses, costs and expenses (including, without limitation, Lender's attorneys' fees), demands, liabilities,  penalties, fines and forfeitures of any nature whatsoever that may be asserted against or incurred by Lender, its officers, directors, employees, and agents arising out of, relating to, or in any manner occasioned by this Agreement and the exercise of the rights and remedies granted Lender under this, as well as by:   (1)   the ownership, use, operation, construction, renovation, demolition, preservation, management, repair, condition, or maintenance of any part of the Collateral; (2) the exercise  of any  of  Borrower's rights  collaterally  assigned and pledged to Lender hereunder; (3) any failure of Borrower to perform any of its obligations hereunder; and/or (4) any failure of Borrower to comply with the environmental and ERISA obligations, representations and warranties set forth herein. The foregoing indemnity provisions shall survive the cancellation of this Agreement as to all matters arising or accruing prior to such cancellation and the foregoing indemnity shall survive in the event that Lender elects to exercise any of the remedies as provided under this Agreement following default hereunder. Borrower's indemnity obligations under this section shall not in any way be affected by the presence or absence of covering insurance, or by the amount of such insurance or by the failure or refusal of any insurance carrier to perform any obligation on its part under any insurance policy or policies affecting the Collateral and/or Borrower's business activities. Should any claim, action or proceeding be made or brought against Lender by reason of any event as to which Borrower's indemnification obligations apply, then, upon Lender's demand, Borrower, at its sole cost and expense, shall defend such claim, action or proceeding in Borrower's name, if necessary, by the attorneys for Borrower's insurance carrier (if such claim, action or proceeding is covered by insurance), or otherwise by such attorneys as Lender shall approve.  Lender may also engage its own attorneys at its reasonable discretion to defend Borrower and to assist in its defense and Borrower agrees to pay the fees and disbursements of such attorneys.

Counterparts.  This Agreement may be executed in multiple counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts, taken together, shall constitute one and the same Agreement.

No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right  shall operate as a waiver  of such right or  any other right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of dealing between Lender and Borrower, or between Lender and any Grantor, shall constitute a waiver of any of Lender's rights or of any of Borrower's or any Grantor's obligations as to any future transactions.   Whenever the consent of Lender is  required under this Agreement, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.

Notices.   Any notice required to be given under this Agreement shall be given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to the addresses shown near the beginning of this Agreement. Any party may change its address for notices under this Agreement by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party's address. For notice purposes, Borrower agrees to keep Lender informed at all times of Borrower's current address. Unless otherwise provided or required by law, if there is more than one Borrower, any notice given by Lender to any Borrower is deemed to be notice given to all Borrowers.

Severability. If a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity, or unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision of this Agreement.

Sole Discretion of Lender. Whenever Lender's consent or approval is required under this Agreement, the decision as to whether or not to consent or approve shall be in the sole and exclusive discretion of Lender and Lender's decision shall be final and conclusive.

Subsidiaries and Affiliates of Borrower. To the extent the context of any provisions of this Agreement makes it appropriate, including without limitation any representation, warranty or covenant, the word "Borrower" as used in this Agreement shall include all of Borrower's subsidiaries and affiliates. Notwithstanding the foregoing however, under no circumstances shall this Agreement be construed to require Lender to make any Loan or other financial accommodation to any of Borrower's subsidiaries or affiliates.

Successors and Assigns. All covenants and agreements by or on behalf of Borrower contained in this Agreement or any Related Documents shall bind Borrower's successors and assigns and shall inure to the benefit of Lender and its successors and assigns. Borrower shall not, however, have the right to assign Borrower's rights under this Agreement or any interest therein, without the prior written consent of Lender.

Survival of Representations and Warranties. Borrower understands and agrees that in extending Loan Advances, Lender is relying on all representations, warranties, and covenants made by Borrower in this Agreement or in any certificate or other instrument delivered by Borrower to Lender under this Agreement or the Related Documents. Borrower further agrees that regardless of any investigation made by Lender, all such representations, warranties and covenants will survive the extension of Loan Advances and delivery to Lender of the Related Documents, shall be continuing in nature, shall be deemed made and redated by Borrower at the time each Loan Advance is made, and shall 

remain in full force and effect until such time as Borrower's Indebtedness shall be paid in full, or until this Agreement shall be terminated in the manner provided above, whichever is the last to occur.

Time is of the Essence. Time is of the essence in the performance of this Agreement.

Waive Jury. All parties to this Agreement hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by any party against any other party.

DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code. Accounting words and terms not otherwise defined in this Agreement shall have the meanings assigned to them in accordance with generally accepted accounting principles as in effect on the date of this Agreement:

Advance. The word "Advance" means a disbursement of Loan funds made, or to be made, to Borrower or on Borrower's behalf on a line of credit or multiple advance basis under the terms and conditions of this Agreement.

Agreement. The word "Agreement" means this Business Loan Agreement, as this Business Loan Agreement may be amended or modified from time to time, together with all exhibits and schedules attached to this Business Loan Agreement from time to time.

Borrower. The word "Borrower" means LCNB Corp. and includes all co-signers and co-makers signing the Note and all their successors and assigns.

Collateral. The word "Collateral" means all property and assets granted as collateral security for a Loan, whether real or personal property, whether granted directly or indirectly, whether granted now or in the future, and whether granted in  the form of a  security  interest, mortgage, collateral mortgage, deed of trust, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor's lien, equipment trust, conditional sale, trust receipt, lien, charge, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever, whether created by law, contract, or otherwise. The word "Collateral" includes without limitation all collateral described in the Required Collateral section of this Agreement.

Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws,  rules, or regulations adopted pursuant thereto.

ERISA. The word "ERISA" means the Employee Retirement Income Security Act of 1974, as amended from time to time, and including all regulations and published interpretations of the act.

Event of Default. The words "Event of Default" mean individually, collectively, and interchangeably any of the events of default set forth in this Agreement in the default section of this Agreement.

GAAP. The word "GAAP" means generally accepted accounting principles.

Grantor. The word "Grantor" means each and all of the persons or entities granting a Security Interest in any Collateral for the Loan, including without limitation all Borrowers granting such a Security Interest.

Guarantor. The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Loan, and, in each case, Borrower's successors, assigns, heirs, personal representatives, executors and administrators of any guarantor, surety, or accommodation party.

Guaranty. The word "Guaranty" means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Note.

Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or  the  environment when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos.

Indebtedness. The word "Indebtedness" means the indebtedness evidenced by the Note or Related Documents, including all principal and interest together with all other indebtedness and costs and expenses for which Borrower is responsible under this Agreement or under any of the Related Documents.

Lender. The word "Lender" means Bankers' Bank, its successors and assigns.

Loan. The word "Loan" means any and all loans and financial accommodations from Lender to Borrower whether now or hereafter existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described on any exhibit or schedule attached to this Agreement from time to time, and further including any and all subsequent amendments, additions, substitutions, renewals and refinancings of any of Borrower's Loans.

Note. The word "Note" means the Note dated February 8, 2022 and executed by LCNB Corp. in the principal amount of $20,000,000.00, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the note or credit agreement.

Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Loan.

Security Agreement. The words "Security Agreement" mean and include without limitation any agreements, promises, covenants, arrangements, understandings or other agreements, whether created by law, contract, or otherwise, evidencing, governing, representing, or creating a Security Interest.

Security Interest. The words "Security Interest" mean, individually, collectively, and interchangeably, without limitation, any and all types of collateral security, present and future, whether in the form of a lien, charge, encumbrance, mortgage, deed of trust, security deed, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor's lien, equipment trust, conditional sale, trust 

receipt, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever whether created by law, contract, or otherwise.

BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT IS DATED FEBRUARY 8, 2022.

BORROWER:

LCNB CORP.

By:                                                                                              Eric Meilstrup, Chief Executive Officer & President of LCNB Corp.

By:                                                                                              Robert Haines, Chief Financial Officer of LCNB Corp.

LENDER:

BANKERS' BANK

By:                                                                                              Paul R. Watson, Vice President - Commercial Banker
						
		
		

LaserPro, Ver. 19.4.10.036  Copr. Finastra USA Corporation 1997, 2022.  All Rights Reserved.   - WI  C:\CFI\LPL\C40.FC  TR-332  PR-3

ADDENDUM A TO BUSINESS LOAN AGREEMENT

																								
	Principal
$20,000,000.00
	Loan Date
02-08-2022
	Maturity
02-08-2023
	Loan No	Call / Coll
OTPU / D0
	Account	Officer
PRW
	Initials
	References in the boxes above are for Lender's use only and do not limit the applicability of this document to any 
Any item above containing "***" has been omitted due to text length 

Borrower:         LCNB Corp.
2 North Broadway
Lebanon, OH 45036

Lender:            Bankers' Bank
7700 Mineral Point Road Madison, WI 53717

This ADDENDUM A TO BUSINESS LOAN AGREEMENT is attached to and by this reference is made a part of the Business Loan Agreement, dated February 8, 2022, and executed in connection with a loan or other financial accommodations between BANKERS' BANK and LCNB Corp.

Borrower and Lender agree that the following provisions are and shall constitute a part of the Agreement, any breach of which constitutes an additional Event of Default under the Agreement. All capitalized words not otherwise defined in this Addendum have the meanings given to them in the preprinted terms of the Agreement.

1.Additional Provisions. Borrower owns all of the issued and outstanding stock of LCNB National Bank (“Bank”, whether one or more). As such, certain representations, warranties and covenants are applicable to Bank, as set forth in the paragraph entitled “Subsidiaries and Affiliates of Borrower” found on page 6 of the Agreement. Without limiting the terms of such paragraph, Borrower and Lender agree that the following paragraphs in the Agreement apply to Bank as well as Borrower. Therefore, all references in the paragraphs listed below to “Borrower” shall mean ‘Borrower and Bank”. The paragraphs specifically applicable to Bank as well as Borrower are:

a.Representations and Warranties:
i.Organization;
ii.Financial Information;
iii.Properties;
iv.Hazardous Substances;
v.Litigation and Claims;
vi.Taxes;
vii.Lien Priority;
viii.Employee Benefit Plans;
ix.Information.

b.Affirmative Covenants:
i.Notice of Claims and Litigation;
ii.Financial Records;
iii.Financial Statements;
iv.Insurance;
v.Insurance Reports;
vi.Other Agreements;
vii.Taxes, Charges and Liens;
viii.Operations;
ix.Environmental Studies;
x.Compliance with Governmental Regulations;
xi.Inspection;
xii.Title to Assets and Property;
xiii.Notice of Default, Litigation and ERISA Matters;
xiv.Employee Benefit Matters;
xv.Environmental Compliance and Reports.

c.All Negative Covenants.

d.If Cessation of Advances is applicable then, all provisions relating to Borrower also include Bank.

e.Default: all defaults listed in the Agreement other than the Payment Default.

f.Miscellaneous Provisions:
i.Borrower Information;
ii.Consent to Loan Participation.

2.Default. A breach of any of the foregoing provisions by Bank shall constitute an Event of Default under the Agreement.

ACKNOWLEDGED AND AGREED TO AS OF THE DATE SET FORTH ABOVE.

THIS ADDENDUM A TO BUSINESS LOAN AGREEMENT IS EXECUTED ON FEBRUARY 8, 2022. BORROWER:

LCNB CORP.

By:                                                                                              Eric Meilstrup, Chief Executive Officer & President of LCNB Corp.

By:                                                                                              Robert Haines, Chief Financial Officer of LCNB Corp.

ADDENDUM A TO BUSINESS LOAN AGREEMENT
(Continued)                                                                     Page 2

LENDER:

BANKERS' BANK

By:                                                                                              Paul R. Watson, Vice President - Commercial Banker
						
		
		

LaserPro, Ver. 19.4.10.036  Copr. Finastra USA Corporation 1997, 2022.  All Rights Reserved.   - WI  C:\CFI\LPL\C40.FC  TR-332  PR-3

ADDENDUM B TO BUSINESS LOAN AGREEMENT

																								
	Principal
$20,000,000.00
	Loan Date
02-08-2022
	Maturity
02-08-2023
	Loan No	Call / Coll
OTPU / D0
	Account	Officer
PRW
	Initials
	References in the boxes above are for Lender's use only and do not limit the applicability of this document to any 
Any item above containing "***" has been omitted due to text length 

Borrower:         LCNB Corp.
2 North Broadway
Lebanon, OH 45036

Lender:            Bankers' Bank
7700 Mineral Point Road Madison, WI 53717

This ADDENDUM B TO BUSINESS LOAN AGREEMENT is attached to and by this reference is made a part of the Business Loan Agreement, dated February 8, 2022, and executed in connection with a loan or other financial accommodations between BANKERS' BANK and LCNB Corp.

Borrower and Lender agree that the following provisions are and shall constitute a part of the Agreement, any breach of which constitutes an additional Event of Default under the Agreement. All capitalized words not otherwise defined in this Addendum have the meanings given to them in the preprinted terms of the Agreement. “Bank” means: LCNB National Bank.
1.Additional Representations and Warranties. In addition to and not in lieu of the representations and warranties set forth in the Agreement, Borrower represents and warrants to Lender as of the date of the Agreement and at all times any Indebtedness exists, that:
a.Borrower is a Bank Holding Company in good standing with the Federal Reserve, and as such Borrower has filed all necessary reports with and received all necessary approvals from the Federal Reserve and is not subject to a cease and desist order, memorandum of understanding, supervising agreement or any similar type of regulatory agreement with the Federal Reserve.
b.The charges, accruals and reserves on the books of Borrower or the Bank in respect of any taxes or other governmental charges are, in the opinion of Borrower, adequate.
c.Each of Borrower and the Bank possesses all necessary licenses, trademarks, trademark rights, trade names, trade name rights and copyrights to conduct its business without conflict with any license, trademark, trade name or copyright of any other Person. Lender acknowledges that neither Borrower nor the Bank has a federally registered trademark.
d.As of the date of this Agreement, Borrower has no material Indebtedness of any nature other than disclosed in writing to Lender, including, but without limitation, liabilities for taxes and any interest or penalties relating thereto, except to the extent reflected (in a footnote or otherwise) and reserved against in the Borrower’s financial statements which have been delivered to Lender or as disclosed in or permitted by this Agreement; Borrower does not know and has no reasonable ground to know of any basis for the assertion against it as of the date hereof, of any material Indebtedness of any nature not fully reflected and reserved against in such financial statements.
2.Additional Affirmative Covenants. In addition to and not in lieu of the affirmative covenants set forth in the Agreement, Borrower covenants and agrees, that so long as any Indebtedness exists, it will:
a.On three (3) business days’ verbal notice, permit, and cause the Bank to permit, any person(s) designated by Lender to visit, inspect and audit any of the Bank’s properties, corporate books, loan documentation, loan portfolios, loan files, investment portfolios and financial records of Borrower and the Bank and to discuss the affairs, finances and accounts of Borrower and the Bank with the principal officers of each, all at such reasonable times during normal business hours and as often as Lender may reasonably request; provided, that no such audit or inspection shall occur during an examination.
b.Deliver to Lender:
i.Within thirty (30) days after Lender’s request, a copy of the Bank’s call reports (FFIEC 051) prepared and signed by a duly authorized officer, as prepared for the regulators;
ii.Within thirty (30) days after Lender’s request, a copy of the Borrower’s FR Y-9SP prepared and signed by a duly authorized officer, as prepared for the regulators;
iii.Within ten (10) days after their completion, notification of, and if requested by Lender, copies of all public filings, applications or reports by Borrower, or the Bank to any banking agency or any other official, bureau or agency which asserts authority over their operations, unless the furnishing of such reports to the Lender would constitute a violation of the rules and regulations of such official, bureau, or agency;
iv.Within one hundred twenty (120) days after the close of each fiscal year of Borrower, at Lender’s request, a copy of the Borrower’s, and the Bank’s accountant prepared compiled financial statements prepared in accordance with  accounting methods  historically used by the Borrower and the Bank, including but not limited to, a balance sheet, statement of income, statement of  changes  in financial position, and a reconciliation of net worth as prepared by an independent certified public accountant;
v.Promptly after the sending or making available or filing of the same, notification of, and if requested by Lender, copies of all reports, proxy statements and financial statements that Borrower and/or the Bank sends or makes available to its stockholders and all regular, periodic, or special report, registration statement, and/or prospectus that Borrower and/or the Bank file with the Securities and Exchange Commission or any successor Person;
vi.To the extent permitted by law, deliver to Lender at Lender’s request, as soon as available, and in any event within twenty-five (25) days after the end of each calendar quarter, (1) a report as a result of an examination of the assets of Borrower and the Bank, which indicates those assets (if any) classified as “Loss,” “Doubtful,” “Substandard,” or “Other Assets Especially Mentioned,” and (2) a report as a result of an examination of the loans and assets of Borrower or the Bank, which indicates the ratio Non-performing Loans to Total Loans and other real estate of Borrower and the Bank; and
vii.All other financial information or records of Borrower or the Bank upon request by Lender.  The books and records of the Borrower and the Bank are now and will continue to be located at the main office of the Bank.
c.     To the extent permitted by law Notify Lender immediately of (a) the issuance of any notice of charges, cease-and-desist order (temporary or otherwise) or order to take a permanent action by any governmental or regulatory authority against Borrower or the Bank or any director, officer, employee, agent, or other  person participating in the conduct of  the affairs of Borrower or the  Bank, (b) the service of  any notice of intention to remove from office or notice of intention to suspend from office by  any governmental or regulatory authority upon any director or officer of Borrower or the Bank, (c) the issuance of a notice of termination of the status of the Bank  as an  insured depository institution, or (d) enter into any agreement of memorandum of understanding between any governmental or regulatory authority and Borrower or the Bank or any director, officer, employee, agent, or other person participating in the conduct of the affairs of Borrower or the Bank, regardless of whether the same is voluntary or involuntary, and promptly inform Lender of the terms thereof (unless such action would violate applicable law).

d.Cause the Bank to: (1) if the Bank is reporting Standard Leverage Ratios, then the following five covenants apply: (a) maintain a minimum Tier 1 Leverage Ratio of not less than 6%, (b) maintain a minimum Tier 1 Risk Based Capital Ratio of not less than 8%, (c) maintain a minimum Total Risk Based Capital Ratio of not less than 10%, (d) maintain a maximum Non-Performing Assets plus Other Real Estate Owned to Equity Capital plus Allowance for Loan Loss Reserve Ratio of not more than 20%, (e) maintain a minimum Allowance for Loan Loss Reserve to Non-Performing Assets Ratio of not less than 70%, or (2) if the Bank has entered into the Community Bank Leverage Ratio (CBLR) framework, then the following three covenants apply: (a) maintain a minimum Tier 1 Leverage Ratio of not less than 9.0% for all 2022 test periods and through Maturity, (b) maintain a maximum Non-Performing Assets plus Other Real Estate Owned to Equity Capital plus Allowance for Loan Loss Reserve Ratio of not more than 20%, (c) maintain a minimum Allowance for Loan Loss Reserve to Non-Performing Assets Ratio of not less than 70%. Capitalized terms used in this section will be those as used in the Bank’s Regulatory Call Reports.
3.Default. A breach of any of the foregoing provisions by Bank shall constitute an Event of Default under the Agreement. In addition, each following event constitutes an Event of Default under the Agreement:
a.The sale or transfer of ownership or voting power of any of the outstanding stock of the Bank;
b.The Bank shall fail to maintain the minimum amounts of equity and risk based capital required by any regulation, rule or policy statement issued by any bank regulatory agency having jurisdiction; provided, however, that if Borrower or the Bank,  whichever the case  may be, timely submits a remedial plan which is acceptable to the issuing regulatory agency, this subparagraph shall not be deemed to be an Event of Default so long as the remedial plan is implemented to the satisfaction of the issuing regulatory agency.
c.The Federal Reserve, State of Ohio, FDIC or any other bank regulatory agency with jurisdiction, imposes on Borrower or the Bank a cease and desist order or enters into a memorandum of understanding, supervisory agreement or any other similar type of regulatory agreement with the board of directors of Borrower or the Bank; provided, however, that if such regulatory agreement does not include the equity capital or risk based capital of the Bank, and Borrower or the Bank, whichever the case may be, timely submits a remedial plan which is acceptable to the issuing regulatory agency, this subparagraph shall not be deemed to be an Event of Default so long as the remedial plan is implemented to the satisfaction of the issuing regulatory agency.
d.The Bank ceases to be an Insured Depository Institution as defined in 12 U.S.C. § 1813.
e.Any governmental or regulatory proceeding is instituted against Borrower, or the Bank which, in Lender’s opinion, will have a material adverse effect on the consolidated financial condition of Borrower or the Bank or on the  continued operation of Borrower  or the Bank,  after taking into account insurance coverage and reserves therefore (if any);
f.Borrower or the Bank shall be placed in receivership or conservatorship by any bank regulatory authority with jurisdiction;
g.The State of Ohio, Federal Reserve or any other bank regulatory agency with jurisdiction prohibits or refuses to consent to the payment of dividends from the Bank to fund any payment of principal, interest or other charge due from Borrower under this Agreement or any of the Loan Documents.
4.Miscellaneous Provisions. Borrowers agrees to the following:
a.Lender shall be entitled to act on any notices and instructions (telephonic or written) reasonably believed by Lender to have been delivered by any person authorized to act on behalf of Borrower pursuant hereto, regardless of whether such notice or instruction was in fact delivered by a person authorized to act on behalf of Borrower, and Borrower hereby agrees to indemnify Lender and hold Lender harmless from and against any and all losses and expenses, if any, ensuing from any such action.

ACKNOWLEDGED AND AGREED TO AS OF THE DATE SET FORTH ABOVE.

THIS ADDENDUM B TO BUSINESS LOAN AGREEMENT IS EXECUTED ON FEBRUARY 8, 2022. BORROWER:

LCNB CORP.

By:                                                                                              Eric Meilstrup, Chief Executive Officer & President of LCNB Corp.

By:                                                                                              Robert Haines, Chief Financial Officer of LCNB Corp.

LENDER:

BANKERS' BANK

By:                                                                                              Paul R. Watson, Vice President - Commercial Banker
						
		
		

LaserPro, Ver. 19.4.10.036  Copr. Finastra USA Corporation 1997, 2022.  All Rights Reserved.   - WI  C:\CFI\LPL\C40.FC  TR-332  PR-3

ADDENDUM C TO BUSINESS LOAN AGREEMENT

																								
	Principal
$20,000,000.00
	Loan Date
02-08-2022
	Maturity
02-08-2023
	Loan No	Call / Coll
OTPU / D0
	Account	Officer
PRW
	Initials
	References in the boxes above are for Lender's use only and do not limit the applicability of this document to any 
Any item above containing "***" has been omitted due to text length 

Borrower:         LCNB Corp.
2 North Broadway
Lebanon, OH 45036

Lender:            Bankers' Bank
7700 Mineral Point Road Madison, WI 53717

This ADDENDUM C TO BUSINESS LOAN AGREEMENT is attached to and by this reference is made a part of the Business Loan Agreement, dated February 8, 2022, and executed in connection with a loan or other financial accommodations between BANKERS' BANK and LCNB Corp.

Notwithstanding the language set forth under Negative Covenants > Continuity of Operations in the Loan Agreement, so long as no event of default is continuing or would result from payment of dividends, Borrower  may pay dividends in any amount and at any time without  the additional consent or approval of Lender.

This authorization is valid from February 8, 2022 to February 8, 2023.

THIS ADDENDUM C TO BUSINESS LOAN AGREEMENT IS EXECUTED ON FEBRUARY 8, 2022. 

BORROWER:

LCNB CORP.

By:                                                                                              Eric Meilstrup, Chief Executive Officer & President of LCNB Corp.

By:                                                                                              Robert Haines, Chief Financial Officer of LCNB Corp.

LENDER:

BANKERS' BANK

By:                                                                                              Paul R. Watson, Vice President - Commercial Bankerexecutiveseveranceplan-2

TRITON INTERNATIONAL LIMITED   EXECUTIVE SEVERANCE PLAN  Exhibit 10.1 

 

TABLE OF CONTENTS     INTRODUCTION ...........................................................................................................................1  ARTICLE I DEFINITIONS ............................................................................................................1  ARTICLE II PARTICIPATION ......................................................................................................5  ARTICLE III BENEFITS ................................................................................................................6  ARTICLE IV CLAIMS PROCEDURE.........................................................................................11  ARTICLE V ADMINISTRATION ...............................................................................................12  ARTICLE VI AMENDMENT AND TERMINATION ................................................................14  ARTICLE VII MISCELLANEOUS ..............................................................................................14  ARTICLE VIII STATEMENT OF ERISA RIGHTS ....................................................................17  GENERAL PLAN INFORMATION ............................................................................................20  ADOPTION OF PLAN..................................................................................................................21  ADDENDUM – GROUP 1 PARTICIPANTS  ADDENDUM – GROUP 2 PARTICIPANTS  ADDENDUM – GROUP 3 PARTICIPANTS  EXHIBIT 1 – PARTICIPATION NOTICE    

 

1    INTRODUCTION    Triton International Limited (the “Company”) has established this Triton International  Limited Executive Severance Plan (the “Plan”), effective February 9, 2022,  in order to provide  severance benefits for selected officers and key employees of the Company and each Participating  Employer who are either involuntarily terminated other than for Cause or who resign for Good  Reason.     The Plan supersedes, solely for the Participants, any prior severance plans, policies,  agreements, letters, arrangements and/or practices of the Company and each Participating Employer  in effect for the Eligible Executive, including the Triton Container International, Incorporated of  North America Employee Severance Plan.  This document is the Plan document, and also serves as  the Summary Plan Description (“SPD”).      The severance benefits payable under this Plan apply to covered terminations of employment  on or after February 9, 2022.      ARTICLE I   DEFINITIONS    1.1 Beneficial Owner means “Beneficial Owner” as such term is used in Rule 13d-3 of the  General Rules and Regulations under the Securities Exchange Act of 1934, as amended.  and the terms “Beneficial Ownership” and “Beneficially Own” shall have the  corresponding meanings.    1.2 Board means the Board of Directors of the Company.    1.3 CIC Target Bonus means an amount equal to the Participant’s target annual bonus  opportunity for the fiscal year of the Employment Loss during the Change in Control  Protection Period.    1.4 Cause means, with respect to any Participant:     (i) the Participant’s failure to perform his or her reasonably assigned duties (other than  any such failure resulting from incapacity due to physical or mental illness or  disability) which failure, if capable of cure or remedy is not cured or remedied within  fourteen (14) days after written notice from the Company or the Participant’s  employer setting forth such failure in reasonable detail;    (ii) the Participant’s willful failure to comply with any valid and legal directive of the  Board or the person to whom the Participant reports;    (iii) the Participant’s engagement in any act of dishonesty, misrepresentation or willful  commission of fraud (including misappropriation or embezzlement);   

 

2      (iv) the Participant’s violation of any federal, state or foreign law or regulation applicable  to the Company’s business;    (v) the Participant’s material violation of the Company’s Code of Ethics or Code of  Conduct or material violation of any other material written Company policies  applicable to the Participant (including any policy regarding harassment or  discrimination) or material breach of any provision of this Plan or any written  agreement with the Company or any of its affiliates;     (v) the Participant’s commission of any felony or any crime involving moral turpitude; or    (vi) any other misconduct that is materially injurious to the business, financial condition  or professional reputation of, or is otherwise materially injurious to, the Company,  which conduct, if capable of cure or remedy is not cured or remedied within fourteen  (14) days after written notice from the Company or the Participant’s employer setting  forth in reasonable detail such conduct.      1.5 Change in Control means the occurrence, in a single transaction or a series of related  transactions, of any one or more of the following events:    (i) the consummation of the sale or disposition of all or substantially all of the Company’s  assets;     (ii) the acquisition by any person, entity or group (other than the Company or a subsidiary  or any Company or subsidiary employee benefit plan (including its trustee(s)), of  Beneficial Ownership, directly or directly, of securities of the Company representing  fifty percent (50%) or more of the total voting power of the Company’s then  outstanding voting securities;     (iii) the following individuals cease for any reason to constitute a majority of the number  of directors then serving on the Board: individuals who, on the date hereof,  constitute the Board and any new director (other than a director whose initial  assumption of office is in connection with an actual or threatened election contest,  including a consent solicitation, relating to the election of directors of the  Company) whose appointment or election by the Board or nomination for election  by the Company’s shareholders was approved or recommended by a vote of at least  two-thirds of the directors then still in office who either were directors on the  Effective Date or whose appointment, election or nomination for election was  previously so approved or recommended (the “Incumbent Board”); provided,  however, that no individual shall be considered a member of the Incumbent Board  if such individual initially assumed office as a result of either an actual or threatened  election contest (an “Election Contest”) or other actual or threatened solicitation of  proxies or consents by or on behalf of a person other than the Board (a “Proxy  Contest”), including by reason of any agreement intended to avoid or settle any  Election Contest or Proxy Contest; or   

 

3      (iv) consummation of a merger, consolidation or other business combination transaction  of the Company with or into another corporation, entity or person;      provided, however, none of the following shall be considered a Change in Control:  (a)  a  merger effected exclusively for the purpose of changing the domicile of the Company, (b) an  equity financing in which the Company is the surviving corporation, or (c) a transaction in  which the holders of at least 50% of the shares of voting capital shares of the Company  outstanding immediately prior to such transaction continue to hold (either by such shares  remaining outstanding or by their being converted into shares of voting capital shares of the  surviving entity) 50% or more of the total voting power represented by the shares of voting  capital shares of the Company (or surviving entity) outstanding immediately after such  transaction.    1.6 Change in Control Protection Period means the period commencing ninety (90) days prior to  the date that a Change in Control is consummated and ending on the second anniversary of  the date that a Change in Control is consummated.    1.7 CHRO means the Chief Human Resources Officer of the Company.    1.8 COBRA means the Consolidated Omnibus Budget Reconciliation Act of 1985, as  amended.     1.9 Code means the Internal Revenue Code of 1986, as amended from time to time.     1.10 Code Section 409A means Section 409A of the Code and the treasury regulations and  guidance promulgated thereunder.    1.11 Company means Triton International Limited.    1.12 Compensation means a Participant’s annual base salary in effect at the time of the  Employment Loss plus the target annual bonus opportunity  that the Participant is eligible  to receive for the fiscal year in which the Employment Loss occurs.    1.13 Effective Date of the Plan means February 9, 2022.    1.14 Eligible Executive means those individuals who have been designated as eligible to  participate in this Plan in accordance with Article II of the Plan.  The determination of who  is an Eligible Executive shall be made by the Plan Administrator, in its sole discretion, and  such determination shall be final and binding on all parties.    1.15 Employee Benefits means the Employer-sponsored group health benefits (medical, dental,  and vision) that a Participant (and any of his or her dependents) was enrolled in on the day  before his or her Employment Loss.  The Employer reserves the right to amend or terminate  its Employee Benefits at any time.    

 

4    1.16 Employer means the Company and each Participating Employer.    1.17 Employment Loss means: (i) a Participant’s involuntary termination of employment by the  Employer without Cause; or (ii) a Participant’s termination of employment for Good  Reason.  A termination of employment for any reason other than a reason in the foregoing  sentence shall not constitute an Employment Loss for purposes of this Plan.    1.18 ERISA means the Employee Retirement Income Security Act of 1974, as amended from  time to time.    1.19 General Release means a Participant’s general waiver and release of all claims as required  by the Employer as a condition of receiving Severance Benefits hereunder.    1.20 Good Reason means, with respect to any Participant, the occurrence of one or more of the  following events without the Participant’s written consent,      (i) a material diminution in the Participant’s authority, duties or responsibilities,      (ii) a material diminution in the Participant’s Compensation;     (iii) mandatory material relocation of such Participant’s current principal place of  business (except where such relocation is required by applicable law);      (iv) the Employer’s failure to pay any of the Participant’s compensation when due; or    (v) the Employer’s material breach of a provision of a written employment agreement  or other written agreement between the Employer and the Participant, including any  provision of this Plan;      provided, in each case, that within ninety (90) days following the initial occurrence of any  of the events set forth in clauses (i) – (v) above, the Participant shall have delivered written  notice to the Employer of his or her intention to terminate his or her employment for Good  Reason, which notice specifies in reasonable detail the circumstances claimed to give rise  to the Participant’s right to terminate employment for Good Reason and the Employer shall  not have cured such circumstances within thirty (30) days following the Employer’s receipt  of such notice. The Employment Loss must occur within one hundred fifty (150) days (or  lesser time frame if so required by Code Section 409A) after the event set forth above, and  the definitions and standards for “Good Reason” will be subject to and interpreted consistent  with, the requirements of Code Section 409A (to meet the appropriate exemption(s).    1.21 Group 1 Participant means those Eligible Executives who are designated in accordance  with Article II as Group 1 Participants and who are listed on the Group 1 Participants  Addendum hereto.    

 

5    1.22 Group 2 Participant means those Eligible Executives who are designated in accordance  with Article II hereof as Group 2 Participants and who are listed on the Group 2 Participants  Addendum hereto.    1.23 Group 3 Participants means those Eligible Executives who are designated in accordance  with Article II hereof as Group 3 Participants and who are listed on the Group 3 Participants  Addendum hereto.    1.24 Participant means an Eligible Executive who has been designated as a Participant in  accordance with Article II hereof.     1.25 Participating Employer means each entity in the Company’s controlled group (as defined  by Code Section 414(b) and (c)) that is participating in this Plan and is the employer of the  Participant on the date of the Participant’s Employment Loss.     1.26 Participation Notice means a notice provided to Eligible Executives in the form specified  by the Plan Administrator, which will be substantially similar to that set forth in Exhibit 1  hereto.      1.27 Plan means this Triton International Limited Executive Severance Plan, as it may be  amended from time to time.    1.28 Plan Administrator means the person or entity as set forth in Section 5.1 of the Plan.    1.29 Plan Year means the year beginning each January 1 and ending on the following December  31.     1.30 Pro-rated Target Bonus means the Participant’s target annual bonus opportunity  for the  fiscal year of the Employment Loss other than during a Change in Control Protection Period,  multiplied by a fraction (which may not exceed one), the numerator of which is the number  of days in the fiscal year of the Employment Loss up to and including the date of such  Employment Loss and the denominator of which is 365.      ARTICLE II  ELIGIBILITY AND PARTICIPATION    The Plan Administrator or its designee shall designate those Eligible Executives who will  be Participants in the Plan, and shall specify each Eligible Executive’s group (i.e., Group 1  Participants, Group 2 Participants, or Group 3 Participants) by including the Eligible Executive on  the applicable addendum attached hereto (collectively, the “Participant Addendums”).  Each  Participant shall receive a Participation Notice.  The Plan Administrator may amend or modify the  Participant Addendums at any time without prior notice or the necessity of a formal amendment  to the Plan.    ARTICLE III  

 

6    BENEFITS    3.1 Severance Benefits     (i) Employment Loss Other than During the Change in Control Protection Period.   Subject to the terms and conditions of this Plan, if a Participant experiences an  Employment Loss other than during a Change in Control Protection Period and  timely executes and delivers his or her General Release to the Company and/or  applicable Employer after his or her Employment Loss (and does not revoke, if a  revocation right is applicable, that General Release), then as soon as practicable after  the date the General Release becomes effective and irrevocable in accordance with  its terms, but no later than the 60th day from the date of Employment Loss, the  Participant will receive the following severance payments and benefits (“Severance  Benefits”):    (a) A lump sum payment (“Severance Pay”) equal to the Participant’s  Compensation multiplied by the “multiplier” listed below, plus the  Participant’s Pro-rated Target Bonus:    Eligible Participants Compensation Multiplier  Group 1 Participants  1.5X  Group 2 Participants  1X  Group 3 Participants  1X    (b) With respect to a Participant that is a U.S. employee, provided the  Participant timely elects to continue Employee Benefits under COBRA  continuation coverage and does not revoke such election, payment of the full  monthly applicable premiums for such Employee Benefits (including the  Participant’s eligible dependents who were participating immediately prior  to the Employment Loss) for a period of up to the lesser of (i) eighteen (18)  months for Group 1 and Group 2 Participants and twelve (12) months for  Group 3 Participants from the Employment Loss date or (ii) the date upon  which the Participant ceases to be eligible for COBRA for any reason,  including that he or she is eligible for coverage under another employer’s  group health plan (in which case the Participant has an affirmative obligation  to report, in writing, any relevant facts to the Employer within 10 business  days of the occurrence of the event) (the “COBRA Subsidy Period”).   Following the expiration of the COBRA Subsidy Period, Participant’s  continuation of Employee Benefits under COBRA (if any) shall be at his or  her sole expense.  If the Participant is not covered by the Employer’s  Employee Benefits at the time of the Employment Loss, then he or she will  not receive this benefit under this Section 3.1(i)(b).  The Employer-paid  COBRA benefit provided by this Section 3.1(i)(b) shall not apply in any  situation where applicable law does not require COBRA to be provided to a  Participant.     

 

7     For non-U.S. Participants, the Employer will continue to provide the  Participant with Employee Benefits where applicable and subject to the  terms of the plans in force for a period of (a) eighteen (18) months for Group  1 or Group 2 Participants or (b) twelve (12) months for Group 3 Participants,  in each case from the Employment Loss date. In the event the Employer is  not able to continue coverage through the Employer sponsored benefits, a  lump sum amount equal to the applicable number of months of premium  payment for the coverages will be paid to the Participant. The Employer’s  obligation under this Section 3.1(i)(b) will terminate if the Participant is  eligible for coverage under another employer’s group health plan (in which  case the Participant has an affirmative obligation to report, in writing, any  relevant facts to the Employer within 10 business days of the occurrence of  the event). If the Participant is not covered by the Employer’s Employee  Benefits at the time of the Employment Loss, then he or she will not receive  this benefit under this Section 3.1(i)(b).       Further, if the Employer cannot continue such benefits under this Section  3.1(i)(b) because of Code Section 409A or operation of other law, the  Company shall compensate the Participant for the monthly applicable  premium costs of replacing such benefits for the relevant period; and to the  extent the continuation of such benefits is, or ever becomes, taxable to the  Participant, the Employer shall administer such continuation of coverage  consistent with the following additional requirements as set forth in Treasury  Regulation Section 1.409A-3(i)(1)(iv):  (A) the Participant’s eligibility for  such benefits in one year shall not affect the Participant’s eligibility for  benefits in any other year; (B) any reimbursement of eligible expenses shall  be made on or before the last day of the year following the year in which the  expense was incurred; and (C) the Participant’s right to such benefit shall  not be subject to liquidation or exchange for another benefit.    (ii) Employment Loss During a Change in Control Protection Period.  Subject to the  terms and conditions of this Plan, if a Participant experiences an Employment Loss  during a Change in Control Protection Period and timely executes and delivers his  or her General Release to the Company and/or applicable Employer after his or her  Employment Loss (and does not revoke, if a revocation right is applicable, that  General Release), then as soon as practicable after the General Release becomes  effective or irrevocable in accordance with its terms, but no later than the 60th day  from the date of Employment Loss, such Participant will receive the following  severance payments and benefits (“Change in Control Severance Benefits”):    (a) (i) For Group 1 and Group 2 Participants, a lump sum payment  (“Change in Control Severance Pay”) equal to the Participant’s  Compensation multiplied by the “multiplier” listed below plus the  Participant’s CIC Target Bonus:       

 

8    Eligible Participants Compensation Multiplier  Group 1 Participants  2 X  Group 2 Participants   1.5X   (ii) For Group 3 Participants, the Severance Pay as set forth under  Section 3.1(i)(a) above.     (b) With respect to a Participant that is a U.S. employee, provided the  Participant timely elects to continue Employee Benefits under COBRA  continuation coverage and does not revoke such election, payment of the full  monthly applicable premiums for such Employee Benefits (including the  Participant’s eligible dependents who were participating immediately prior  to the Employment Loss) for a period of up to the lesser of (i) eighteen (18)  months for Group 1 Participants and Group 2 Participants and twelve (12)  months for Group 3 Participants from the Employment Loss Date or (ii) the  date upon which the Participant ceases to be eligible for COBRA for any  reason, including that he or she is eligible for coverage under another  employer’s group health plan (in which case the Participant has an  affirmative obligation to report, in writing, any relevant facts to the  Company within 10 business days of the occurrence of the event) (the  “COBRA Subsidy Period”).  Following the expiration of the COBRA  Subsidy Period, Participant’s continuation of the Employee Benefits under  COBRA (if any) shall be at his or her sole expense.  If the Participant is not  covered by the Employer’s Employee Benefits at the time of the  Employment Loss, then he or she will not receive this benefit under this  Section 3.1(ii)(b).  The Employer-paid COBRA benefit provided by this  Section 3.1(ii)(b) shall not apply in any situation where applicable law does  not require COBRA to be provided to a Participant.       For non-U.S. Participants, the Employer will continue to provide the  Participant with Employee Benefits where applicable and subject to the  terms of the plans in force for a period of (a) eighteen (18) months for Group  1 or Group 2 Participants or (b) twelve (12) months for Group 3 Participants,  in each case from the Employment Loss date.  In the event the Employer is  not able to continue coverage through the Employer sponsored benefits, a  lump sum amount equal to eighteen (18) months of premium payment for  the coverages will be paid to the Employee. The Employer’s obligation  under this Section 3.1(ii)(b) will terminate if the Participant is eligible for  coverage under another employer’s group health plan (in which case the  Participant has an affirmative obligation to report any relevant facts to the  Employer within 10 business days of the occurrence of the event). If the  Participant is not covered by the Employer’s Employee Benefits at the time  of the Employment Loss, then he or she will not receive this benefit under  this Section 3.1(ii)(b).     Further, if the Employer cannot continue such benefits under this Section  3.1(ii)(b) because of Code Section 409A or operation of other law, the  

 

9    Company shall compensate the Participant for the monthly applicable  premium costs of replacing such benefits for the relevant period; and to the  extent the continuation of such benefits is, or ever becomes, taxable to the  Participant, the Employer shall administer such continuation of coverage  consistent with the following additional requirements as set forth in Treasury  Regulation Section 1.409A-3(i)(1)(iv):  (A) the Participant’s eligibility for  such benefits in one year shall not affect the Participant’s eligibility for  benefits in any other year; (B) any reimbursement of eligible expenses shall  be made on or before the last day of the year following the year in which the  expense was incurred; and (C) the Participant’s right to such benefit shall  not be subject to liquidation or exchange for another benefit.    (iii) If it is determined subsequent to a Participant’s receipt of Severance Benefits under  Section 3.1(i) of this Plan that the Participant’s Employment Loss occurred during  a Change in Control Protection Period, such Participant shall receive the excess of  the Change in Control Severance Pay under Section 3.1(ii) over the Severance Pay  under Section 3.1(i).    (iv) If a Participant fails or refuses to timely execute a General Release or revokes it (if  a revocation right is applicable), he or she shall not be entitled to receive any  Severance Benefits, Change in Control Severance Benefits, or any other benefits  under this Plan.  If a Participant fails to comply with the terms of the General  Release, or the Company determines that grounds existed at the time of the   Employment Loss to terminate him or her for Cause, the Company reserves the  right to withhold and terminate any Severance Benefits, Change in Control  Severance Benefits, or any other benefits under this Plan and to require the  Participant to repay the gross amount that he or she may have previously received  under the Plan.    (v) Notwithstanding anything to the contrary contained in this Plan, if a Participant is  entitled to a notice period (e.g., prior to the Employment Loss date) or any other  benefit (by applicable law or agreement), the Participant’s Severance Benefits or  Change in Control Severance Benefits will be reduced or eliminated and will be  reduced for any benefits provided during any notice period to the extent permissible  by applicable law.  Further, a Participant’s Severance Benefits or Change in Control  Severance Benefits will be directly reduced (but not below $0.00 and to the extent  permitted by applicable law) by the amount of any separation, severance, or similar  compensation received as a result of any applicable employment agreement, policy,  law, ordinance, or regulation.     The benefits provided under the Plan are intended to satisfy, to the greatest extent  possible, and not to provide benefits duplicative of, any and all statutory,  contractual, plan, program, policy or other obligations or arrangements of the  Company in respect of compensation and benefits that may arise out of an  Employment Loss, and the Plan Administrator will so construe and implement the  terms of the Plan.  Reductions may be applied on a retroactive basis, with benefits  

 

10    previously provided being recharacterized as benefits pursuant to the Company’s  statutory or other contractual obligations. The payments pursuant to the Plan are in  addition to, and not in lieu of, any unpaid salary or employee welfare benefits to  which a Participant may be entitled for the period ending with the Participant’s  Employment Loss.    3.2 General Release of All Claims.  As a condition precedent to receiving the benefits  described in this Plan, a Participant will be required to timely execute and not revoke (if  revocation right is applicable) a General Release in a form satisfactory to the Company and  the General Release must become effective and irrevocable in accordance with its terms  within 60 days following the date of the Employment Loss. Any General Release may be  incorporated into a termination agreement or other agreement with the Participant at the  discretion of the Plan Administrator.     3.3 Death Prior to Receipt of Severance Benefits or Change in Control Severance Benefits.  If  a Participant dies after incurring an Employment Loss but before he or she receives his or  her Severance Benefits or Change in Control Severance Benefits, the Employer will pay  the Participant’s Severance Pay or Change in Control Severance Pay (but not the value of  any other benefits that may otherwise be provided by this Plan) in a lump sum to his or her  surviving spouse or, if none, to his or her estate; provided, however, that the spouse, or his  or her estate, as the case may be, have complied with the terms of the Plan (including,  without limitation, execution and non-revocation of a General Release). Such payment  shall be made within sixty (60) days of the Participant’s death, provided the General  Release has been timely signed and not revoked. The Employer may require proof of the  Participant’s death.    3.4 Equity Awards. The Plan does not affect the terms of any outstanding equity awards. The  treatment of any outstanding equity awards shall be determined in accordance with the  terms of the Company equity plan or plans under which they were granted and any  applicable award agreements.         

 

11    ARTICLE IV  CLAIMS PROCEDURE    4.1 Claims.    (i) A Claimant (a Participant, or his or her authorized representative) who believes that  he or she is entitled to benefits under this Plan that have not been received may  submit a written claim for benefits to the attention of the CHRO at the address set  forth under General Plan Information.     (ii) Claims shall indicate the specific provisions of the Plan relied upon and must set  forth in reasonable detail all relevant facts and circumstances to support a claim for  benefits under the Plan.    (iii) A Claimant must assert a claim for benefits under the Plan within ninety (90) days  of the Employment Loss date or the claim shall be deemed waived.    4.2 Disposition of Claim.    (i) The CHRO shall make the initial determination as to any claim and give the  Claimant notice thereof within ninety (90) days after receipt of the claim, unless  special circumstances require further time for processing the claim, not to exceed  ninety (90) additional days, as determined by the CHRO.    (ii) If the CHRO determines that it will need additional time to process the claim, it  shall give the Claimant written notice of this need prior to expiration of the initial  90-day period. The notice shall state the special circumstances requiring an  extension of time and the date by which the CHRO expects to reach a decision.    (iii) If the CHRO wholly or partially denies the claim, the notice of denial shall be set  forth in a manner calculated to be understood by the Claimant, and shall include  the following:    (a) The specific reason for denial;    (b) Specific reference to pertinent Plan provision(s) on which the denial is  based;    (c) A description of any additional material or information necessary for the  Claimant to perfect the claim and an explanation of why such information  or material is necessary;    (d) A description of the Plan’s review procedures and the time limits applicable  to such procedures; and    

 

12    (e) A statement of the Claimant’s right to bring a civil action under Section  502(a) of ERISA following an adverse benefit determination on review (if  applicable).    4.3 Request for Review.  Within sixty (60) days after notification that the claim is wholly or  partially denied, the Claimant may file with the Plan Administrator a written request for  review of the decision. The Plan Administrator shall provide the Claimant an opportunity  to review all pertinent documents relating to the claim and to submit written comments,  documents, records and other information relating to the claim for benefits. The costs of  any representative for the Claimant shall be paid by the Claimant. The Plan Administrator’s  review shall take into account all materials submitted by the Claimant, without regard to  whether such information was submitted or considered in the initial benefit determination.    4.4 Decision on Review.    (i) Within sixty (60) calendar days after receipt of a request for review of the claim  (unless special circumstances require further time for processing the review, not to  exceed sixty (60) additional days, as determined by the Plan Administrator), the  Plan Administrator shall make a final determination and give notice to the Claimant  of its decision, which shall include the specific reasons for the decision, written in  a manner calculated to be understood by the Claimant, and specific references to  the pertinent Plan provisions on which the decision is based. If adverse to the  Claimant, the decision shall include a statement that the Claimant is entitled to  receive, free of charge, reasonable access to, and copies of, all documents, records  and other information relevant to the claim, and a statement of the Claimant’s right  to bring an action under Section 502(a) of ERISA (if applicable).    (ii) The decision of the Plan Administrator on appeal, including (but not limited to)  questions of construction, interpretation and administration shall be final,  conclusive and binding on all persons having an interest in or under the Plan. Any  determination made by the Plan Administrator shall be given deference in the event  the determination is subject to judicial review and shall be overturned by a court of  law only if it is arbitrary and capricious.      ARTICLE V  ADMINISTRATION    5.1 Plan Administrator.  The Plan Administrator of the Plan as defined in Section 3(16) of  ERISA shall be the Compensation and Talent Management Committee of the Board (or  such other committee appointed by the Board for purposes of administering the Plan). The  Plan Administrator has the exclusive right, power and authority, in its sole and absolute  discretion, to administer and interpret the Plan and its provisions. The Plan Administrator  shall have overall responsibility for the administration and operation of the Plan, which  responsibility it may discharge by designating such other person(s) as it shall from time to  time appoint to act as Plan Administrator.  

 

13      5.2 Powers and Duties of the Plan Administrator.  The Plan Administrator shall have  responsibility for, and all powers necessary or desirable to carry out, the administration of  the Plan and, without limitation on the foregoing, shall have complete discretionary power  and authority to:    (i) Adopt any rules and regulations it deems desirable for the administration of the  Plan;    (ii) take any action it deems necessary or appropriate to comply with any requirements  of applicable law with respect to notice and disclosure and the preparation and filing  of reports and forms;    (iii) construe and interpret the Plan and make determinations (including factual and  legal determinations) under the provisions of the Plan with respect to all rights,  benefits, duties and entitlements, including but not limited to eligibility for  coverage, amounts of benefits payable, duration of coverage, and all other matters  pertaining to the operation and administration of the Plan, all such determinations  to be made in the Company’s sole discretion;    (iv) require any person to furnish such information as it may request as a condition to  receiving any benefit under the Plan;    (v) appoint, contract with, or employ persons to render advice with regard to or assist  in the administration of the Plan;     (vi) delegate in writing its responsibilities and/or administrative duties with respect to  the Plan to any other person or entity, or re-assume such responsibilities and/or  administrative duties therefrom; and    (vii) make any equitable adjustments to correct any error or omission discovered in the  administration of the Plan.    In establishing the Plan Administrator’s discretion, authority, and responsibility under the  Plan, it is the intent of the Company to grant to the Plan Administrator the broadest possible  powers to interpret and administer the Plan, so that judicial and other review of the Plan  Administrator’s decisions is limited to the extent allowed by law (including case law), and  so that maximum deference is given to all Plan Administrator decisions under or relating to  the Plan.    5.3 Indemnification.  The Company shall indemnify and hold harmless the Plan Administrator  or its designees from and against any liability, loss, cost, or expense arising from any action  or inaction by such parties in connection with their responsibilities under the Plan, (unless  constituting fraud or a willful criminal act or omission).      

 

14    ARTICLE VI  AMENDMENT AND TERMINATION    The Company reserves the right to amend or terminate the Plan, any Participation Notice  issued pursuant to the Plan or the benefits provided hereunder at any time; provided, however, that  no such amendment or termination will apply to any Participant (1) who would be adversely  affected by such amendment or termination, unless such Participant consents in writing to such  amendment or termination; or (2) during a Change in Control Protection Period without the prior  written consent of an affected Participant.  Any action amending or terminating the Plan or any  Participation Notice will be in writing and executed by a duly authorized officer of the Company.      ARTICLE VII  MISCELLANEOUS    7.1 Right to Assets. Neither the establishment of the Plan nor the payment of benefits under  the Plan shall be construed as giving any legal or equitable right to any Eligible Executive,  former Eligible Executive, or Participant against an Employer (or its successor), any  affiliate (including the Company) or their current or former officers, directors or  employees, except as expressly provided herein, and all rights under the Plan shall be  satisfied, if at all, only out of the general assets of the Employer.    7.2 No Inducement, Contract or Guarantee of Employment.  The Plan does not constitute  inducement or consideration for the employment of any Eligible Executive, nor is it a  contract between the Employer and any Eligible Executive. Participation in the Plan shall  not give any Eligible Executive any right to continued employment with the Employer, and  the Employer retains the right to hire and discharge any Eligible Executive at any time,  with or without advance notice, as if the Plan had never been adopted, unless applicable  law or an agreement provides otherwise.    7.3 Prohibition Against Assignment.  Except as permitted by law, no assignment of any rights  or benefits arising under the Plan shall be permitted or recognized. The Employer shall not  be liable for or subject to the debt, contracts, liabilities, or torts of any person entitled to  benefits under this Plan.    7.4 Successors.  The Company will require any successor (whether direct or indirect, by  purchase, merger, consolidation, or otherwise) to the Company to expressly assume and  agree to perform the Company’s obligations under the Plan in the same manner and to the  same extent that the Company would be required to perform them if no such succession  had taken place.    7.5 Conclusiveness of Records.  The records of the Employer with respect to any matter  relevant to the Participant’s employment shall be conclusive for purposes of the  administration of, and the resolution of claims arising under, the Plan, unless otherwise  required by applicable law.    

 

15    7.6 Payment of Expenses.  The Company shall pay all of the expenses of administration of the  Plan, and any other expenses incurred at the direction of the Company.    7.7 Governing Law.  The Plan shall be governed, construed, administered, and regulated in all  respects under the laws of the State of New York, to the extent not preempted by ERISA.  Any actions against the Plan must be brought in federal court in the Southern District of  New York.    7.8 Right to Require Information and Reliance Thereon.  The Employer shall have the right to  require Eligible Executives, Participants, and others to provide it and its agents with such  information, in writing, and in such form as it may deem necessary to administer the Plan,  and the Employer may rely on that information in carrying out its duties. Any payment to  a Participant in accordance with the provisions of the Plan in good faith reliance upon any  written information provided by the Participant shall be in full satisfaction of all claims by  the Participant.    7.9 Clawback. Any amounts payable under the Plan shall be subject to any policy (whether in  existence as of the Effective Date or later adopted or amended) established by the Company  providing for clawback or recovery of amounts that were paid to the Participant.  The  Company will make any determination for clawback or recovery in its sole discretion and  in accordance with any applicable law or regulation.    7.10 Construction.  One gender includes the other, and the singular and plural include each other  when the meaning would be appropriate. The Plan’s headings and subheadings have been  inserted for convenience of reference only and must be ignored in any construction of the  provisions. If a provision of this Plan is illegal or invalid, that illegality or invalidity does  not affect other provisions. This Plan shall be construed to be consistent with the applicable  provisions of ERISA and any regulations promulgated thereunder.    7.11 409A Savings Clause.     (i) This Plan is intended to be exempt from Section 409A of the Code (“Section  409A”). This Plan shall be administered and interpreted to maximize the short-term  deferral exemption to Section 409A, and a Participant shall not, directly or  indirectly, designate the taxable year of a payment made under this Plan. The  portion of any payment under this Plan that is paid within the short-term deferral  period (within the meaning of Section 409A) shall be treated as a short-term  deferral and not aggregated with other payments. Any other portion of the payment  that does not meet the short-term deferral requirement shall, to the maximum extent  possible, be deemed to satisfy the exception from Section 409A for involuntary  separation pay and shall not be aggregated with any other payment. Payment for  COBRA is intended to be exempt from Section 409A as a reasonable outplacement  benefit and shall not be aggregated with any other payment.  Notwithstanding the  foregoing, to the extent that any amounts payable in accordance with this Plan are  subject to Section 409A, this Plan shall be interpreted and administered in such a  way as to comply with Section 409A to the maximum extent possible.     

 

16      (ii) If payment of any amount subject to Section 409A is triggered by a separation from  service that occurs while the Participant is a “specified employee” (as defined by  Section 409A), and if such amount is scheduled to be paid within six (6) months after  such separation from service, the payment of such amount will be delayed for six (6)  months to the extent, and only to the extent, required by Section 409A (the “Delayed  Payment”).  The Delayed Payment will not accrue interest and will become payable  on the date six (6) months and one day following the date of the Participant’s  separation from service.  To the extent required by Section 409A, each reference in  this Plan to termination of employment or Employment Loss shall be treated as a  reference to the Participant’s separation from service, using the permissible standards  set forth in Section 409A (and, where applicable, consideration of the controlled  group rules).    (iii) Any installment payment of compensation under this Plan shall be treated as a  separate payment of compensation for purposes of applying Section 409A.  If any  payment under this Plan is subject to Section 409A and is contingent on the delivery  of a General Release and could occur in either of two calendar years, payment will  occur in the later year.      7.12 Section 280G.    (i) This Section 7.12 shall apply solely to Participants (if any) who are “disqualified  individuals” within the meaning of Section 1.280G-1, Q/A-15 of the Treasury  Regulations (the “Applicable Participants”). In the event of an event constituting a  change in the ownership or effective control of the Company or ownership of a  substantial portion of the assets of the Company described in Section  280G(b)(2)(A)(i) of the Code, the Company, at its sole expense, shall cause its  independent auditors promptly to review all payments, accelerations, distributions  and benefits that have been made to or provided to, and are to be made, or may be  made, to or provided to, the Applicable Participants under the Plan (irrespective of  whether Severance Benefits or Change in Control Severance Benefits or other  payments are then payable to such Participants at that time), and any other agreement  or plan under which they may individually or collectively benefit (collectively the  “Original Payments”), to determine the applicability of Section 4999 of the Code to  each of the Applicable Participants in connection with such event. The Company’s  independent auditors will perform this analysis in conformity with the foregoing  provisions and will provide the affected Participants with a copy of their analysis and  determination.     (ii) Notwithstanding anything contained in this Plan to the contrary, to the extent that the  Original Payments would be subject to the excise tax imposed under Section 4999 of  the Code (the “Excise Tax”), the Original Payments shall be reduced (but not below  zero) to the extent necessary so that no Original Payment shall be subject to the  Excise Tax, but only if, by reason of such reduction, the net after-tax benefit received  by an Applicable Participant shall exceed the net after-tax benefit received by him or  

 

17    her if no such reduction was made. For purposes of the Plan, “net after-tax benefit”  shall mean (a) the Original Payments which an Applicable Participant receives or is  then entitled to receive from the Company that would constitute “parachute  payments” within the meaning of Section 280G of the Code, less (b) the amount of  all federal, state and local income taxes payable with respect to the foregoing  calculated at the maximum marginal income tax rate for each year in which the  foregoing shall be paid to an Applicable Participant (based on the rate in effect for  such year as set forth in the Code as in effect at the time of the first payment of the  foregoing), less (c) the amount of the Excise Tax imposed with respect to the  payments and benefits described in (a) above. If a reduction is required by this  provision, the payments and benefits shall be reduced in the following order: any  cash severance to which the Applicable Participant becomes entitled (starting with  the last payment due), then other cash amounts that are parachute payments (starting  with the last payment due), then any stock option awards that have exercise prices  higher than the then-fair market value price of the stock (based on the latest vesting  tranches), then restricted stock and restricted stock units based on the latest awards  scheduled to be distributed, and then other stock options based on the latest vesting  tranches. The fees and expenses of the Company’s auditor for its services in  connection with the determinations and calculations contemplated by this provision  will be borne by the Company.    7.13 Notices.  Any notice or other communication required or permitted to be given by either  the Employer or a Participant pursuant to the terms of the Plan will be in writing and will  be deemed given when delivered personally, when received electronically (including email  addressed to the Participant’s Employer email account and to the email account of the  CHRO, with a copy via email to the Company’s General Counsel), or deposited in the U.S.  mail, First Class with postage prepaid, and addressed to the parties, in the case of the  Employer, at the address set forth under General Plan Information, in the case of a  Participant, at the address as set forth in the Employer’s employment file maintained for  the Participant as previously furnished by the Participant or such other address as a party  may request by notifying the other in writing.      ARTICLE VIII  STATEMENT OF ERISA RIGHTS    As a Participant in the Plan who is a U.S. employee, you are entitled to certain rights and  protections under the Employee Retirement Income Security Act of 1974 (“ERISA”). ERISA  provides that all Plan Participants shall be entitled to:    8.1 Receive Information About Your Plan and Benefits.     (i) Examine, without charge, at the Plan Administrator’s office and at other specified  locations (such as work sites), all Plan documents, including insurance contracts  and copies of all documents, if applicable, filed by the Plan with the U.S.  Department of Labor (such as detailed annual reports (Form 5500 Series), and Plan  

 

18    descriptions), and available at the Public Disclosure Room of the Employee  Benefits Security Administration.    (ii) Obtain, upon written request to the Plan Administrator, copies of all documents  governing the operation of the Plan, including copies of the latest annual report  (Form 5500 Series), if applicable, and updated (as necessary) summary plan  description. The Plan Administrator may make a reasonable charge for the copies.    (iii) Receive a summary of the Plan’s annual financial report, if applicable. The Plan  Administrator is required by law to furnish each Participant with a copy of this  summary annual report.    8.2 Prudent Actions by Plan Fiduciaries.  In addition to creating rights for Plan Participants,  ERISA imposes duties upon the people who are responsible for the operation of the Plan.  The people who operate your Plan, called “fiduciaries” of the Plan, have a duty to do so  prudently and in the interest of you and other Plan Participants and beneficiaries. No one,  including your employer or any other person may terminate you or otherwise discriminate  against you in any way to prevent you from obtaining a welfare benefit or exercising your  rights under ERISA.    8.3 Enforce Your Rights.    (i) If your claim for a welfare benefit is denied or ignored in whole or in part, you have  a right to know why this was done, to obtain copies of documents relating to the  decision without charge, and to appeal any denial, all within certain time schedules.    (ii) Under ERISA, there are steps you can take to enforce the above rights. For instance,  if you request governing documents or materials relevant to your claim from the Plan  and do not receive them within 30 days, you may file suit in federal court. In such a  case, the court may require the Plan Administrator to provide the materials and pay  you up to $110 a day until you receive the materials, unless the materials were not  sent because of reasons beyond the control of the Plan Administrator. If you have a  claim for benefits which is denied or ignored, in whole or in part, and you have  exhausted all Plan appeal rights, you may file suit in state or federal court. If it should  happen that Plan fiduciaries misuse the Plan’s money, or if you are discriminated  against for asserting your rights, you may seek assistance from the U.S. Department  of Labor, or you may file suit in federal court. The court will decide who should  pay court costs and legal fees. If you are successful, the court may order the person  you have sued to pay these costs and fees. If you lose, the court may order you to  pay the costs and fees, for example, if it finds your claim frivolous.    (iii) No lawsuit may be brought to recover under the Plan until the appeal rights herein  provided have been exercised and the Plan benefits requested in such appeal have  been denied in whole or in part.    8.4 Assistance with Your Questions.  If you have any questions about the Plan, you should  contact the Plan Administrator. If you have any questions about this statement or about  

 

19    your rights under ERISA, or if you need assistance in obtaining documents from the Plan  Administrator, you should contact the nearest office of the Employee Benefits Security  Administration, U.S. Department of Labor, listed in your telephone directory or the  Division of Technical Assistance and Inquiries, Employee Benefits Security  Administration, U.S. Department of Labor, 200 Constitution Avenue NW, Washington,  DC 20210.  You may also obtain certain publications about your rights and responsibilities  under ERISA by calling the publications hotline of the Employee Benefits Security  Administration.     

 

20    GENERAL PLAN INFORMATION    NAME OF THE PLAN    Triton International Limited Executive Severance Plan    COMPANY AND PLAN ADMINISTRATOR    Triton International Limited  c/o Triton Container International, Incorporated of North America  100 Manhattanville Road  Purchase, New York 10577-2135   (914) 251- 9000    EMPLOYER IDENTIFICATION NUMBER    98-1276572    PLAN NUMBER    501    TYPE OF PLAN    Employee welfare plan which provides severance benefits as defined in ERISA  Sections 3(1).  The Plan is intended to be a “top-hat” welfare plan exempt from the  substantive requirements of ERISA.    TYPE OF ADMINISTRATION    The plan is self-administered by Triton International Limited.    TYPE OF FUNDING    All benefits are paid from general assets of the Company or applicable  Employer rather than by an insurer, and the Plan has no trustee.  Under no  circumstances will the Plan be funded.    AGENT FOR SERVICE OF LEGAL PROCESS    For disputes arising under the Plan, service of legal process may be made upon  the Plan Administrator at the above address, to the attention of the Company’s  General Counsel.    CONTRIBUTIONS    No employee contribution is required for severance benefits.  

 

21      MISCELLANEOUS    Applicable Employer. Any benefits to be provided by this Plan will be provided by the  Participant’s employer unless the Company and any applicable Participating Employer agree  otherwise.     Currency. All dollar amounts referenced in this Plan are provided in United States  currency, but will be converted to the local currency of any Participating Employer when the need  arises to suit a purpose of the Plan and when practical to do so in accordance with the currency  conversion methodologies adopted by the Company from time to time.    Taxes, Withholdings. Any benefits provided by this Plan will be subject to all applicable  federal, state and local tax withholdings.          

 

  ADDENDUM TO TRITON INTERNATIONALLIMITED   EXECUTIVE SEVERANCE PLAN    GROUP 1 PARTICIPANTS          

 

  ADDENDUM TO TRITON INTERNATIONALLIMITED   EXECUTIVE SEVERANCE PLAN    GROUP 2 PARTICIPANTS        

 

  ADDENDUM TO TRITON INTERNATIONALLIMITED   EXECUTIVE SEVERANCE PLAN    GROUP 3 PARTICIPANTS     

 

Exhibit 1 - 1    EXHIBIT 1    TRITON INTERNATIONAL LIMITED  EXECUTIVE SEVERANCE PLAN    PARTICIPATION NOTICE      To:  ____________________________    Date:  ___________________________      Triton International Limited (the “Company”) has adopted the Triton International Limited  Executive Severance Plan (the “Plan”).  The Company is providing you this Participation Notice  to inform you that you have been selected for participation as a Group [1 2 3] Participant in the  Plan.  A copy of the Plan document is attached to this Participation Notice.  The terms and  conditions of your participation in the Plan are as set forth in the Plan and this Participation  Notice, including the attachments hereto.    In consideration of your participation in the Plan and the benefits you are entitled to therein, you  hereby waive, release, forfeit, and relinquish any and all right, claim, title, and interest in and to  any severance or other entitlement provided under the Triton Container International, Incorporated  of North America Employee Severance Plan, any right to receive any additional cash payment under  any Management Shareholder Agreement entered into between you and the Company and/or any  other severance entitlement under any other policies, agreements, letters, arrangements, and/or  practices of the Company and its subsidiaries.    As a condition to your participation in the Plan,      you represent that you have either consulted your personal tax or financial planning  advisor about the tax consequences of your participation in the Plan, or you have  knowingly declined to do so; and     you acknowledge receipt of the Plan, this Participation Notice and the Restrictive  Covenant Agreement set forth on Attachment A hereto, and consent to and agree with the  terms set forth therein.        

 

Exhibit 1 - 2    Please return to the Company’s Chief Human Resources Officer a copy of this Participation  Notice signed by you and retain a copy of this Participation Notice, along with the Plan document,  for your records.      TRITON INTERNATIONAL LIMITED    By:        Name:  Title:        PARTICIPANT      Signature:        Name:       Date:          

 

Exhibit 1 - 3    ATTACHMENT A    PROTECTIVE COVENANT AGREEMENT     In consideration of participation in the Plan, the Participant covenants and agrees:    1. that during the period the Participant is an officer, director or employee of the Company or  any Related Company and during the twelve (12) months following an Employment Loss  (the “Restricted Period”), the Participant shall not, without the express approval of the  Company, directly or indirectly,  own, manage, operate,  invest in, whether as a proprietor,  partner, shareholder, member, lender, director, officer, employee,  agent, representative or  other participant, or otherwise engage or participate in any business or enterprise engaged  in the leasing, financing, managing  or sale of intermodal marine cargo containers or  intermodal chassis, in the Territory (“Competitive Business”) (but a Competitive Business  does not include shipping lines, terminals, or the wider container shipping industry)    without regard to (A) whether the Competitive Business has its office or other business  facilities within or without the Territory, (B) whether any of the activities of the Participant  referred to above occur or are performed within or without the Territory or (C) whether the  Participant resides, or reports to an office, within or without the Territory; provided,  however, that (x) the Participant may, anywhere in the Territory, directly or indirectly, in  one or a series of transactions, own, invest or acquire an interest in up to five percent (5%)  of the capital share of a corporation whose capital share is traded publicly, or that (y) such  Participant may accept employment with a successor company to the Company.     The Participant shall not be deemed to be engaged in a Competitive Business if he or she  is employed at a company that is not engaged in a Competitive Business but which has a  sister company that is engaged in a Competitive Business if the Participant has no  involvement, direct or indirect, in the sister company whatsoever; and    2. that for the duration of the Restricted Period, the Participant shall not (A) directly or  indirectly, in one or a series of transactions, recruit, solicit or otherwise induce or influence  any proprietor, partner, shareholder, member, lender, director, officer, employee, sales  agent, lessor, customer, supplier, agent, representative or any other Person which has a  business relationship with the Company or a Related Company or had a business  relationship with the Company or a Related Company within the twenty-four (24) month  period preceding the date of the incident in question (other than a customer or supplier who  has a business relationship with the Participant’s new employer (if any)), to discontinue,  reduce or modify such employment, agency or business relationship with the Company or  a Related Company, or (B) employ or seek to employ or cause any Competitive Business  to employ or seek to employ any Person who is then (or was at any time within twelve (12)  months prior to the date such Participant or the Competitive Business employs or seeks to  employ such Person) employed or retained by the Company or a Related Company.  Notwithstanding the foregoing, nothing herein shall prevent the Participant from providing  a letter of recommendation to an employee with respect to a future employment opportunity;  and    

 

Exhibit 1 - 4    3. that during and after his or her employment with the Company or a Related Company, the  Participant will not, directly or indirectly in one or a series of transactions disclose to any  Person or use or otherwise exploit for the Participant’s own benefit or for the benefit of  anyone other than the Company or its subsidiaries any Confidential Information (as defined  below) whether prepared by the Participant or not, provided, however, that any  Confidential Information may be disclosed to officers, representatives, employees and  agents of the Company or its Related Companies who need to know such Confidential  Information in order to perform the services or conduct the operations required or expected  of them in the Business.  The Participant shall use his or her reasonable best efforts to  prevent the removal of any Confidential Information from the premises of the Company or  its Related Companies, except as required in his or her normal course of employment by  the Company or its subsidiaries.  During the term of employment, the Participant shall use  the Participant’s commercially reasonable efforts to cause all Persons to whom  Confidential Information shall be disclosed by the Participant hereunder to observe the  terms and conditions set forth herein as though each such Person or entity was bound  hereby. After the term of employment, the Participant shall not disclose Confidential  Information other than to his or her advisors, representatives and agents who execute a  confidentiality agreement whereby they will agree to observe the confidentiality terms and  conditions set forth herein.  The Participant shall have no obligation hereunder to keep  confidential any Confidential Information if and to the extent disclosure of any thereof is  specifically required by law; provided, however, that in the event disclosure is required by  applicable law, the Participant shall provide the Company with prompt notice of such  requirement to the extent allowed by law, prior to making any disclosure, so that the  Company may seek an appropriate protective order.  At the request of the Company, the  Participant agrees to deliver to the Company all Confidential Information which the  Participant may possess or control.  The Participant agrees that all Confidential Information  of the Company and Related Companies (whether now or hereafter existing) conceived,  discovered or made by him or her during his or her employment with the Company or its  Related Companies exclusively belongs to the Company and its direct and indirect  subsidiaries (and not to the Participant).  The Participant will promptly disclose such  Confidential Information to the Company and its Related Companies and perform all  actions reasonably requested by the Company and its Related Companies to establish and  confirm such exclusive ownership.  As used herein, the term “Confidential Information”  means any confidential information including, without limitation, any study, data,  calculations, software storage media or other compilation of information, patent, patent  application, copyright, trademark, trade name, service mark, service name, trade secrets,  supplier lists and contacts, customer lists and contacts, the fact of and terms of (including  without limitation, pricing terms) supplier, customer or consultant contracts, pricing  policies, business techniques, operational methods, marketing plans or strategies, product  development techniques or plans, business acquisition plans or any portion or phase of any  scientific or technical information, discoveries, designs, computer programs (including  source of object codes), processes, procedures, formulas, improvements or other  proprietary or intellectual property of the Company or its subsidiaries, whether or not in  written or tangible form, and whether or not registered, and including all files, records,  manuals, books, catalogues, memoranda, notes, summaries, plans, reports, records,  documents and other evidence thereof.  The term “Confidential Information” does not  

 

Exhibit 1 - 5    include, and there shall be no obligation hereunder with respect to, information that  becomes generally available to the public other than as a result of a disclosure by such  Participant that is prohibited hereunder; and    4. that during and after his or her employment with the Company or a Related Company, he  or she shall not make any false, defamatory or disparaging statements about the Company  or its Related Companies or the officers or directors of the Company or its Related  Companies.  During and after the Participant’s employment with the Company or its  Related Companies, the Company agrees on behalf of itself and its Related Companies that  neither the officers nor the directors of the Company or its Related Companies shall make  any false, defamatory or disparaging statements about the Participant.    Definitions Applicable to this Attachment:    “Person” means any individual, corporation, partnership, limited liability company, joint  venture, association, joint-stock company, trust, unincorporated organization, governmental  entity or any other entity.    "Related Company" means all direct and indirect subsidiaries of the Company.    "Territory" means the United States of America and each jurisdiction or other country in which  (i) the Business was conducted by or engaged in by the Company or its subsidiaries or in which  the Company sought to conduct the Business on or prior to the date hereof or (ii) the Business is  conducted by or engaged in by the Company or its subsidiaries or in which the Company seeks  to conduct the Business at any time during the Participant’s employment by the Company or its  subsidiaries.

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