Document:

Form of Note for the Company's Floating Rate Notes

 Exhibit 4.01 
 This Note is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository named below or a nominee of the Depository. This Note is not
exchangeable for Notes registered in the name of a Person other than the Depository or its nominee except in the limited circumstances described herein and in the Indenture, and no transfer of this Note (other than a transfer of this Note as a whole
by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository) may be registered except in the limited circumstances described herein. 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (the
“Depository”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized
representative of the Depository (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 CITIGROUP INC.

 Floating Rate Notes due December 4, 2017 

 

			
	REGISTERED	  	REGISTERED    
		
		  	CUSIP: 172967 GE 5        
		  	ISIN: US172967GE55        
		  	Common Code: 086099250        
		
	No. R-0001	  	$500,000,000        

 CITIGROUP INC., a Delaware corporation (the “Company”, which term includes any successor Person
under the Indenture), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $500,000,000 on December 4, 2017 and to pay interest thereon from and including December 4, 2012 or from
the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly, on the fourth day of each March, June, September and December, commencing March 4, 2013, at the rate per annum for each Interest Period of
three-month LIBOR, determined as provided herein, plus 1.190% until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Record Date for such interest, which shall be the Business Day immediately preceding such Interest Payment Date. 

Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the holder on such Record Date and
may either be paid to the Person in whose name this Note is registered at the close of business on a subsequent Record Date, such subsequent Record Date to be not less than five days prior to the date of payment of such defaulted interest, notice
whereof shall be given to holders of Notes of this series not less than 15 days prior to such subsequent Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the
Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

 Interest hereon will be calculated on the basis of the actual number of days elapsed in an
Interest Period and a 360-day year. Dollar amounts resulting from such calculation will be rounded to the nearest cent, with one-half cent being rounded upward. An “Interest Period” shall be the period from and including an Interest
Payment Date (or from September 27, 2012 in the case of the first Interest Payment Date) to and including the day immediately preceding the next Interest Payment Date. 
 If an Interest Payment Date falls on a day that is not a Business Day, such Interest Payment Date will be the next succeeding Business Day. If the Maturity of the Notes falls on a day that is not a
Business Day, the payment due on Maturity will be postponed to the next succeeding Business Day, and no further interest will accrue in respect of such postponement. If a date for payment of interest or principal on the Notes falls on a day that is
not a business day in the place of payment, such payment will be made on the next succeeding business day in such place of payment as if made on the date the payment was due. No interest will accrue on any amounts payable for the period from and
after the due date for payment of such principal or interest. 
 For these purposes, “Business Day” means any day
which is a day on which commercial banks settle payments and are open for general business in The City of New York. 
 Payment
of the principal of and interest on this Note will be made at the office or agency of the Trustee maintained for that purpose in The City of New York. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 Unless the certificate of authentication hereon has been executed by the Trustee or by an authenticating agent on behalf of
the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
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 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated: December 4, 2012 

 

			
	CITIGROUP INC.
		
	By:	 	  

	Title:	 	Deputy Treasurer

  

			
	ATTEST:
		
	By:	 	  

	Title:	 	Assistant Secretary

  
 3 

 This is one of the Notes of the series issued under the within-mentioned Indenture.

 Dated: December 4, 2012 
  

			
	THE BANK OF NEW YORK MELLON,
	as Trustee
		
	By:	 	  

		 	Name:
		 	Title:
	
	-or-
	
	CITIBANK, N.A.,
	as Authenticating Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 4 

 This Note is one of a duly authorized issue of Securities of the Company (the
“Notes”), issued and to be issued in one or more series under the Indenture, dated as of March 15, 1987 (as amended and supplemented to date, the “Indenture”), between the Company and The Bank of New York Mellon, formerly
known as The Bank of New York, as Trustee (the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated
on the face hereof, limited in aggregate principal to $500,000,000. 
 This Note will bear interest for each Interest Period at
a rate determined by Citibank, N.A., acting as Calculation Agent. The interest rate on this Note for a particular Interest Period will be a per annum rate equal to three-month LIBOR as determined on the related Interest Determination Date, plus
1.190%. The Interest Determination Date for an Interest Period will be the second London business day preceding such Interest Period. The Interest Determination Date for the first Interest Period was November 30, 2012. Promptly upon
determination, the Calculation Agent will inform the Trustee and the Company of the interest rate for the next Interest Period. Absent manifest error, the determination of the interest rate by the Calculation Agent shall be binding and conclusive on
the holders of Notes, the Trustee and the Company. 
 A London business day is a day on which dealings in deposits in U.S.
dollars are transacted in the London interbank market. 
 On any Interest Determination Date, LIBOR will be equal to the offered
rate for deposits in U.S. dollars having an index maturity of three months for the next Interest Period, in amounts of at least $1,000,000, as such rate appears on Reuters Screen LIBOR01 at approximately 11:00 a.m., London time, on such Interest
Determination Date. If the Reuters Screen LIBOR01 is replaced by another service or ceases to exist, the Calculation Agent will use the replacing service or such other service that may be nominated by the British Bankers’ Association for the
purpose of displaying London interbank offered rates for U.S. dollar deposits. 
 If no offered rate appears on Reuters Screen
LIBOR01 on an Interest Determination Date at approximately 11:00 a.m., London time, then the Calculation Agent (after consultation with the Company) will select four major banks in the London interbank market and shall request each of their
principal London offices to provide a quotation of the rate at which three-month deposits in U.S. dollars in amounts of at least $1,000,000 are offered by it to prime banks in the London interbank market, on that date and at that time, that is
representative of single transactions at that time. If at least two quotations are provided, LIBOR will be the arithmetic average of the quotations provided. Otherwise, the Calculation Agent will select three major banks in New York City and shall
request each of them to provide a quotation of the rate offered by them at approximately 11:00 a.m., New York City time, on the Interest Determination Date for loans in U.S. dollars to leading European banks having an index maturity of three months
for the applicable Interest Period in an amount of at least $1,000,000 that is representative of single 

  
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transactions at that time. If three quotations are provided, LIBOR will be the arithmetic average of the quotations provided. Otherwise, the rate of LIBOR for the next Interest Period will be set
equal to the rate of LIBOR for the current Interest Period. 
 The Luxembourg Stock Exchange shall be notified of the interest
rate, the amount of the interest payment and the Interest Payment Date for a particular Interest Period not later than the first day of such Interest Period. Upon request from any Noteholder, the Calculation Agent will provide the interest rate in
effect on this Note for the current Interest Period and, if it has been determined, the interest rate to be in effect for the next Interest Period. 
 If an event of default (as defined in the Indenture) with respect to Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the
manner and with the effect provided in the Indenture. 
 The Indenture contains provisions for defeasance at any time of the
entire indebtedness of this Note upon compliance by the Company with certain conditions set forth in Sections 11.03 and 11.04 thereof, which provisions apply to this Note. 
 The Indenture contains provisions permitting the Company and the Trustee, without the consent of the holders of the Securities, to establish, among other things, the form and terms of any series of
Securities issuable thereunder by one or more supplemental indentures, and, with the consent of the holders of not less than 66 2/3% in aggregate principal amount of Securities at the time outstanding which are affected thereby, to modify the
Indenture or any supplemental indenture or the rights of the holders of Securities of such series to be affected, provided that no such modification will (i) extend the fixed maturity of any Securities, reduce the rate or extend the time of
payment of interest thereon, reduce the principal amount thereof or the premium, if any, thereon, reduce the amount of the principal of Original Issue Discount Securities payable on any date, change the currency in which Securities are payable, or
impair the right to institute suit for the enforcement of any such payment on or after the maturity thereof, without the consent of the holder of each Security so affected, or (ii) reduce the aforesaid percentage of Securities of any series the
consent of the holders of which is required for any such modification without the consent of the holders of all Securities of such series then outstanding, or (iii) modify, without the written consent of the Trustee, the rights, duties or
immunities of the Trustee. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter
or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

This Note is a Global Security registered in the name of a nominee of the Depository. This Note is exchangeable for Notes registered in
the name of a person other than the Depository or its nominee only in the limited circumstances hereinafter described. Unless and until it is exchanged in whole or in part for definitive Notes in certificated form, this Note may not be transferred
except as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository. 

  
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 The Notes represented by this Global Security are exchangeable for definitive Notes in
certificated form of like tenor as such Notes in denominations of $1,000 and whole multiples of $1,000 in excess thereof only if (i) the Depository notifies the Company that it is unwilling or unable to continue as Depository for the Notes or
(ii) the Depository ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, or (iii) the Company in its sole discretion decides to allow the Notes to be exchanged for definitive Notes in registered
form. Any Notes that are exchangeable pursuant to the preceding sentence are exchangeable for certificated Notes issuable in authorized denominations and registered in such names as the Depository shall direct. As provided in the Indenture and
subject to certain limitations therein set forth, the transfer of definitive Notes in certificated form is registrable in the register maintained by the Company in The City of New York for such purpose, upon surrender of the definitive Note for
registration of transfer at the office or agency of the registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the registrar duly executed by, the holder thereof or his attorney duly
authorized in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. Subject to the
foregoing, this Note is not exchangeable, except for a Global Security or Global Securities of this issue of the same principal amount to be registered in the name of the Depository or its nominee. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this
Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Company will pay additional
amounts (“Additional Amounts”) to the beneficial owner of any Note that is a non-United States person in order to ensure that every net payment on such Note will not be less, due to payment of U.S. withholding tax, than the amount then due
and payable. For this purpose, a “net payment” on a Note means a payment by the Company or a paying agent, including payment of principal and interest, after deduction for any present or future tax, assessment or other governmental charge
of the United States. These Additional Amounts will constitute additional interest on the Note. 

  
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 The Company will not be required to pay Additional Amounts, however, in any of the
circumstances described in items (1) through (13) below. 
  

	 	(1)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld
solely by reason of the beneficial owner: 

  

	 	(a)	having a relationship with the United States as a citizen, resident or otherwise; 

 

	 	(b)	having had such a relationship in the past or 

  

	 	(c)	being considered as having had such a relationship. 

  

	 	(2)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld
solely by reason of the beneficial owner: 

  

	 	(a)	being treated as present in or engaged in a trade or business in the United States; 

 

	 	(b)	being treated as having been present in or engaged in a trade or business in the United States in the past or 

 

	 	(c)	having or having had a permanent establishment in the United States. 

  

	 	(3)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld in
whole or in part by reason of the beneficial owner being or having been any of the following (as such terms are defined in the Internal Revenue Code of 1986, as amended): 

 

	 	(a)	personal holding company; 

  

	 	(b)	foreign personal holding company; 

  

	 	(c)	foreign private foundation or other foreign tax-exempt organization; 

  

	 	(d)	passive foreign investment company; 

  

	 	(e)	controlled foreign corporation or 

  

	 	(f)	corporation which has accumulated earnings to avoid United States federal income tax. 

 

	 	(4)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld
solely by reason of the beneficial owner owning or having owned, actually or constructively, 10 percent or more of the total combined voting power of all classes of stock of the Company entitled to vote or by reason of the beneficial owner being a
bank that has invested in a Note as an extension of credit in the ordinary course of its trade or business. 

 For purposes of
items (1) through (4) above, “beneficial owner” means a fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership, limited liability company, corporation or other entity,
or a person holding a power over an estate or trust administered by a fiduciary holder. 
  

	 	(5)	Additional Amounts will not be payable to any beneficial owner of a Note that is a: 

 

	 	(a)	fiduciary; 

  
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	 	(b)	partnership; 

  

	 	(c)	limited liability company or 

  

	 	(d)	other fiscally transparent entity 

or that is not the sole beneficial owner of the Note, or any portion of the Note. However, this exception to the obligation to pay
Additional Amounts will only apply to the extent that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner or member of the partnership, limited liability company or other fiscally transparent entity, would not have been
entitled to the payment of an Additional Amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment. 

 

	 	(6)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld
solely by reason of the failure of the beneficial owner or any other person to comply with applicable certification, identification, documentation or other information reporting requirements. This exception to the obligation to pay Additional
Amounts will only apply if compliance with such reporting requirements is required by statute or regulation of the United States or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such
tax, assessment or other governmental charge. 

  

	 	(7)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is collected or imposed by
any method other than by withholding from a payment on a Note by the Company or a paying agent. 

  

	 	(8)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld by
reason of a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later. 

 

	 	(9)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld by
reason of the presentation by the beneficial owner of a Note for payment more than 30 days after the date on which such payment becomes due or is duly provided for, whichever occurs later. 

 

	 	(10)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any: 

 

	 	(a)	estate tax; 

  

	 	(b)	inheritance tax; 

  

	 	(c)	gift tax; 

  
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	 	(d)	sales tax; 

  

	 	(e)	excise tax; 

  

	 	(f)	transfer tax; 

  

	 	(g)	wealth tax; 

  

	 	(h)	personal property tax or 

  

	 	(i)	any similar tax, assessment, withholding, deduction or other governmental charge. 

 

	 	(11)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment, or other governmental charge required to be withheld by any
paying agent from a payment of principal or interest on a Note if such payment can be made without such withholding by any other paying agent. 

  

	 	(12)	Additional amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is required to be made
pursuant to any European Union directive on the taxation of savings income or any law implementing or complying with, or introduced to conform to, any such directive. 

 

	 	(13)	Additional Amounts will not be payable if a payment on a Note is reduced as a result of any combination of items (1) through (12) above.

 Except as specifically provided herein, the Company will not be required to make any payment of any tax,
assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of such government. 
 As used in this Note, “United States person” means: 
  

	 	(a)	any individual who is a citizen or resident of the United States; 

  

	 	(b)	any corporation, partnership or other entity created or organized in or under the laws of the United States; 

 

	 	(c)	any estate if the income of such estate falls within the federal income tax jurisdiction of the United States regardless of the source of such income and

  

	 	(d)	any trust if a United States court is able to exercise primary supervision over its administration and one or more United States persons have the authority to control
all of the substantial decisions of the trust. 

 Additionally, “non-United States person” means a
person who is not a United States person, and “United States” means the states of the United States of America and the District of Columbia, but excluding its territories and its possessions. 

  
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 Except as provided below, the Notes may not be redeemed prior to maturity. 

 

	 	(1)	The Company may, at its option, redeem the Notes if: 

  

	 	(a)	the Company becomes or will become obligated to pay Additional Amounts as described above; 

 

	 	(b)	the obligation to pay Additional Amounts arises as a result of any change in the laws, regulations or rulings of the United States, or an official position regarding
the application or interpretation of such laws, regulations or rulings, which change is announced or becomes effective on or after November 26, 2012 and 

 

	 	(c)	the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable measures available to
it, other than substituting the obligor under the Notes or taking any action that would entail a material cost to the Company. 

  

	 	(2)	The Company may also redeem the Notes, at its option, if: 

  

	 	(a)	any act is taken by a taxing authority of the United States on or after November 26, 2012, whether or not such act is taken in relation to the Company or any
affiliate, that results in a substantial probability that the Company will or may be required to pay Additional Amounts as described above; 

  

	 	(b)	the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable measures available to
it, other than substituting the obligor under the Notes or taking any action that would entail a material cost to the Company and 

  

	 	(c)	the Company receives an opinion of independent counsel to the effect that an act taken by a taxing authority of the United States results in a substantial probability
that the Company will or may be required to pay the Additional Amounts described above, and delivers to the Trustee a certificate, signed by a duly authorized officer, stating that based on such opinion the Company is entitled to redeem the Notes
pursuant to their terms. 

 Any redemption of the Notes as set forth in clauses (1) or (2) above shall be in whole, and
not in part, and will be made at a redemption price equal to 100% of the principal amount of the Notes Outstanding plus accrued interest thereon to the date of redemption. Holders shall be given not less than 30 days’ nor more than 60
days’ prior notice by the Trustee of the date fixed for such redemption. 
 All terms used in this Note which are defined
in the Indenture shall have the meanings assigned to them in the Indenture. The Notes are governed by the laws of the State of New York. 

  
 11EX-10.1

 Exhibit 10.1 

 
 FARMERS NATIONAL BANC CORP. 

2012 EQUITY INCENTIVE PLAN 
 The purpose of the Plan is to promote the Company’s long-term financial success and increase shareholder value by motivating performance through incentive compensation. The Plan also is intended to
encourage Participants to acquire ownership interests in the Company, attract and retain talented employees and directors and enable Participants to participate in the Company’s long-term growth and financial success. 

ARTICLE I 

DEFINITIONS 
 When used in the Plan, the following capitalized words, terms and phrases shall have the meanings set forth in this Article I. For purposes of the Plan, the form of any word, term or phrase shall include
any and all of its other forms. 
 1.1  “Act” shall mean the Securities Exchange Act of 1934, as
amended from time to time, or any successor thereto. 
 1.2  “Affiliate” shall mean any entity with
whom the Company would be considered a single employer under Section 414(b) or (c) of the Code, but modified as permitted under Treasury Regulations promulgated under any Code section relevant to the purpose for which the definition is
applied. 
 1.3  “Award” shall mean any Restricted Stock, Stock Unit, Performance Based Award or Share
Award granted pursuant to the Plan. 
 1.4  “Award Agreement” shall mean any written or electronic
agreement between the Company and a Participant that describes the terms and conditions of an Award. If there is a conflict between the terms of the Plan and the terms of an Award Agreement, the terms of the Plan shall govern. 

1.5  “Board” shall mean the Board of Directors of the Company. 

1.6  “Cause” shall mean, unless otherwise provided in the related Award Agreement or in any employment
agreement between the Participant and the Company or any Affiliate or in any other agreement between the Participant and the Company or any Affiliate (but only within the context of the events contemplated by the employment agreement or other
agreement, as applicable), a Participant’s: (a) commission of any intentional, reckless, or grossly negligent act which may result in material injury to the good will, business or business reputation of the Company or any Affiliate;
(b) participation in any fraud, dishonesty, theft, conviction of a crime, or unethical business conduct; (c) violation of any written policy, rule, regulation or covenant with respect to non-competition, non-solicitation,
non-disparagement, cooperation or otherwise with respect to the Company or any Affiliate; or (d) failure to adequately perform the Participant’s job duties or to follow lawful and ethical directions provided to the Participant, which
failure, if amenable to cure, has not been cured in all material respects within 20 days after receiving notice of such failure from the Bank. 
 1.7  “Change in Control” shall mean, unless otherwise provided in any employment agreement between the Participant and the Company or any Affiliate or in any other agreement
between the Participant and the Company or any Affiliate (but only within the context of events contemplated by the employment agreement or other agreement, as applicable), the occurrence of any of the following: 

(a)  any person (as defined in Act) becomes a direct or indirect beneficial owner of securities of the Company
representing 20% or more of the combined voting power of the Company’s then outstanding securities; or 

(ii)  the merger or consolidation of the Company with another entity, and as a result of such merger or
consolidation, less than 75% of the outstanding voting securities of the surviving or resulting entity shall be owned in the aggregate by the former shareholders of the Company; or 

  
 1 

 (c)  during any two consecutive years, individuals who at the
beginning of such period constitute the Board, cease for any reason to constitute at least a majority thereof, unless the election of each director who is not a director at the beginning of such period has been approved in advance by directors
representing at least two-thirds of the directors at the beginning of the period. 
 A “change in control” will only be deemed to have
occurred if one of the three above-listed scenarios occurs and, as a result thereof, the Participant is not offered a position that is substantially similar to the Participant’s position immediately prior to the transaction, in terms of duties,
responsibilities, pay and benefits. 
 Notwithstanding the foregoing, with respect to the payment, exercise or settlement of any Award that is
subject to Section 409A of the Code (and for which no exception applies), a Change in Control shall be deemed not to have occurred unless the events or circumstances constituting a Change in Control also constitute a “change in control
event” within the meaning of Section 409A of the Code and the Treasury Regulations promulgated thereunder. 

1.8  “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, or any successor
thereto. 
 1.9  “Committee” shall mean the Compensation Committee of the Board, which will be
comprised of at least two (2) directors, each of whom is a “non-employee” director within the meaning of Rule 16b-3 under the Act. 
 1.10  “Company” shall mean Farmers National Banc Corp., an Ohio corporation, and any successor thereto. 
 1.11  “Director” shall mean a person who is a member of the Board, excluding any member who is an Employee. 

1.12  “Disability” shall mean: 

(a)  with respect to an Incentive Stock Option, “disability” as defined in Section 22(e)(3) of
the Code; 
 (b)  with respect to the payment or settlement of any Award that is (or becomes) subject
to Section 409A of the Code (and for which no exception applies), (i) the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to
result in death or can be expected to last for a continuous period of not less than twelve (12) months, (ii) the Participant is, by reason of any medically determinable physical or mental impairment that can be expected to result in death
or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering Employees of the
Participant’s employer, or (iii) the Participant is determined to be totally disabled by the Social Security Administration or Railroad Retirement Board; and 

(c)  with respect to the payment or settlement of any Award not described in subsection (a) or (b) of
this definition, a Participant’s inability (established by an independent physician selected by the Committee and reasonably acceptable to the Participant or to the Participant’s legal representative) due to illness, accident or otherwise
to perform his or her duties, which is expected to be permanent or for an indefinite duration longer than twelve (12) months. 
 1.13  “Employee” shall mean any person who is a common law employee of the Company or any Affiliate. A person who is classified as other than a common-law employee but who is
subsequently reclassified as a common law employee of the Company or any Affiliate for any reason and on any basis shall be treated as a common law employee only from the date that reclassification occurs and shall not retroactively be reclassified
as an Employee for any purpose under the Plan. 
 1.14  “Fair Market Value” shall mean the value of
one Share on any relevant date, determined under the following rules: 
 (a)  If the Shares are traded
on an exchange, the reported “closing price” on the relevant date if it is a trading day, otherwise on the next trading day; 

  
 2 

 (b)  If the Shares are traded over-the-counter with no reported
closing price, the mean between the lowest bid and the highest asked prices on that quotation system on the relevant date if it is a trading day, otherwise on the next trading day; or 

(c)  If neither (a) nor (b) applies, (i) with respect to Options, Stock Appreciation Rights and
any Award that is subject to Section 409A of the Code, the value as determined by the Committee through the reasonable application of a reasonable valuation method, taking into account all information material to the value of the Company,
within the meaning of Section 409A of the Code and the Treasury Regulations promulgated thereunder, and (ii) with respect to all other Awards, the fair market value as determined by the Committee in good faith. 

1.15  “Good Reason” shall mean, unless otherwise specified in the Award Agreement or another agreement between
the Participant and the Company or any Affiliate, or in any other agreement between the Participant and the Company or any Affiliate (but only within the context of events contemplated by the employment agreement or other agreement, as applicable),
the occurrence of any of the following without the Participant’s consent (provided the Company or Affiliate does not fully cure the effect of such event within 30 days following its receipt of written notice of such event from the Participant:
(a) a material diminution in the Participant’s Base Salary; or (b) a material reduction in, or the permanent assignment to, the Participant of duties that are materially inconsistent with the Participant’s position (including,
without limitation, the Participant’s status, office and title), authority, duties or responsibilities; or (c) a material change in the geographic location in which the Participant must perform services under this Agreement.
Notwithstanding the foregoing, Good Reason shall cease to exist for an event on the 90th day following the later of its occurrence or the Participant’s knowledge thereof, unless the Participant has given the Employer written notice of such
event prior to such date. 
 1.16  “Participant” shall mean an Employee or Director who is granted an
Award under the Plan. 
 1.17  “Performance-Based Award” shall mean an Award described in Article VIII
of the Plan. 
 1.18  “Performance Criteria” shall mean any of the following: (a) revenue;
(b) net earnings or net income (before or after taxes); (c) earnings per share; (d) deposit or asset growth; (e) net operating income; (f) return measures (including return on assets and equity); (g) fee income;
(h) earnings before or after taxes, interest, depreciation and/or amortization; (i) interest spread; (j) productivity ratios; (k) share price (including, but not limited to, growth measures and total shareholder return);
(l) expense targets; (m) credit quality; (n) efficiency ratio; (o) market share; (p) customer satisfaction; (q) asset quality measures (e.g., Texas Ratio, ALLL etc.); (r) net income after cost of capital (NIACC);
(s) strategic objectives (including, branding, mergers and acquisitions, succession management, dynamic market response, new product build out, expense reduction initiatives, risk management and regulatory compliance); or (t) such other
measures as the Committee may select from time to time. 
 1.19  “Plan” shall mean the Farmers
National Banc Corp. 2012 Equity Incentive Plan, as set forth herein and as may be amended from time to time. 

1.20  “Restricted Stock” shall mean an Award granted pursuant to Article V of the Plan under which a
Participant is issued a right to receive a specified number of Shares or a cash payment equal to a specified number of Shares, the settlement of which is subject to specified restrictions on vesting and transferability. 

1.21  “Retirement” shall mean, with respect to an Employee, termination after the attainment of age 65, unless
another definition is provided in the related Award Agreement. 
 1.22  “Shares” shall mean the common
shares, without par value, of the Company or any security of the Company issued in satisfaction, exchange or in place of these shares. 
 1.23  “Share Award” shall mean an Award granted pursuant to Section VII of the Plan consisting on an award of unrestricted Shares. 

1.24  “Stock Unit” shall mean an Award granted pursuant to Section VI of the Plan through which a Participant
is granted the right to receive Shares in the future. 

  
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 ARTICLE II 
 SHARES SUBJECT TO THE PLAN 
 2.1  Number of Shares Available
for Awards.    Subject to this Article II, the aggregate number of Shares with respect to which Awards may be granted under the Plan shall be 500,000. The Shares may consist, in whole or in part, of treasury Shares,
authorized but unissued Shares not reserved for any other purpose or Shares purchased by the Company or an independent agent in either a private transaction or in the open market. Subject to this Article II, the number of Shares available for
issuance under the Plan shall be reduced by one Share for each Share subject to a grant of an Award and any Shares underlying such an Award that become available for future grant under the Plan pursuant to Section 2.2 shall be added back to the
Plan in an amount equal to the number of Shares subject to such an Award that become available for future grant under the Plan pursuant to Section 2.2. 
 2.2  Share Usage.    In addition to the number of Shares provided for in Section 2.1, the following Shares shall be available for Awards under the Plan:
(a) Shares covered by an Award that expires or is forfeited, canceled, surrendered or otherwise terminated without the issuance of such Shares; (b) Shares covered by an Award that, by its terms, may be settled only in cash; (c) Shares
granted through the assumption of, or in substitution for, outstanding awards granted by a company to individuals who become Employees or Directors as the result of a merger, consolidation, acquisition or other corporate transaction involving such
company and the Company or any of its Affiliates; and (d) any Shares from awards exercised for or settled in vested and nonforfeitable Shares that are later returned to the Company pursuant to any compensation recoupment policy, provision or
agreement. Notwithstanding the foregoing, no Shares covered by an Award that are withheld to satisfy any applicable taxes shall again be available for issuance as Awards under this Plan.” 

2.3  Adjustments.    In the event of any Share dividend, Share split, recapitalization (including
payment of an extraordinary dividend), merger, reorganization, consolidation, combination, spin-off, distribution of assets to stockholders, exchange of Shares or any other change affecting the Shares, the Committee shall make such substitutions and
adjustments, if any, as it deems equitable and appropriate to: (a) the aggregate number of Shares that may be issued under the Plan; and (b) the number of Shares and other terms or limitations applicable to outstanding
Awards. Notwithstanding the foregoing, an adjustment pursuant to this Section 2.3 shall be made only to the extent such adjustment complies, to the extent applicable, with Section 409A of the Code. 

ARTICLE III 

ADMINISTRATION 
 3.1  In General.    The Plan shall be administered by the Committee. The Committee shall have full power and authority to: (a) interpret the Plan and any Award
Agreement; (b) establish, amend and rescind any rules and regulations relating to the Plan; (c) select Participants; (d) establish the terms and conditions of any Award consistent with the terms and conditions of the Plan; and
(e) make any other determinations that it deems necessary or desirable for the administration of the Plan. The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award Agreement in the
manner and to the extent the Committee deems necessary or desirable. Any decision of the Committee in the interpretation and administration of the Plan shall be made in the Committee’s sole and absolute discretion and shall be final, conclusive
and binding on all persons. 
 3.2  Delegation of Duties.    In its sole discretion, the
Committee may delegate any ministerial duties associated with the Plan to any person (including Employees) it deems appropriate; provided, however, that the Committee may not delegate (a) any duties that it is required to discharge to comply
with applicable law; (b) its authority to grant Awards to any Participant who is subject to Section 16 of the Act; and (c) its authority under the Company’s equity award granting policy that may be in effect from time to time.

  
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 ARTICLE IV 
 ELIGIBILITY 
 Any Employee or Director selected by the Committee shall be
eligible to be a Participant in the Plan. 
 ARTICLE V 

RESTRICTED STOCK 
 5.1  Grant of Restricted Stock.    Subject to the terms and conditions of the Plan, Shares of Restricted Stock may be granted to Participants in such number, and upon
such terms and conditions, as shall be determined by the Committee in its sole discretion. 
 5.2  Award
Agreement.    Each Award of Restricted Stock shall be evidenced by an Award Agreement that shall specify the number of Shares of Restricted Stock, the restricted period(s) applicable to the Shares of Restricted Stock, the
conditions upon which the restrictions on the Shares of Restricted Stock will lapse and such other terms and conditions as the Committee shall determine and which are not inconsistent with the terms and conditions of the Plan. 

5.3  Terms, Conditions and Restrictions. 
 (a)  The Committee shall impose such other terms, conditions and/or restrictions on any Shares of Restricted Stock as it may deem advisable, including, without limitation, restrictions based on
the achievement of specific performance goals (which may be based on one or more of the Performance Criteria), time-based restrictions or holding requirements or sale restrictions placed on the Shares by the Company upon vesting of such Restricted
Stock. 
 (b)  To the extent deemed appropriate by the Committee, the Company may retain the certificates representing
Shares of Restricted Stock in the Company’s possession until such time as all terms, conditions and/or restrictions applicable to such Shares have been satisfied or lapse. 
 (c)  Unless otherwise provided in the related Award Agreement or required by applicable law, the restrictions imposed on Shares of Restricted Stock shall lapse upon the expiration or termination
of the applicable restricted period and the satisfaction of any other applicable terms and conditions. 

5.4  Rights Associated with Restricted Stock during Restricted Period. During any restricted period applicable to Shares
of Restricted Stock: 
 (a)  Such Shares of Restricted Stock may not be sold, transferred, pledged,
assigned or otherwise alienated or hypothecated. 
 (b)  Unless otherwise provided in the related Award
Agreement, (i) the Participant shall be entitled to exercise full voting rights associated with such Shares of Restricted Stock and (ii) the Participant shall be entitled to all dividends and other distributions paid with respect to such
Shares of Restricted Stock during the restricted period; provided, however, that receipt of any such dividends or other distributions will be subject to the same terms and conditions as the Shares of Restricted Stock with respect to which they are
paid. 
 ARTICLE VI 
 STOCK UNITS 
 6.1  Grant of Stock
Units.    Subject to the terms and conditions of the Plan, Participants may be granted Stock Units in such number, and upon such terms and conditions, as shall be determined by the Committee in its sole discretion.

  
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 6.2  Award Agreement.    Each Award of Stock Units
shall be evidenced by an Award Agreement that shall specify the number of Shares underlying the Award, the restricted period(s), the conditions upon which the restrictions on the Stock Units will lapse, the time at and form in which the Stock Units
will be settled, and such other terms and conditions as the Committee shall determine and which are not inconsistent with the terms and conditions of the Plan. 
 6.3  Terms, Conditions and Restrictions.    The Committee shall impose such other terms, conditions and/or restrictions on any Award of Stock Units as it may deem
advisable, including, without limitation, conditions and/or restrictions based on the achievement of specific performance goals (which may be based on one or more of the Performance Criteria), time-based conditions and/or restrictions or holding
requirements or sale conditions and/or restrictions placed on the Shares by the Company upon vesting of such Stock Units. 

6.4  Form of Settlement.    An Award of Stock Units may be settled in full Shares, cash or a
combination thereof, as specified by the Committee in the related Award Agreement. 
 6.5  Dividend
Equivalents.    Awards of Stock Units may provide the Participant with dividend equivalents, as determined by the Committee in its sole discretion and set forth in the related Award Agreement. In no event will a Participant
have any voting rights with respect to the Shares underlying the Stock Units. 
 ARTICLE VII 

SHARE AWARDS 
 Subject to the terms and conditions of the Plan, Share Awards consisting of unrestricted Shares may be granted to Participants in such number, and upon such terms and conditions, as shall be determined by
the Committee in its sole discretion. 
 ARTICLE VIII 

PERFORMANCE-BASED AWARDS 
 8.1  In General.    Notwithstanding anything in the Plan to the contrary, any Award may be granted as a Performance-Based Award. As determined by the Committee in its
sole discretion, the grant, vesting and/or settlement of any Performance-Based Award shall be conditioned on the attainment of performance goals based upon one or more Performance Criteria during a performance period established by the Committee.
Any such Performance-Based Award must meet the requirements of this Article VIII. Performance Criteria may relate to the individual Participant, the Company, the Company and one or more Affiliate or one or more of their respective divisions or
business units, or any combination of the foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group companies or indices, or any combination thereof, in each case, as determined by the Committee in its sole
discretion. 
 8.2  Modifying Performance-Based Awards.    Performance goals relating to
Performance-Based Awards may be calculated without regard to extraordinary items or adjusted, as the Committee deems equitable, in recognition of unusual or non-recurring events affecting the Company and/or its Affiliates or changes in applicable
tax laws or accounting principles. 
 8.3  Negative Discretion.    In the Committee’s
sole discretion, the amount of a Performance-Based Award actually paid to a Participant may be less than the amount otherwise payable based on the satisfaction of the performance goals and other materials terms of the Performance-Based Award.

  
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 ARTICLE IX 
 TERMINATION OF EMPLOYMENT OR SERVICE 
 9.1  Death; Disability;
Retirement.    Unless otherwise specified in the Award Agreement, or as subsequently determined by the Committee (but only to the extent permitted under Section 409A of the Code), a Participant shall vest in all Awards
in full (and, if the Award was granted subject to the attainment of Performance Objectives, as though the Performance Objectives were achieved at the “target” level of performance) in the event of a Participant’s death, Disability or
Retirement. 
 9.2  Termination for Cause.    A Participant shall forfeit all Awards whether
or not vested in the event that the Participant is terminated for Cause. 
 9.3  Other
Terminations.    The Committee shall determine the extent to which an Award shall vest and the extent to which the Participant shall have the right to receive settlement of the Award on or following the
Participant’s termination of employment or services with the Company and/or any of its Affiliates for any reason other than set forth in Sections 9.1 or 9.2. Such provisions shall be determined in the sole discretion of the Committee, shall be
included in the related Award Agreement, need not be uniform among all Awards granted under the Plan and may reflect distinctions based on the reasons for termination. 
 ARTICLE X 
 CHANGE IN CONTROL 

10.1  Rights in the Event of a Change in Control.    The Committee, in its sole discretion, may take
such actions, if any, as it deems necessary or desirable with respect to any Award that is outstanding as of the date of the consummation of a Change in Control. Such actions may include, without limitation: (a) the acceleration of the vesting
and/or settlement of an Award; (b) the payment of a cash amount in exchange for the cancellation of an Award equal to the value of the consideration to be paid in the Change in Control to holders of the same number of Shares as the number of
Shares underlying the Award being cancelled (or, if no consideration is paid in the Change in Control, the Fair Market Value of the Shares underlying the Award being canceled); and/or (c) the issuance of substitute Awards that substantially
preserve the value, rights and benefits of any affected Awards. Any action relating to an Award that is subject to Section 409A of the Code shall be consistent with the requirements thereof. 

10.2  Effect of Change in Control.    Except as otherwise provided in the related Award Agreement, in
the event of a Change in Control, a Participant shall vest in all unvested Awards in full (and, if the Award was granted subject to the attainment of Performance Objectives, as though the Performance Objectives were achieved at the
“target” level of performance) if either: (a) the Participant is terminated by the Company without Cause or voluntarily terminates for Good Reason within 12 months following a Change in Control; or (b) the Awards are canceled and
the Participant is not granted substitute Awards that substantially preserve the value, rights and benefits of any affected Awards. 
 10.3  Golden Parachute Limitations.    Except as otherwise provided in any other written agreement between the Company or any Affiliate and a Participant, including
any Award Agreement, if the sum of the amounts payable under the Plan and those provided under all other plans, programs or agreements between the Participant and the Company or any Affiliate constitutes a “parachute payment” as defined in
Section 280G of the Code, the Company will reduce any payments to the minimum extent necessary to avoid the imposition of an excise tax under Section 4999 of the Code or a loss of deduction under Section 280G of the Code. Any
reduction pursuant to this Section 10.3 shall be made in compliance with Section 409A of the Code. 

  
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 ARTICLE XI 
 AMENDMENT OR TERMINATION OF THE PLAN 
 The Board or the Committee may amend
or terminate the Plan at any time; provided, however, that no amendment or termination shall be made without the approval of the Company’s stockholders to the extent that (a) the amendment materially increases the benefits accruing to
Participants under the Plan, (b) the amendment materially increases the aggregate number of Shares authorized for grant under the Plan (excluding an increase in the number of Shares that may be issued under the Plan as a result of
Section 2.3, (c) the amendment materially modifies the requirements as to eligibility for participation in the Plan, or (d) such approval is required by any law, regulation or stock exchange rule. 

ARTICLE XII 

TRANSFERABILITY 
 12.1  Awards Not Transferable.    Except as described in Section 12.2 or as provided in a related Award Agreement, an Award may not be sold, transferred,
pledged, assigned or otherwise alienated or hypothecated, except by will or the laws of descent and distribution Notwithstanding any provision contained in this Article XII, no Award may be transferred by a Participant for value or consideration.

 12.2  Beneficiary Designation.    Unless otherwise specifically designated by the
Participant in writing, a Participant’s beneficiary under the Plan shall be the Participant’s spouse or, if no spouse survives the Participant, the Participant’s estate. 

ARTICLE XIII 
 MISCELLANEOUS 
 13.1  No Right to Continue Services or to
Awards.    The granting of an Award under the Plan shall impose no obligation on the Company or any Affiliate to continue the employment or services of a Participant or interfere with or limit the right of the Company or any
Affiliate to terminate the services of any Employee or Director at any time. In addition, no Employee or Director shall have any right to be granted any Award, and there is no obligation for uniformity of treatment of Participants. The terms and
conditions of Awards and the Committee’s interpretations and determinations with respect thereto need not be the same with respect to each Participant. 
 13.2  Tax Withholding. 
 (a)  The
Company or an Affiliate, as applicable, shall have the power and the right to deduct, withhold or collect any amount required by law or regulation to be withheld with respect to any taxable event arising with respect to an Award granted under the
Plan. This amount may, as determined by the Committee in its sole discretion, be (i) withheld from other amounts due to the Participant, (ii) withheld from the value of any Award being settled or any Shares being transferred in connection
with the settlement of an Award or (iii) withheld from the vested portion of any Award (including the Shares transferable thereunder), whether or not being settled at the time the taxable event arises, or (iv) collected directly from the
Participant. 
 (b)  Subject to the approval of the Committee, a Participant may elect to satisfy the
withholding requirement, in whole or in part, by having the Company or an Affiliate, as applicable, withhold Shares having a Fair Market Value on the date the tax is to be determined equal to the minimum statutory total tax that could be imposed on
the transaction; provided that such Shares would otherwise be distributable to the Participant at the time of the withholding and if such Shares are not otherwise distributable at the time of the withholding, provided that the Participant has a
vested right to distribution of such Shares at such time. All such elections shall be irrevocable and made in writing and shall be subject to any terms and conditions that the Committee, in its sole discretion, deems appropriate. 

  
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 13.3  Requirements of Law.    The grant of Awards and
the issuance of Shares shall be subject to all applicable laws, rules and regulations (including applicable federal and state securities laws) and to all required approvals of any governmental agencies or national securities exchange, market or
other quotation system. Without limiting the foregoing, the Company shall have no obligation to issue Shares under the Plan prior to (a) receipt of any approvals from any governmental agencies or national securities exchange, market or
quotation system that the Committee deems necessary and (b) completion of registration or other qualification of the Shares under any applicable federal or state law or ruling of any governmental agency that the Committee deems necessary.

 13.4  Legends.    Certificates for Shares delivered under the Plan may be subject to such
stock transfer orders and other restrictions that the Committee deems advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange or other recognized market or quotation system upon
which the Shares are then listed or traded, or any other applicable federal or state securities law. The Committee may cause a legend or legends to be placed on any certificates issued under the Plan to make appropriate reference to restrictions
within the scope of this Section 14.4. 
 13.5  Uncertificated Shares.    To the extent
that the Plan provides for the issuance of certificates to reflect the transfer of Shares, the transfer of Shares may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the applicable rules of any stock
exchange. 
 13.6  Governing Law.    The Plan and all Award Agreements shall be governed by
and construed in accordance with the laws of (other than laws governing conflicts of laws) the State of Ohio, except to the extent that the laws of the state in which the Company is incorporated are mandatorily applicable. 

13.7  No Impact on Benefits.    Awards are not compensation for purposes of calculating a
Participant’s rights under any employee benefit plan that does not specifically require the inclusion of Awards in calculating benefits. 
 13.8  Rights as a Shareholder.    Except as otherwise provided in the Plan or in a related Award Agreement, a Participant shall have none of the rights of a
shareholder with respect to Shares covered by an Award unless and until the Participant becomes the record holder of such Shares. 
 13.9  Successors and Assigns.    The Plan shall be binding on all successors and assigns of the Company and each Participant, including without limitation, the estate
of such Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant’s creditors. 
 13.10  Section 409A of the Code. 

(a)  Awards granted pursuant to the Plan that are subject to Section 409A of the Code, or that are subject
to Section 409A but for which an exception from Section 409A of the Code applies, are intended to comply with or be exempt from Section 409A of the Code and the Treasury Regulations promulgated thereunder, and the Plan shall be
interpreted, administered and operated accordingly. 
 (b)  If a Participant is determined to be a
“specified employee” (within the meaning of Section 409A of the Code and as determined under the Company’s policy for determining specified employees), the Participant shall not be entitled to payment or to distribution of any
portion of an Award that is subject to Section 409A of the Code (and for which no exception applies) and is payable or distributable on account of the Participant’s “separation from service” (within the meaning of
Section 409A of the Code) until the expiration of six (6) months from the date of such separation from service (or, if earlier, the Participant’s death). Such Award, or portion thereof, shall be paid or distributed on the first
business day of the seventh month following such separation from service. 
 (c)  Nothing in the Plan
shall be construed as an entitlement to or guarantee of any particular tax treatment to a Participant, and none of the Company, its Affiliates, the Board or the Committee shall have any liability with respect to any failure to comply with the
requirements of Section 409A of the Code. 

  
 9 

 13.11  Savings Clause.    In the event that any
provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not
been included. 
 ARTICLE XIV 
 EFFECTIVE DATE AND TERM OF THE PLAN 
 This Plan shall become effective upon
its approval by the Company’s shareholders. No Awards may be granted under the Plan after the tenth anniversary of the date the Plan was approved by the Board. Notwithstanding the foregoing, the termination of the Plan shall not preclude the
Company from complying with the terms of Awards outstanding on the date the Plan terminates. 

  
 10

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