Document:

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                                                                    EXHIBIT 10.1

                         PERFORMANCE FOOD GROUP COMPANY
                        RESTRICTED SHARE AWARD AGREEMENT

      THIS RESTRICTED SHARE AWARD AGREEMENT (this "Agreement") is made and
entered into as of the ___ day of ______, 2006 (the "Grant Date"), between
Performance Food Group Company, a Tennessee corporation (the "Company"), and
_____________ (the "Grantee"). Capitalized terms not otherwise defined herein
shall have the meaning ascribed to such terms in the Performance Food Group
Company 2003 Equity Incentive Plan (the "Plan").

      WHEREAS, the Company has adopted the Plan, which permits the issuance of
restricted shares of the Company's common stock, par value $0.01 per share (the
"Common Stock"); and

      WHEREAS, pursuant to the Plan, the Board of Directors has granted an award
of restricted shares to the Grantee as provided herein;

      NOW, THEREFORE, in consideration of the mutual covenants hereinafter set
forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally
bound hereby, agree as follows:

      1. Grant of Restricted Shares.

            (a) The Company hereby grants to the Grantee an award (the "Award")
of _____ shares of Common Stock of the Company (the "Shares" or the "Restricted
Shares") on the terms and conditions set forth in this Agreement and as
otherwise provided in the Plan.

            (b) The Grantee's rights with respect to the Award shall remain
forfeitable at all times prior to the dates on which the restrictions shall
lapse in accordance with Section 3 hereof.

      2. Terms and Rights as a Shareholder.

            (a) Except as provided herein and subject to such other exceptions
as may be determined by the Board of Directors in its discretion, the
"Restricted Period" for Restricted Shares granted herein shall expire as to all
of the number of Restricted Shares awarded hereunder (as such number maybe
adjusted in accordance with Section 6 hereof) on the first anniversary of the
Grant Date provided that the Grantee has been a director of the Company at all
times from the Grant Date to such first anniversary.

            (b) The Grantee shall have all rights of a shareholder with respect
to the Restricted Shares, including the right to receive dividends and the right
to vote such Shares, subject to the following restrictions:

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                  (i)   the Grantee shall not be entitled to delivery of the
                        stock certificate for any Shares until the expiration of
                        the Restricted Period as to such Shares;

                  (ii)  none of the Restricted Shares may be sold, assigned,
                        transferred, pledged, hypothecated or otherwise
                        encumbered or disposed of during the Restricted Period
                        as to such Shares; and

                  (iii) except as otherwise determined by the Board of Directors
                        at or after the grant of the Award hereunder, any of the
                        Restricted Shares as to which the Restricted Period has
                        not expired shall be forfeited, and all rights of the
                        Grantee to such Shares shall terminate, without further
                        obligation on the part of the Company, unless the
                        Grantee continues to serve as a director of the Company
                        for the entire Restricted Period relating to such
                        Restricted Shares, as the case may be.

            Any Shares, any other securities of the Company and any other
property (except for cash dividends) distributed with respect to the Restricted
Shares shall be subject to the same restrictions, terms and conditions as such
Restricted Shares.

            (c) Notwithstanding the foregoing, the Restricted Period shall
automatically terminate as to all Restricted Shares awarded hereunder (as to
which such Restricted Period has not previously terminated) upon the occurrence
of the following events:

                  (i)   termination of the Grantee's service as a director of
                        the Company which results from the Grantee's death or
                        Disability (as defined in the Plan); or

                  (ii)  the occurrence of a Change in Control.

      3. Termination of Restrictions. Upon the expiration or termination of the
Restricted Period as to any portion of the Restricted Shares, or at such earlier
time as may be determined by the Board of Directors, all restrictions set forth
in this Agreement or in the Plan relating to such portion of the Restricted
Shares shall lapse as to such portion of the Restricted Shares, and a stock
certificate for the appropriate number of Shares, free of the restrictions and
restrictive stock legend, shall be delivered to the Grantee or the Grantee's
beneficiary or estate, as the case may be, pursuant to the terms of this
Agreement.

      4. Delivery of Shares.

            (a) As of the date hereof, certificates representing the Restricted
Shares shall be registered in the name of the Grantee and held by the Company or
transferred to a custodian appointed by the Company for the account of the
Grantee

                                       -2-
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subject to the terms and conditions of the Plan and shall remain in the custody
of the Company or such custodian until their delivery to the Grantee or
Grantee's beneficiary or estate as set forth in Sections 4(b) and (c) hereof or
their reversion to the Company as set forth in Section 2(b) hereof.

            (b) Certificates representing Restricted Shares in respect of which
the Restricted Period has lapsed pursuant to this Agreement shall be delivered
to the Grantee as soon as practicable following the date on which the
restrictions on such Restricted Shares lapse.

            (c) Certificates representing Restricted Shares in respect of which
the Restricted Period lapsed upon the Grantee's death shall be delivered to the
executors or administrators of the Grantee's estate as soon as practicable
following the receipt of proof of the Grantee's death satisfactory to the
Company.

            (d) Each certificate representing Restricted Shares shall bear a
legend in substantially the following form:

            THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE
            SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE AND
            RESTRICTIONS AGAINST TRANSFER) CONTAINED IN THE PERFORMANCE FOOD
            GROUP COMPANY 2003 EQUITY INCENTIVE PLAN (THE "PLAN") AND THE
            RESTRICTED SHARE AWARD AGREEMENT (THE "AGREEMENT") BETWEEN THE OWNER
            OF THE RESTRICTED SHARES REPRESENTED HEREBY AND PERFORMANCE FOOD
            GROUP COMPANY (THE "COMPANY"). THE RELEASE OF SUCH SHARES FROM SUCH
            TERMS AND CONDITIONS SHALL BE MADE ONLY IN ACCORDANCE WITH THE
            PROVISIONS OF THE PLAN AND THE AGREEMENT, COPIES OF WHICH ARE ON
            FILE AT THE COMPANY.

      5. Effect of Lapse of Restrictions. To the extent that the Restricted
Period applicable to any Restricted Shares shall have lapsed, the Grantee may
receive, hold, sell or otherwise dispose of such Shares free and clear of the
restrictions imposed under the Plan and this Agreement.

      6. Adjustments. The Board of Directors may make adjustments in the terms
and conditions of, and the criteria included in, this Award in recognition of
unusual or nonrecurring events (including, without limitation, the events
described in Section 4.2 of the Plan) affecting the Company, any Subsidiary or
Affiliate, or the financial statements of the Company or any Subsidiary or
Affiliate, or of changes in applicable laws, regulations, or accounting
principles, whenever the Board of Directors determines that such adjustments are
appropriate in order to prevent dilution or enlargement of the benefits or
potential benefits intended to be made available under the Plan.

                                       -3-
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      7. Amendment to Award. Subject to the restrictions contained in Section 14
of the Plan, the Board of Directors may waive any conditions or rights under,
amend any terms of, or alter, suspend, discontinue, cancel or terminate, the
Award, prospectively or retroactively; provided that any such waiver, amendment,
alteration, suspension, discontinuance, cancellation or termination which would
adversely affect the rights of the Grantee or any holder or beneficiary of the
Award shall not to that extent be effective without the consent of the Grantee,
holder or beneficiary affected.

      8. Taxes. Grantee shall be responsible for the timely payment of all taxes
imposed upon Grantee as a result of the award and vesting of the Restricted
Shares, whether federal or state.

      9. Plan Governs. The Grantee hereby acknowledges receipt of a copy of the
Plan and agrees to be bound by all of the terms and provisions thereof. The
terms of this Agreement are governed by the terms of the Plan, and in the case
of any inconsistency between the terms of this Agreement and the terms of the
Plan, the terms of the Plan shall govern.

      10. Severability. If any provision of this Agreement is, or becomes, or is
deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any
Person or the Award, or would disqualify the Plan or Award under any laws deemed
applicable by the Board of Directors, such provision shall be construed or
deemed amended to conform to the applicable laws, or, if it cannot be construed
or deemed amended without, in the determination of the Board of Directors,
materially altering the intent of the Plan or the Award, such provision shall be
stricken as to such jurisdiction, Person or Award, and the remainder of the Plan
and Award shall remain in full force and effect.

      11. Notices. All notices required to be given under this Grant shall be
deemed to be received if delivered or mailed as provided for herein, to the
parties at the following addresses, or to such other address as either party may
provide in writing from time to time.

To the Company:                             Performance Food Group Company
                                            12500 West Creek Parkway
                                            Richmond, VA 23238
                                            Attn: General Counsel

To the Grantee:

                                            The address then maintained with
                                            respect to the Grantee in the
                                            Company's records.

      12. Governing Law. The validity, construction and effect of this Agreement
shall be determined in accordance with the laws of the State of Tennessee
without giving effect to conflicts of laws principles.

      13. Successors in Interest. This Agreement shall inure to the benefit of
and be binding upon any successor to the Company. This Agreement shall inure to
the benefit of the Grantee's legal representatives. All obligations imposed upon
the Grantee and all

                                       -4-
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rights granted to the Company under this Agreement shall be binding upon the
Grantee's heirs, executors, administrators and successors.

      14. Resolution of Disputes. Any dispute or disagreement which may arise
under, or as a result of, or in any way related to, the interpretation,
construction or application of this Agreement shall be determined by the Board
of Directors. Any determination made hereunder shall be final, binding and
conclusive on the Grantee and the Company for all purposes.

                            [SIGNATURE PAGE FOLLOWS.]

                                      -5-
<PAGE>

      IN WITNESS WHEREOF, the parties have caused this Restricted Share Award
Agreement to be duly executed effective as of the day and year first above
written.

                                              Performance Food Group Company

                                              By: ______________________________

                                              Grantee:

                                              __________________________________
                                              Please Print

                                              Grantee:

                                              __________________________________
                                              Signature

                                       -6-EX-4.2 Amendment No. 1 to Rights Agreement

 

Exhibit 4.2

AMENDMENT NO. 1 TO RIGHTS AGREEMENT

     THIS AMENDMENT NO. 1 TO RIGHTS AGREEMENT (this “Amendment”) is entered into as of May 17, 2006
by and between LNB Bancorp, Inc., an Ohio corporation (the “Company”), and Registrar and Transfer
Company, a New Jersey corporation (the “Rights Agent”).

     WHEREAS, the Company and the Rights Agent are parties to that certain Rights Agreement, dated
as of October 24, 2000 (the “Rights Agreement”);

     WHEREAS, pursuant to Section 26 of the Rights Agreement, the Company may from time to time
supplement or amend the Rights Agreement in accordance with the provisions thereof; and

     WHEREAS, the Company desires to effect certain changes to the Rights Agreement, as provided
herein.

     NOW, THEREFORE, in consideration of the premises and mutual agreements contained in the Rights
Agreement and this Amendment, the parties hereby agree as follows:

     1. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to
them in the Rights Agreement.

     2. Section 1(b) and Section 23(a)(ii) of the Rights Agreement, the Form of Rights Certificate
attached as Exhibit B to the Rights Agreement and the Summary of Rights to Purchase Preferred
Shares attached as Exhibit C to the Rights Agreement are hereby amended by deleting all references
to “15%” therein and substituting “10%” therefor.

     3. Section 1(z) of the Rights Agreement is hereby amended to read in its entirety as follows:

““Rights Dividend Declaration Date” shall have the meaning set forth in the first
WHEREAS clause at the beginning of this Agreement.”

     4. The Rights Agreement is hereby amended to insert the following as new Section 1(jj) to the
Rights Agreement:

““Exchange Ratio” shall have the meaning set forth in Section 34(a) hereof.”

     5. The first sentence of Section 3(a) of the Rights Agreement is hereby amended to read in its
entirety as follows:

“Until the earlier of (i) the close of business on the tenth business day after the
Share Acquisition Date or (ii) the close of business on the tenth business day after
the date that a tender or exchange offer by any Person (other than the Company, any
Subsidiary of the Company, any employee benefit plan of the Company or of

 

 

any Subsidiary of the Company, or any Person or entity organized, appointed or
established by the Company for or pursuant to the terms of any such plan) that, if
consummated, would result in such Person being an Acquiring Person is first
published or sent or given within the meaning of Rule 14d-2(a) of the General Rules
and Regulations under the Exchange Act as in effect on the date hereof (the earlier
of (i) and (ii) being herein referred to as the “Distribution Date”), (x) the Rights
will be evidenced (subject to the provisions of paragraph (b) of this Section 3) by
the certificates for the Common Shares registered in the names of the holders of the
Common Shares (which certificates for Common Shares shall be deemed also to be
certificates for Rights) and not by separate certificates, and (y) the Rights will
be transferable only in connection with the transfer of the underlying Common Shares
(including a transfer to the Company).”

     6. Section 3(c) of the Rights Agreement is hereby amended as follows:

          (i) The first sentence of Section 3(c) is hereby amended to read in its entirety as follows:

“Rights shall be issued (i) in respect of all Common Shares that are issued
after the Record Date but prior to the earlier of the Distribution Date or
the Expiration Date and (ii) in connection with the issuance or sale of
Common Shares following the Distribution Date and prior to the redemption or
expiration of the Rights (x) with respect to Common Shares so issued or sold
pursuant to the exercise of stock options or under any employee benefit plan
or arrangement, or upon the exercise, conversion or exchange of securities,
granted or issued by the Company prior to the Distribution Date and (y) with
respect to Common Shares so issued or sold in any other case, if deemed
necessary or appropriate by the Board of Directors of the Company.”

          (ii) The first sentence of the legend set forth in Section 3(c) is hereby amended to read in
its entirety as follows:

“This certificate also evidences and entitles the holder hereof to certain
Rights as set forth in the Rights Agreement between LNB Bancorp, Inc. (the
“Company”) and Registrar and Transfer Company (the “Rights Agent”) dated as
of October 24, 2000, as amended (the “Rights Agreement”), the terms of which
are hereby incorporated herein by reference and a copy of which is on file
at the principal offices of the Company.”

          (iii) The following is hereby inserted at the end of Section 3(c) as a new sentence:

“Notwithstanding this Section 3(c), the omission of a legend shall not
affect the enforceability of any part of this Agreement or the rights of any
holder of the Rights.”

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     7. The first sentence of Section 6(a) of the Rights Agreement is hereby amended to read in its
entirety as follows:

“Subject to the provisions of Section 4(b), Section 7(e) and Section 14 hereof, at
any time after the close of business on the Distribution Date, and at or prior to
the close of business on the Expiration Date, any Rights Certificate or Certificates
(other than Rights Certificates representing Rights that have become void pursuant
to Section 7(e) hereof or that have been exchanged pursuant to Section 34 hereof)
may be transferred, split up, combined or exchanged for another Rights Certificate
or Certificates, entitling the registered holder to purchase a like number of one
one-hundredths of a Preferred Share (or other securities, cash or other assets, as
the case may be) as the Rights Certificate or Certificates surrendered then entitled
such holder (or former holder in the case of a transfer) to purchase.”

     8. Section 7(a) of the Rights Agreement is hereby amended to read in its entirety as follows:

“(a) Subject to Section 7(e) hereof, the registered holder of any Rights Certificate
may exercise the Rights evidenced thereby (except as otherwise provided herein
including, without limitation, the restrictions on exercisability set forth in
Section 9(c), Section 11(a)(iii) and Section 23(a) hereof) in whole or in part at
any time after the Distribution Date upon surrender of the Rights Certificate, with
the form of election to purchase and the certificate on the reverse side thereof
duly executed, to the Rights Agent at the office of the Rights Agent designated for
such purpose, together with payment of the aggregate Purchase Price with respect to
the total number of one one-hundredths of a Preferred Share (or other securities,
cash or other assets, as the case may be) as to which such surrendered Rights are
then exercisable, at or prior to the earliest of (i) the Final Expiration Date, (ii)
the time at which the Rights are redeemed as provided in Section 23 hereof and (iii)
the time at which the Rights are exchanged as provided in Section 34 hereof (the
earlier of (i), (ii) and (iii) being herein referred to as the “Expiration Date”).”

     9. The second paragraph of Section 11(a)(ii) of the Rights Agreement shall be amended to read
in its entirety as follows:

“Subject to Section 34 of this Agreement, promptly following the first occurrence of
a Section 11(a)(ii) Event, proper provision shall be made so that each holder of a
Right (except as provided below and in Section 7(e) hereof) shall thereafter have
the right to receive, upon exercise thereof at the then current Purchase Price in
accordance with the terms of this Agreement, in lieu of a number of one
one-hundredths of a Preferred Share, such number of one one-hundredths of a
Preferred Share as shall equal the result obtained by (x) multiplying the
then-current Purchase Price by the then-number of one one-hundredths of a Preferred
Share for which a Right was exercisable immediately prior to the first occurrence of
a Section 11(a)(ii) Event, and (y) dividing that product (which, following such

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first occurrence, shall thereafter be referred to as the “Purchase Price” for each
Right and for all purposes of this Agreement) by 50% of the current market price
(determined pursuant to Section 11(d) hereof) per Common Share on the date of such
first occurrence (such number of shares, the “Adjustment Shares”).”

     10. Section 11(n) of the Rights Agreement is hereby amended in its entirety to read as
follows:

“(n) The Company covenants and agrees that, after the Distribution Date, it will
not, except as permitted by Section 23, Section 26 or Section 34 hereof, take (or
permit any Subsidiary to take) any action if at the time such action is taken it is
reasonably foreseeable that such action will diminish substantially or otherwise
eliminate the benefits intended to be afforded by the Rights.”

     11. The Rights Agreement is hereby amended to insert the following as new Section 34 to the
Rights Agreement:

“Section 34. Exchange.

(a) The Board of Directors of the Company may, at its option, at any time after a
Section 11(a)(ii) Event, exchange all or part of the then outstanding and
exercisable Rights (which (i) shall not include Rights that have become void
pursuant to the provisions of Section 7(e) hereof, and (ii) shall include, without
limitation, any Rights issued after the Distribution Date) for Common Shares at an
exchange ratio of one Common Share per Right, appropriately adjusted to reflect any
share split, share dividend or similar transaction occurring after the Record Date
(such exchange ratio being hereinafter referred to as the “Exchange Ratio”).
Notwithstanding the foregoing, the Board of Directors of the Company shall not be
empowered to effect such exchange at any time after any Person (other than the
Company, any Subsidiary of the Company, any employee benefit plan of the Company or
any such Subsidiary, or any Person or entity organized, appointed or established by
the Company holding Common Shares for or pursuant to the terms of any such plan),
together with all Affiliates and Associates of such Person, becomes the Beneficial
Owner of 50% or more of the Common Shares then outstanding.

(b) Immediately upon the action of the Board of Directors of the Company ordering
the exchange of any Rights pursuant to subsection (a) of this Section 34, evidence
of which shall have been filed with the Rights Agent, and without any further action
and without any notice, the right to exercise such Rights shall terminate and the
only right thereafter of a holder of such Rights shall be to receive that number of
Common Shares equal to the number of such Rights held by such holder multiplied by
the Exchange Ratio. The Company shall promptly give public notice of any such
exchange; provided, however, that the failure to give, or any defect
in, such notice shall not affect the validity of such exchange. The Company
promptly shall mail a notice of any such exchange to all of the holders of such
Rights at their last addresses as they appear upon the registry

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books of the Rights Agent. Any notice which is mailed in the manner herein provided
shall be deemed given, whether or not the holder receives the notice. Each such
notice of exchange shall state the method by which the exchange of Common Shares for
Rights will be effected and, in the event of any partial exchange, the number of
Rights which will be exchanged. Any partial exchange shall be effected pro rata
based on the number of Rights (other than Rights which have become void pursuant to
the provisions of Section 7(e) hereof) held by each holder of Rights.

(c) In any exchange pursuant to this Section 34, the Company, at its option, may
substitute Preferred Shares (or preferred share equivalents) for Common Shares
exchangeable for Rights, at the initial rate of one one-hundredth of a Preferred
Share (or preferred share equivalent) for each Common Share, as appropriately
adjusted to reflect adjustments in the voting rights of the Preferred Shares
pursuant to Article Fourth, Section C.2(a) of the Amended Articles of Incorporation
of the Company attached hereto as Exhibit A, so that the fraction of a
Preferred Share (or preferred share equivalent) delivered in lieu of each Common
Share shall have the same voting rights as one Common Share.

(d) In the event that there shall not be sufficient Common Shares or Preferred
Shares issued but not outstanding or authorized but unissued to permit any exchange
of Rights as contemplated in accordance with this Section 34, the Company shall take
all such action as may be necessary to authorize additional Common Shares or
Preferred Shares for issuance upon exchange of the Rights.

(e) The Company shall not be required to issue fractional Common Shares or to
distribute certificates which evidence fractional Common Shares. In lieu of such
fractional Common Shares, there shall be paid to the registered holders of the Right
Certificates with regard to which such fractional Common Shares would otherwise be
issuable, an amount in cash equal to the same fraction of the current market price
of a whole Common Share. For the purposes of this subsection (e), the current
market price of a whole Common Share shall be the closing price per Common Share (as
determined pursuant to the second sentence of Section 11(d)(i) hereof) for the
Trading Day immediately prior to the date of exchange pursuant to this Section 34.”

     12. The first two sentences of the legend paragraph appearing on the first page of the Form of
Rights Certificate attached as Exhibit B to the Rights Agreement are hereby deleted and the
following two sentences are inserted in lieu thereof:

“NOT EXERCISABLE AFTER OCTOBER 23, 2010 OR EARLIER IF REDEEMED OR EXCHANGED BY THE
COMPANY. THE RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE COMPANY, AT
$.001 PER RIGHT AND TO EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT.”

5

 

     13. The first paragraph of the Form of Rights Certificate attached as Exhibit B to the Rights
Agreement is hereby amended to read in its entirety as follows:

“This certifies that      , or registered assigns, is the registered owner of
the number of Rights set forth above, each of which entitles the owner thereof,
subject to the terms, provisions and conditions of the Rights Agreement, dated as of
October 24, 2000, as amended (the “Rights Agreement”), between LNB Bancorp, Inc., an
Ohio corporation (the “Company”), and Registrar and Transfer Company, a New Jersey
corporation, (the “Rights Agent”), to purchase from the Company at any time prior to
5:00 P.M. (Lorain, Ohio time) on October 23, 2010 (the “Final Expiration Date”) at
the office or offices of the Rights Agent designated for such purpose, or its
successors as Rights Agent, one one-hundredth of a fully paid, non-assessable share
of Series A Voting Preferred Shares (the “Preferred Shares”) of the Company, at a
purchase price of $60 per one one-hundredth of a share (the “Purchase Price”), upon
presentation and surrender of this Rights Certificate with the Form of Election to
Purchase and related Certificate duly executed. The Purchase Price may be paid in
cash or by certified bank check or money order payable to the order of the Company.
The number of Rights evidenced by this Rights Certificate (and the number of shares
which may be purchased upon exercise thereof) set forth above, and the Purchase
Price per share set forth above, are the number and Purchase Price as of October 24,
2000, based on the Preferred Shares as constituted at such date.”

     14. The Form of Rights Certificate attached as Exhibit B to the Rights Agreement is hereby
amended to insert the following as a new paragraph immediately following the sixth paragraph of
such Form of Rights Certificate:

“Subject to the provisions of the Rights Agreement, the Company may, at its option,
at any time after a Section 11(a)(ii) Event, exchange all or part of the Rights
evidenced by this Certificate for Common Shares of the Company or for Preferred
Shares (or preferred share equivalents, as such term is defined in the Rights
Agreement).”

     15. The penultimate sentence of the first paragraph of the Summary of Rights to Purchase
Preferred Shares attached as Exhibit C to the Rights Agreement is hereby amended to read in its
entirety as follows:

“The description and terms of the Rights are set forth in a Rights Agreement dated
as of October 24, 2000, as amended (the “Rights Agreement”), between the Company and
Registrar and Transfer Company as Rights Agent.”

     16. The second paragraph of the Summary of Rights to Purchase Preferred Shares attached as
Exhibit C to the Rights Agreement is hereby amended to read in its entirety as follows:

“The Rights Agreement provides that the Rights will be evidenced by the share
certificates representing the Common Shares and no separate Rights Certificates

6

 

will be distributed until the “Distribution Date” which will be the earlier to occur
of (i) the close of business 10 business days following a public announcement that a
person or group of affiliated or associated persons has acquired beneficial
ownership of 10% or more of the outstanding Common Shares (an “Acquiring Person”) or
(ii) the close of business 10 business days after the commencement of, or
announcement of an intention to make, a tender offer or exchange offer the
consummation of which would result in a person or group becoming an Acquiring
Person. The definition of Acquiring Person excludes the Company, any subsidiary of
the Company or any of the Company’s employee benefit plans.”

     17. The fourth paragraph of the Summary of Rights to Purchase Preferred Shares attached as
Exhibit C to the Rights Agreement is hereby amended to read in its entirety as follows:

“The Rights are not exercisable until the Distribution Date and will expire at the
close of business on October 23, 2010, unless the Company redeems or exchanges them
at an earlier date. The Company’s ability to redeem or exchange the Rights is
described below.”

     18. The sixth paragraph of the Summary of Rights to Purchase Preferred Shares attached as
Exhibit C to the Rights Agreement is hereby amended to add the following as a new sentence at the
end of the paragraph:

“The
event summarized in this paragraph is referred to as a “Flip-In
Event.””

     19. The Summary of Rights to Purchase Preferred Shares attached as Exhibit C to the Rights
Agreement is hereby amended to insert the following as a new paragraph immediately following the
tenth paragraph of such Summary of Rights:

“At any time after the occurrence of a Flip-In Event, when no person owns a majority
of the Company’s Common Shares, the Board of Directors of the Company may exchange
the Rights (other than Rights owned by an Acquiring Person which have become void),
in whole or in part, at an exchange ratio of one Common Share, or one one-hundredth
of a Preferred Share (or of a preferred share equivalent, as defined in the Rights
Agreement), per Right (subject to adjustment).”

     20. The first sentence of the penultimate paragraph of the Summary of Rights to Purchase
Preferred Shares attached as Exhibit C to the Rights Agreement is hereby amended to read in its
entirety as follows:

“The inability of a person or group that acquires 10% or more of the Company’s
Common Shares to exercise the Rights will result in a substantial dilution of that
person’s ownership level and voting power if there is any significant exercise of
the Rights by other shareholders or if the Board of Directors of the Company elects
to exchange the Rights.”

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     21. Each reference in the Rights Agreement to “this Agreement,” “hereof,” “herein,”
“hereunder” or “hereby” and each other similar reference shall be deemed to refer to the Rights
Agreement, as amended by this Amendment.

     22. Except as specifically set forth herein, the Rights Agreement shall remain in full force
and effect in accordance with its terms.

     23. This Amendment shall be deemed to be a contract made under the laws of the State of Ohio
and for all purposes shall be governed by and construed in accordance with the laws of such State
applicable to contracts made and to be performed entirely within such State.

     24. This Amendment may be executed in any number of counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together
constitute but one and the same instrument.

* * * * *

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
attested, all as of the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	Attest:	 	 	 	 	 	LNB BANCORP, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Terry M. White 	 	 	 	By:	 	/s/ Daniel E. Klimas 	 	 
	 

	 	 
	 	 

	 	 
	Name:

	 	Terry M. White 	 	 	 	Name:	 	Daniel E. Klimas 	 	 
	Title:

	 	Chief Financial Officer 	 	 	 	Title:	 	President & CEO 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Attest:	 	 	 	 	 	REGISTRAR AND TRANSFER COMPANY	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Mary Rose Cascaes 	 	 	 	By:	 	/s/ William P. Tatler 	 	 
	 

	 	 
	 	 

	 	 
	Name:

	 	Mary Rose Cascaes 	 	 	 	Name:	 	William P. Tatler 	 	 
	Title:

	 	Executive Vice President and

Assistant Secretary 	 	 	 	Title:	 	Vice President 	 	 

9

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