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EXHIBIT 4.3(c)

PEOPLES BANCORP INC. ANNUAL REPORT ON FORM 10-K
FOR FISCAL YEAR ENDED DECEMBER 31, 2020

                                                                                           

                                                      February 11, 2021

Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001
Attention:  Corporate Trust Administration

Re:       Notice of Removal of Administrators and Appointment of Replacements 
Ladies and Gentlemen:
The following notice is given pursuant to Section 4.7 of the Amended and Restated Declaration of Trust for NB&T Statutory Trust III (the “Trust”), dated and effective as of June 25, 2007 (the “Declaration of Trust”).
We make reference to:  (i) the Indenture, dated as of June 25, 2007 (the “Indenture”), originally between NB&T Financial Group, Inc., an Ohio corporation (the “Predecessor Company”), and Wilmington Trust Company, a Delaware trust company (the “Trustee”); (ii) the First Supplemental Indenture, dated June 5, 2015 and made to be effective as of 6:00 p.m., Eastern Standard Time, on March 6, 2015, between Peoples Bancorp Inc., an Ohio corporation (the “Company”), and the Trustee; and (iii) the Declaration of Trust.  
With immediate effect, the Company (in its capacity as the Holder of the Common Securities) hereby removes John C. Rogers as an Administrator of the Trust.   
Further, the Company hereby appoints Katie Bailey to serve as a successor Administrator of the Trust (the “Successor Administrator”), and the Successor Administrator hereby accepts appointment to such position, from and after the date of this notice, as evidenced by her signature below.
Each of M. Ryan Kirkham and Charles W. Sulerzyski, who currently serves as an Administrator of the Trust, shall continue to serve as an Administrator of the Trust. Capitalized terms used herein and not otherwise defined are used as defined in the Declaration of Trust.  This notice may be executed in several counterparts, each of which shall be an original and all of which shall constitute one and the same instrument.

[Remainder of page intentionally left blank; signature page follows.]

This Notice of Removal of Administrators and Appointment of Replacements is given and is effective as of the date first referenced above.

						
	CONTINUING ADMINISTRATORS:

By: /s/ M. RYAN KIRKHAM                     
Name: M. Ryan Kirkham

By: /s/ CHARLES W. SULERZYSKI         
Name: Charles W. Sulerzyski

SUCCESSOR ADMINISTRATOR:

By:  /s/ KATIE BAILEY                              
Name: Katie Bailey
	
	COMPANY:

PEOPLES BANCORP INC.

By:  /s/ CHARLES W. SULERZYSKI         
Name: Charles W. Sulerzyski
Title: President & CEODocument

EXHIBIT 4.1

PEOPLES BANCORP INC. ANNUAL REPORT ON FORM 10-K
FOR FISCAL YEAR ENDED DECEMBER 31, 2020

PEOPLES BANCORP INC.
138 Putnam Street
Marietta, OH  45750
(740) 373-3155

March 1, 2021

Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C.  20549

RE:  Peoples Bancorp Inc. - Annual Report on Form 10-K for the fiscal year ended December 31, 2020

Ladies and Gentlemen:

Peoples Bancorp Inc., an Ohio corporation, is today filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the “Form 10-K”), as executed on March 1, 2021.

Pursuant to the provisions of Item 601(b)(4)(iii) of SEC Regulation S-K, Peoples Bancorp Inc. hereby agrees to furnish to the Securities and Exchange Commission, upon request, copies of instruments and agreements defining (i) the rights of holders of Peoples Bancorp Inc.'s long-term debt or (ii) the rights of holders of the long-term debt of one of Peoples Bancorp Inc.'s consolidated subsidiaries, not being filed or incorporated by reference as an exhibit to the Form 10-K.  The long-term debt authorized under such instruments and agreements does not exceed 10% of the total assets of Peoples Bancorp Inc. and its subsidiaries on a consolidated basis.

Very truly yours,

Peoples Bancorp Inc.

/s/ KATIE BAILEY
Katie Bailey
Executive Vice President,
Chief Financial Officer and TreasurerDocument

EXHIBIT 10.4

PEOPLES BANCORP INC. ANNUAL REPORT ON FORM 10-K
FOR FISCAL YEAR ENDED DECEMBER 31, 2020

PEOPLES BANCORP INC.
ANNUAL INCENTIVE PROGRAM
Effective Beginning January 1, 2021

Objectives
						
	1.  	Reward employees of Peoples Bancorp Inc. (“Peoples”) and subsidiaries of Peoples for enhancing shareholder value.
	2.  	Contribute toward a compensation program that serves to retain, recruit and develop talented financial services personnel and management.
	3.  	Discourage unnecessary and excessive risk-taking.

Participation
						
	1.  	The Compensation Committee approves the participation of executive officers and other senior officers of Peoples and its subsidiaries in the annual incentive program. Executive officers identify other officers and employees who serve Peoples in leadership or support roles for inclusion in the annual incentive program.
	2.  	Participants must be employed as of the payout date in respect of a measurement period to receive payment for such measurement period; provided, however, that participants not employed as of the payout date may still receive payment if they are employed as of the last day of the measurement period and their employment terminated either due to Retirement or involuntarily without Cause.  The terms “Retirement” and “Cause” have the meanings given to them in the Peoples Bancorp Third Amended and Restated 2006 Equity Plan.
	3.	Participants must be employed before October 1 of Peoples’ fiscal year to be eligible for payment for the related measurement period.  Exceptions to this requirement may be made at the discretion of the Compensation Committee.
	4.	The Compensation Committee retains the right to exercise discretion in the awarding of actual level of payments under the annual incentive program.

Program Design, Performance Measures, and Payouts
															
	1.  	The annual incentive program is designed to recognize and reward performance against established financial and non-financial targets.
	a.  	Corporate goals and individual goals are established on an annual basis.
			i.	Corporate goals are established for the measurement period by the Board of Directors of Peoples Bancorp Inc. at its discretion.
			ii.	It is contemplated the corporate goals will be comprised of a variety of metrics related to Peoples’ consolidated financial performance.
			iii.	Individual goals for the executive officers of Peoples will be approved by the Compensation Committee on an annual basis.  Goals for other participants are established under the oversight of the Compensation Committee.
		b.	An absolute minimum level of corporate performance in respect of one or more of the financial goals will be established on an annual basis by the Board of Directors of Peoples.  This is the minimum level of corporate performance that must be achieved before any incentive payout, which may otherwise be earned in respect of the level of achievement for any other corporate or individual goal(s) can be made.  If Peoples fails to achieve the designated absolute minimum level of corporate performance, participants will generally not be eligible for any incentive payout.  However, the Compensation Committee retains the right to make incentive payouts in its discretion based on achievement of the established corporate and/or individual goals earned for a measurement period, even if the absolute minimum level of corporate performance is not attained.
	2.	Three levels of achievement are established for each goal: threshold, target and maximum.
	3.	All potential payouts under the annual incentive program will represent a percentage of each participant’s base annual salary (or its equivalent based upon the participant’s role within a subsidiary of Peoples) earned in the measurement period, which percentage may vary by the participant as determined by the Compensation Committee.
	4.	All awards earned for a measurement period under the annual incentive program will be paid in cash by March 15 of the year following the measurement period, which is Peoples' fiscal year.

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EXHIBIT 10.5

PEOPLES BANCORP INC. ANNUAL REPORT ON FORM 10-K
FOR FISCAL YEAR ENDED DECEMBER 31, 2020

SUMMARY OF PERQUISITES FOR EXECUTIVE OFFICERS
OF PEOPLES BANCORP INC.

Peoples Bancorp Inc. ("Peoples") maintains an Executive Health Program, which provides an opportunity for each executive officer to participate, on a voluntary basis, in a comprehensive medical screening annually at the expense of Peoples.  The objective of the Executive Health Program is the early identification of potential health problems and the prompt, expert treatment of any medical problems detected, thereby mitigating the negative potential impact on Peoples' financial performance or current management succession plans.  Peoples offers a limited reimbursement for fitness club memberships, which is available to all employees, and is part of an overall wellness initiative at Peoples.  In 2020, named executive officers participated in a wellness incentive program, available to all Peoples medical plan participants, which provided up to a one-time $1,250 payment to a Health Savings or Flexible Spending Account, depending upon individual compliance with the program’s requirements, which include wellness related activities.
Based on business need, on a case-by-case basis, the Compensation Committee of Peoples' Board of Directors has granted the use of a company-paid automobile and/or country club membership to certain executive officers to further business development on behalf of Peoples and our shareholders.  Personal use of a company-paid automobile is reported as income to the executive officer.  Expenses relating to personal use of the country club amenities are either reimbursed to Peoples or paid by the named executive officer.
On a case-by-case basis, the Compensation Committee will approve the payment of or reimbursement to an executive officer for moving expenses and temporary housing as part of the executive officer's recruitment package.

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