Document:

Retention Agreement with Bruce G. Willis

 Exhibit 10.51 
  
 

 
  
 

 
  
 November 29,
2005 
  
 Mr. Bruce G. Willis 
 3309 Hanover Avenue 
 Richmond, VA 23221 
  

	 	Re:	Employee Retention Agreement 

  
 Dear Bruce: 
  
 Cadmus Communications Corporation (the “Corporation”) considers it essential to the best interests of its shareholders to foster the continuous
employment of its key management personnel and that of its direct and indirect subsidiaries (collectively the “Cadmus Companies” or individually a “Cadmus Company”). In this connection, the Board of Directors of the Corporation
(the “Board”) recognizes that the possibility of a change in control of the Corporation may exist and that such possibility, and the uncertainty and questions which it may raise among management, may result in the departure or distraction
of management personnel to the detriment of the Corporation and its shareholders. 
  
 The Board has determined that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of members of the Cadmus Companies’ management, including yourself, to their
assigned duties without distraction in the face of potentially disturbing circumstances arising from the possibility of a change in control of the Corporation. 
  

In order to induce you to remain in the employ of the Cadmus Companies, the Corporation agrees that you shall receive the severance benefits set forth
in this letter agreement (the “Agreement”) in the event your employment with the Cadmus Companies is terminated under the circumstances described below subsequent to a Change in Control (as defined in Section 2) of the Corporation.

  
 1. Certain Definitions. 
  
 (a) “Change in Control Period” means the period commencing on the
date hereof and ending on the second anniversary of such date; provided, however, that commencing on the date one year after the date hereof, and on each anniversary of such date (such date and each annual anniversary thereof shall be hereinafter
referred to as the “Renewal Date”), the Change in Control Period shall be automatically extended so as to terminate two years from such Renewal Date, unless at least 60 days prior to the Renewal Date the Corporation shall give notice to
you that the Change in Control Period shall not be so extended. 
  
 (b) “Effective Date” means the first date during the Change in Control Period (as defined in Section 1(a)) on which a Change in Control occurs. Anything in this Agreement to the contrary notwithstanding, if a Change in
Control occurs and if your employment with the Cadmus Companies is terminated prior to the date on which the Change in Control occurs, and if it is reasonably demonstrated by you that such termination of employment (i) was at the request of a
third party who has taken steps reasonably calculated to effect the Change in Control, or (ii) otherwise arose in connection with or anticipation of the Change in Control, then for all purposes of this Agreement the “Effective Date”
shall mean the date immediately prior to the date of such termination of employment. 

 Mr. Bruce G. Willis 
 November 29, 2005 
 Page 2 
  
 (c) “Employment Period” means the
period commencing on the Effective Date and ending on the second anniversary of such date. 
  
 (d) “Date of Termination” means (i) if your employment with the Cadmus Companies is terminated by the Corporation for Cause or is terminated by you for Good Reason, the date of receipt of the Notice of
Termination or any later date specified therein, as the case may be, (ii) if your employment with the Cadmus Companies is terminated by the Corporation other than for Cause or Disability, the Date of Termination shall be the date on which the
Corporation notifies you of such termination, and (iii) if your employment is terminated by reason of death or Disability, the Date of Termination shall be the date of your death or the Disability Effective Date, as the case may be. 

 
 (e) “Termination” means a notice which (i) indicates the
specific termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of your employment under the provision so indicated, and (iii) if the
Date of Termination is other than the date of receipt of such notice, specifies the termination date. 
  
 2. Change in Control. No benefits shall be payable hereunder unless there shall have been a Change in Control of the Corporation, as set forth
below. For purposes of this Agreement, a “Change in Control” shall mean: 
  
 (a) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”)
of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (i) the then outstanding shares of common stock of the Corporation (the “Outstanding Cadmus Common Stock”) or
(ii) the combined voting power of the then outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Outstanding Cadmus Voting Securities”). Notwithstanding the foregoing, the
following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Corporation, (ii) any acquisition by the Corporation, (iii) any acquisition by, or benefit distribution from, any employee benefit
plan (or related trust) sponsored or maintained by the Corporation or any corporation controlled by the Corporation, (iv) any acquisition pursuant to any compensatory stock option, stock purchase or other stock plan for employees, or
(v) any acquisition pursuant to a reorganization, merger or consolidation, if, following such reorganization, merger or consolidation, the conditions described in clauses (i), (ii), and (iii) of Subsection (c) of this Section 2
are satisfied; or 
  
 (b) Individuals who, as of the date hereof,
constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election or nomination for
election was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board (with his predecessor thereafter ceasing to be a member);
or 
  
 (c) Approval by the shareholders of the Corporation of the
reorganization, merger, or consolidation of the Corporation unless, following such reorganization, merger, or consolidation, (i) more than 60% of the then outstanding shares of common stock and the then outstanding voting securities of the
resulting corporation is then beneficially owned by all or substantially all of the beneficial owners, respectively, of the Outstanding Cadmus Common Stock and Outstanding Cadmus Voting Securities immediately prior to such reorganization, merger, or
consolidation, (ii) no Person (excluding (A) the Corporation, (B) any employee benefit plan (or related trust) of the Corporation or such corporation resulting 

 Mr. Bruce G. Willis 
 November 29, 2005 
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 from such reorganization, merger, or consolidation, and
(C) any Person beneficially owning, immediately prior to such reorganization, merger, or consolidation, 20% or more of the Outstanding Cadmus Common Stock or Outstanding Cadmus Voting Securities, as the case may be) beneficially owns 20% or
more of the then outstanding shares of common stock or the combined voting power of the then outstanding voting securities of the resulting corporation, and (iii) at least a majority of the members of the board of directors of the resulting
corporation were members of the Incumbent Board at the time of the execution of the initial agreement providing for such reorganization, merger, or consolidation; or 
  
 (d) Approval by the shareholders of the Corporation of (i) a complete liquidation or dissolution of the Corporation, or
(ii) the sale or other disposition of all or substantially all of the assets of the Corporation other than to a corporation with respect to which, following such sale or other disposition, (A) more than 60% of the outstanding shares of
common stock and the then outstanding voting securities of such corporation is beneficially owned by all or substantially all of the beneficial owners, respectively, of the Outstanding Cadmus Common Stock and Outstanding Cadmus Voting Securities
immediately prior to such sale or disposition; (B) no Person (excluding (I) the Corporation, (II) any employee benefit plan (or related trust) of the Corporation or such corporation, and (III) any Person beneficially owning, immediately
prior to such sale or other disposition, 20% or more of the Outstanding Cadmus Common Stock or Outstanding Cadmus Voting Securities, as the case may be) beneficially owns 20% or more of the then outstanding shares of common stock or the combined
voting power of the then outstanding voting securities of such corporation, and (C) at least a majority of the members of the board of directors of such corporation were members of the Incumbent Board at the time of the execution of the initial
agreement providing for such sale or other disposition of the assets of the corporation. 
  
 3. Employment Period. Except as provided in Section 4 below, the Corporation hereby agrees to continue, or cause to be continued, your employment with the Cadmus Companies for the Employment Period.

  
 4. Termination of Employment. 
  
 (a) Your employment with the Cadmus Companies shall terminate automatically
upon your death during the Employment Period. 
  
 (b) If, as a
result of your incapacity due to physical or mental illness (as determined by the Corporation), you shall have been absent from the full-time performance of your duties with the Cadmus Companies for six (6) consecutive months (your
“Disability”), the Cadmus Company by which you are then employed may give you written notice of its intention to terminate your employment. In such event, your employment with the Cadmus Companies shall terminate effective on the 30th day
after your receipt of such notice (the “Disability Effective Date”), provided that within 30 days after your receipt of such notice you have not returned to full-time performance of your duties. 
  
 (c) Your employment with the Cadmus Companies may be terminated by the
Corporation during the Employment Period with or without Cause. For purposes hereof, “Cause” shall mean (i) the willful and continued failure by you to substantially perform your duties with the Cadmus Companies (other than any such
failure resulting from your incapacity due to physical or mental illness or any such actual or anticipated failure after the issuance of a Notice of Termination by you for Good Reason (as defined in Section 4(d)), after a written demand for
substantial performance is delivered to you by the Board, which demand specifically identifies the manner in which the Board believes that you have not substantially performed your duties, (ii) the willful engagement by you in conduct which is
demonstrably and materially injurious to the Cadmus Companies, monetarily or otherwise, or (iii) your conviction of a felony involving 

 Mr. Bruce G. Willis 
 November 29, 2005 
 Page 4 
  
 moral turpitude. For purposes of this subsection, no act, or
failure to act, on your part shall be deemed “willful” unless done, or omitted to be done, by you not in good faith and without reasonable belief that your action or omission was in the best interest of the Cadmus Companies. 
  
 (d) You may terminate your employment with the Cadmus Companies during the
Employment Period for any reason, including without limitation Good Reason. For purposes of this Agreement, “Good Reason” shall mean: 
  
 (i) the assignment to you of any duties inconsistent with the position (including status, offices, titles, and reporting requirements) or
authority in the Cadmus Companies that you held immediately prior to the Change in Control, or a significant adverse alteration in the nature or status of your responsibilities or the conditions of your employment from those in effect immediately
prior to such Change in Control; 
  
 (ii) a
reduction by the Corporation in your annual salary as in effect on the date hereof or as the same may be increased from time to time; 
  
 (iii) if your principal office location is at the Corporation’s principal executive offices immediately prior to the Change in
Control, the relocation of the Corporation’s principal executive offices to a location outside the Richmond Metropolitan Area, or if your principal office location is not at the Corporation’s principal executive offices immediately prior
to the Change in Control, the Corporation’s requiring you to be based anywhere other than your principal office location immediately prior to the Change in Control except for required travel on the Cadmus Companies’ business to an extent
substantially consistent with your present business travel obligations; 
  
 (iv) except in the event of reasonable administrative delay, the failure by the Cadmus Companies to pay to you any portion of your current compensation or to pay to you any portion of an installment of deferred
compensation under any deferred compensation program of the Cadmus Companies within seven (7) days of the date such compensation is due; 
  
 (v) the failure by the Cadmus Companies to continue in effect for you any compensation plan in which you participate immediately prior to
the Change in Control that is material to your total compensation or any substitute plan adopted prior to the Change in Control, unless an equitable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to
such plan, or the failure by the Cadmus Companies to continue your participation therein (or in such substitute or alternative plan) on a basis not materially less favorable, both in terms of the amount of benefits provided and the level of your
participation relative to other participants, as it existed at the time of the Change in Control; 
  
 (vi) the failure by the Cadmus Companies to continue to provide you with benefits substantially similar to those enjoyed by you under any
of the Cadmus Companies’ life insurance, medical, health and accident, or disability plans in which you were participating at the time of the Change in Control, the taking of any action by any Cadmus Company which would directly or indirectly
materially reduce any of such benefits or deprive you of any material fringe benefit enjoyed by you at the time of the Change in Control, or the failure by the Cadmus Companies to provide you with the number of paid 

 Mr. Bruce G. Willis 
 November 29, 2005 
 Page 5 
  
 vacation days to which you are entitled on the
basis of years of service with the Cadmus Companies in accordance with the normal vacation policy of the Cadmus Company employing you in effect at the time of the Change in Control; 
  
 (vii) the failure of the Corporation to obtain a satisfactory agreement from any successor to assume and
agree to perform this Agreement, as contemplated in Section 6 hereof; or 
  
 (viii) any purported termination of your employment that is not effected pursuant to a Notice of Termination satisfying the requirements of Subsection (e) hereof (and, if applicable, the requirements of
Subsections (b) and (c) hereof), which purported termination shall not be effective for purposes of this Agreement. 
  
 For purposes of this subsection, any good faith determination of “Good Reason” made by you shall be conclusive. In addition, your right to
terminate your employment pursuant to this subsection shall not be affected by your incapacity due to physical or mental illness and your continued employment shall not constitute consent to, or a waiver of rights with respect to, any circumstance
constituting Good Reason hereunder. 
  
 (e) Any purported
termination of your employment with the Cadmus Companies by the Corporation or by you shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 8. 
  
 5. Compensation upon Termination during the Employment Period.
Following a Change in Control, you shall be entitled to the following benefits upon termination of your employment with the Cadmus Companies provided that such termination occurs during the Employment Period: 
  
 (a) If your employment is terminated by reason of your death during the
Employment Period, this Agreement shall terminate without further obligations to your legal representatives under this Agreement, other than for (i) payment of your annual salary through the Date of Termination at the rate in effect at the time
Notice of Termination is given and the amount, if any, of any bonus or incentive compensation theretofore earned which has not yet been paid, and (ii) all other amounts to which you are entitled under any compensation plan or any other plan,
policy, or arrangement of the Cadmus Companies, at the time such payments are due. 
  
 (b) During any period that you fail to perform your full-time duties with the Cadmus Companies as a result of incapacity due to physical or mental illness, you shall continue to receive, until this Agreement is
terminated pursuant to Section 4(b) hereof, your annual salary at the rate in effect at the commencement of any such period and the amount, if any, of any bonus or incentive compensation earned during such period, together with all compensation
payable to you under any long-term disability plan maintained by the Cadmus Companies in your name or for your benefit or other similar plan during such period. Thereafter, your benefits shall be determined under the retirement, insurance and other
compensation programs of the Cadmus Companies in which you participate in accordance with the terms of such programs; however, your receipt of benefits under any long-term disability plan maintained by the Cadmus Companies in your name or for your
benefit will not be affected by your termination under this Agreement. 
  
 (c) If, during the Employment Period, your employment with the Cadmus Companies shall be terminated by the Corporation for Cause or by you other than for Good Reason, you shall be entitled to your annual salary through the Date of
Termination at the rate in effect at the time Notice of Termination is 

 Mr. Bruce G. Willis 
 November 29, 2005 
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 given and the amount, if any, of any bonus or incentive
compensation theretofore earned which has not yet been paid, plus all other amounts to which you are entitled under any compensation plan of the Cadmus Companies at the time such payments are due, and the Cadmus Companies shall have no further
obligations to you under this Agreement. 
  
 (d) If, during the
Employment Period, your employment with the Cadmus Companies shall be terminated by you for Good Reason or by the Corporation other than for Cause, death, or Disability, then you shall be entitled to the benefits provided below: 
  
 (i) the Corporation shall pay to you your annual salary
through the Date of Termination at the rate in effect at the time Notice of Termination is given and the amount, if any, of any bonus or incentive compensation theretofore earned which has not yet been paid, no later than the fifth day following the
Date of Termination, plus all other amounts to which you are entitled under any compensation plan of the Cadmus Companies, at the time such payments are due; 
  

(ii) in lieu of any further salary or bonus payments to you for periods subsequent to the Date of Termination, you shall be paid as
severance pay to you, at the time and in the manner specified in Subsection (e), a severance payment (the “Severance Payment”) equal to the product of (A) your Base Salary (as defined in Section 5(g) hereof), and (B) a
number (the “Payment/Benefit Factor”) determined by dividing by 52 the sum of (I) three times the number of full years that you have been employed by the Cadmus Companies, and (II) three times each $10,000 of your annual salary (that
is, excluding bonus) as in effect at the Date of Termination; provided, however, that in no event shall such Payment/Benefit Factor be less than 1 nor greater than 2, and provided, further, that in no event shall such amount exceed the amount of
your Base Salary (as defined in Section 5(g)), on an undiscounted basis, which you would have received had you remained in the employ of the Cadmus Companies until your “Normal Retirement Date” (as defined in the Corporation’s
Pension Plan (or any successor thereto) (the “Pension Plan”)); 
  
 (iii) a separate lump-sum supplemental retirement benefit (the amount of such benefit shall be hereinafter referred to as the “Supplemental Retirement Amount”) equal to the difference between (A) the
actuarial equivalent (utilizing for this purpose the actuarial assumptions utilized in determining benefit cash-outs with respect to the Corporation’s Pension Plan during the 90-day period immediately preceding the Effective Date) of the
benefit payable under the Pension Plan and any supplemental and/or excess benefit plan of the Corporation providing benefits for you (the “SERP”) which you would receive if your employment continued at the compensation level in effect at
the Date of Termination for the remainder of the Employment Period, assuming for this purpose that all accrued benefits are fully vested and that benefit accrual formulas are no less advantageous to you than those in effect during the 90-day period
immediately preceding the Effective Date, and (B) the actuarial equivalent (utilizing for this purpose the actuarial assumptions utilized in determining benefit cash outs with respect to the Pension Plan during the 90-day period immediately
preceding the Effective Date) of your actual vested benefit (paid or payable), if any, under the Pension Plan and the SERP; 
  
 (iv) except as provided in (iii) above, your participation in, and terminating distribution and vested rights under, the
Corporation’s Pension Plan and other plans of deferred compensation of the Cadmus Companies shall be governed by the terms of those respective plans; 

 Mr. Bruce G. Willis 
 November 29, 2005 
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 (v) the Corporation shall pay
to you all legal fees and expenses incurred by you as a result of such termination, including all such fees and expenses, if any, incurred in seeking to obtain or enforce any right or benefit provided by this Agreement or in connection with any tax
audit or proceeding to the extent attributable to the application of Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”) to any payment or benefit provided hereunder; 
  
 (vi) for a period of years (or portion thereof) (the
“Payment Period”) equal to the Payment/Benefit Factor after such termination or until your “Normal Retirement Date” (as defined in the Corporation’s Pension Plan), whichever first occurs, the Corporation shall arrange to
provide you with life, disability, accident and group health insurance benefits substantially similar to those which you were receiving under the welfare programs of the Cadmus Companies immediately prior to the Notice of Termination. Benefits
otherwise receivable by you pursuant to this clause (vi) shall be reduced to the extent comparable benefits are actually received by you from any source (including a subsequent employer) during such period following your termination, and any
such benefits actually received by you shall be reported to the Corporation; and 
  
 (vii) for a period of twelve (12) months following such termination, the Corporation shall pay the expenses of such outplacement
services as you may require, with such services to be performed by such agency as the Corporation shall designate. 
  
 Notwithstanding the foregoing, in the event that the payments and benefits provided to you, or for your benefit, under this Agreement or under any other
plan or agreement which become payable or are taken into account as “parachute payments” within the meaning of Section 280G of the Code as a result of a Change in Control or your termination of employment relating thereto (the
“Total Parachute Payments”) would result in your being entitled to “excess parachute payments” as defined in Section 280G of the Code, the payments and benefits provided to you, or for your benefit, under this Agreement
shall be reduced (but not below zero) to the extent necessary so that no payment to be made, or benefit to be provided, to you or for your benefit under this Agreement or any other plan or agreement would result in “excess parachute
payments” as defined in Section 280G of the Code, provided, however that such reduction shall not apply unless your net after-tax benefit if such reduction were made shall exceed your net after-tax benefit if such reduction were not made.
“Net after-tax benefit” shall mean the sum of (x) the Total Parachute Payments which you receive or are then entitled to receive, less (y) the amount of federal, state and local income and employment taxes payable by you with
respect to the Total Parachute Payments, less (z) the amount of excise taxes imposed with respect to the Total Parachute Payments by Section 4999 of the Code. All determinations regarding such reduction shall be made by tax counsel
selected by the Corporation and shall be based on the maximum applicable marginal tax rates for each year in which such payments and benefits shall be paid or provided to you or for your benefit (based upon the rate in effect for such year at the
time of the first payment of the foregoing and, as appropriate as determined by such tax counsel, the taxable wage base for employment tax purposes). 
  
 (e) The payment provided for in Subsection (d)(ii), shall be made in a lump-sum not later than the 30th day following the Date of Termination.
Notwithstanding anything contained in this Subsection (e) or in Subsection (d)(ii), you may elect to receive, in lieu of a lump-sum Severance Payment, the benefits described in Subsection (d)(ii) in equal monthly installments commencing on the
first day of the month 

 Mr. Bruce G. Willis 
 November 29, 2005 
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 following the Date of Termination and ending on the first to
occur of (A) the first day of the last month within the Payment Period, or (B) the first day of the month in which occurs your “Normal Retirement Date” (as defined in the Corporation’s Pension Plan). 
  
 (f) Except as provided in Subsection (d)(vi) hereof you shall not be required
to mitigate the amount of any payment provided for in this Section 5 by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in this Section 5 be reduced by any compensation earned by you as
the result of employment by another employer, by retirement benefits, by offset against any amount claimed to be owed by you to any Cadmus Company, or otherwise. 
  
 (g) For purposes of this Agreement, your “Base Salary” shall mean the greater of (i) your annual salary and
target annual bonus (exclusive of any long term incentive compensation) for performance during the Corporation’s fiscal year in which this Agreement is executed, or (ii) your annual salary and target annual bonus (exclusive of any long
term incentive compensation) for performance during the Corporation’s fiscal year in which a Change in Control occurs. 
  
 6. Successors: Binding Agreement. 
  
 (a) This Agreement is personal to you and without the prior written consent of the Corporation shall not be assignable by you otherwise than by will or
the laws of descent and distribution. This Agreement shall inure to the benefit of, and be enforceable by, your legal representatives. 
  
 (b) This Agreement shall inure to the benefit of, and be binding upon, the Corporation and its successors and assigns. 
  
 (c) The Corporation will require any successor (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Corporation to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Corporation
would be required to perform it if no such succession had taken place. As used in this Agreement, “Corporation” shall mean the Corporation as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes
and agrees to perform this Agreement by operation of law, or otherwise. 
  
 7. Resolution of Disputes. If there shall be any dispute between the Corporation and you (i) in the event of any termination of your employment with the Cadmus Companies by the Corporation, whether such termination was for
Cause, or (ii) in the event of any termination of employment with the Cadmus Companies by you, whether Good Reason existed, then, unless and until there is a final, nonappealable judgment by a court of competent jurisdiction declaring that such
termination was for Cause or that the determination by you of the existence of Good Reason was not made in good faith, the Corporation shall pay all amounts, and provide all benefits, to you and/or your family or other beneficiaries, as the case may
be, that the Corporation would be required to pay or provide pursuant to Section 5(d) as though such termination were by the Corporation without Cause or by you with Good Reason; provided, however, that the Corporation shall not be required to
pay any disputed amounts pursuant to this Section 7 except upon receipt of an undertaking by or on behalf of you to repay all such amounts to which you are ultimately adjudged by such court not to be entitled. 
  
 8. Notice. For the purpose of this Agreement, notices and all other
communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States certified or registered mail, return receipt requested, postage prepaid, 

 Mr. Bruce G. Willis 
 November 29, 2005 
 Page 9 
  
 addressed to the respective addresses set forth on the first
page of this Agreement, provided that all notice to the Corporation shall be directed to the attention of the Board with a copy to the Secretary of the Corporation, or to such other address as either party may have furnished to the other in writing
in accordance herewith, except that notice of change of address shall be effective only upon receipt. 
  
 9. Miscellaneous. 
  
 (a) This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia, without reference to principles of
conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. 
  
 (b) The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this
Agreement. 
  
 (c) The Corporation may withhold from any amounts
payable under this Agreement such Federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
  
 (d) Your or the Corporation’s failure to insist upon strict compliance with any provision hereof or any other provision of this Agreement or the
failure to assert any right you or the Corporation may have hereunder, including, without limitation, your right to terminate your employment for Good Reason pursuant to Section 4(d) or the Corporation’s right to terminate your employment
for Cause pursuant to Section 4(c), shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 
  
 (e) You and the Corporation acknowledge that, except as may otherwise be provided under any other written agreement between you and the Corporation, your
employment by the Cadmus Companies is “at will” and if, prior to the Effective Date, your employment with the Cadmus Companies terminates, then you shall have no rights under this Agreement. 
  
 (f) Prior to the Effective Date, this Agreement may be amended, modified, or
terminated by the Corporation, which amendment, modification, or termination shall be binding and effective without any requirement for notification of, or consent by, you; provided, however, that, unless there exists Cause (as defined in
Section 4(c)) for your termination of employment at the time of such amendment, modification or termination, any amendment, modification or termination which is effected without your written consent within six (6) months prior to the
occurrence of a Change in Control or within six (6) months prior to the execution of, or during the effectiveness of, a definitive agreement relating to a Change in Control shall be ineffective and of no force and effect. On or after the
Effective Date, this Agreement may not be amended, modified, or terminated otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives. 
  
 10. Entire Agreement. This Agreement sets forth the entire agreement
of the parties hereto in respect of the subject matter contained herein and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or
representative of any party hereto; and any prior agreement of the parties hereto in respect of the subject matter contained herein is hereby terminated and canceled. 

 Mr. Bruce G. Willis 
 November 29, 2005 
 Page 10 
  
 11. Nonqualified Deferred Compensation
Omnibus Provisions. 
  
 (a) Notwithstanding any other
provision of this Agreement, it is intended that any payment or benefit which is provided pursuant to or in connection with this Agreement which is considered to be nonqualified deferred compensation subject to Section 409A of the Code shall be
provided and paid in a manner, and at such time and in such form, as complies with the applicable requirements of Section 409A of the Code to avoid the unfavorable tax consequences provided therein for non-compliance. 
  
 (b) Notwithstanding any other provision of this Agreement, the Corporation is
authorized to amend this Agreement, and may require any election made by you under this Agreement to be voided and/or a delay in the payment of any monies and/or provision of any benefits at its expense in such manner as may be determined by the
Corporation to be necessary or appropriate to comply, or to evidence or further evidence required compliance, with Section 409A of the Code (including any transition or grandfather rules thereunder). For example, if your separation from service
occurs without the occurrence of another permissible payment event under Section 409A of the Code (e.g., death, disability, or a change in ownership of the Corporation or any affiliate or in the ownership of a substantial portion of the assets
of the Corporation or any affiliate, as defined for purposes of Section 409A of the Code) and if you are a key employee of the Corporation or any affiliate and the stock of the Corporation or such affiliate is publicly traded on an established
securities market as provided in Section 409A(a)(2)(B)(i) of the Code, then payment of any amount or provision of any benefit under this Agreement which is considered to be nonqualified deferred compensation subject to Section 409A of the
Code shall be deferred until (6) six months after your separation from service (the “409A Deferral Period”). In the event such payments are otherwise due to be made in installments or periodically during the 409A Deferral Period, the
payments which would otherwise have been made in the 409A Deferral Period shall be accumulated and paid in a lump sum as soon as the 409A Deferral Period ends, and the balance of the payments shall be made as otherwise scheduled. In the event,
benefits are required to be deferred, any such benefit may be provided during the 409A Deferral Period at your expense, with your having a right to reimbursement from the Corporation once the 409A Deferral Period ends, and the balance of the
benefits shall be provided as otherwise scheduled. 
  
 (c)
Notwithstanding the time or payment otherwise provided in this Agreement, payment or provision of any benefit may be delayed for a reasonable period in the event the payment is not administratively practical due to events beyond the recipient’s
control such as where the recipient is not competent to receive the benefit payment, there is a dispute as to amount due or the proper recipient of such benefit payment, or additional time is needed to calculate or determine the benefit. 

 
 If this letter sets forth our agreement on the subject matter hereof,
kindly sign and return to the Corporation the enclosed copy of this letter, which will then constitute our agreement on this subject. 
  

			
	 Sincerely,

	
	CADMUS COMMUNICATIONS CORPORATION
		
	By	 	 /s/ Thomas E. Costello

	Name:	 	Thomas E. Costello
	Title:	 	Chairman, Human Resources and
	 	 	Compensation Committee

 Mr. Bruce G. Willis 
 November 29, 2005 
 Page 11 
  
 Accepted and agreed to:

  

	
	 /s/ Bruce G. Willis

	Bruce G. WillisLease Agreement entered on December 23, 2005

 Exhibit 10.3 
  
 LEASE AGREEMENT 
  
 THIS LEASE AGREEMENT (this “Lease”) made this 23rd day of December, 2005 (“Effective Date”), (which is the date that this Lease
is executed by the last of the parties hereto), between FUREY HOLDINGS, LLC, an Ohio corporation, with an address of 206 Carrollton Street, Malvern, Ohio 44644 (hereinafter referred to as “Lessor”), and CONSUMERS NATIONAL BANK, having its
principal place of business located at 614 East Lincoln Way, Minerva, Ohio 44657 (hereinafter referred to as “Lessee”). 
  
 RECITALS 
  
 A. Lessor is the equitable owner of land consisting of 11 acres, more or less (of which .8 acres is allocated to this lease) located on State Routes 43
and 183 in the Township of Brown, County of Carroll, State of Ohio, the perimeter boundary of which is depicted on the site plan attached hereto as Exhibit “A” (said land, including any buildings and improvements situated thereon, now or
in the future, shall be collectively referred to herein as the “Demised Premises”). 
  
 B. Lessee desires to lease from Lessor and Lessor desires to lease to Lessee the Demised Premises upon the terms, conditions, covenants, and agreements set forth herein. 
  
 NOW, THEREFORE, in consideration of the mutual covenants
hereinafter set forth and the foregoing recitals which are incorporated herein, the parties hereto, intending to be legally bound hereby, covenant as follows: 
  

ARTICLE I 
 DEMISE OF PREMISES;
WARRANTIES; 
 LEASE CONTINGENCIES 
  
 Section 1.1 Demise. Subject to Section 1.3 hereof, as well as all other terms, conditions and covenants hereinafter set forth,
Lessor hereby leases and permits the use to Lessee, and Lessee hereby leases from Lessor the Demised Premises. 
  
 Section 1.2 Warranties. Lessor covenants and warrants to Lessee: 
  
 (a) To the best of Lessor’s knowledge, the Demised Premises are not subject to any lease, sublease, dedication,
easement, right of way, reservation, covenant, condition, restriction, lien or encumbrance which might prohibit or materially interfere with Lessee’s construction of Lessee’s Improvements, as hereinafter described, and use of the Demised
Premises as a branch banking location, as hereinafter defined; 
  
 (b) That all taxes, assessments or impositions of any kind with respect to the Demised Premises, except current taxes, have been paid in full; 

 (c) That Lessor has the power and authority to execute this Lease; 
  
 (d) That no person or entity has any option or other contractual right to
purchase all or any portion of the Demised Premises; and 
  
 (e)
That the Demised Premises have been maintained and are now in conformity with all acts, regulations, ordinances, statutes and laws regarding environmental matters. 
  
 Section 1.3 Contingencies. It is specifically understood and agreed that this Lease is subject to and
contingent upon each of the following contingencies and conditions (hereinafter individually “Contingency” and collectively “Contingencies”), any and all of which may be waived in whole, or in part, by Lessee, and to the extent a
Contingency is within the exclusive control of the Lessee, Lessee agrees to use its best efforts to satisfy said Contingency. If any of the following Contingencies have not been satisfied by Lessor or Lessee (as applicable) or waived by Lessee
within two hundred ten (210) days after the Effective Date (the “Contingency Period”), then, thereafter, either party may elect to terminate this Lease by providing written notice of such termination to the other party, provided,
however, such election is made within thirty (30) days of the expiration of the Contingency Period. In the event of termination as aforesaid, there shall be no further liability or obligations on part of either party to the other under this
Lease. The aforesaid Contingencies are as follows: 
  
 (a) That
Lessee, at Lessee’s expense, obtain all applicable permits and approvals under the zoning and building regulations, development ordinances, subdivision ordinances, codes, statutes, laws and directive of the Village of Malvern, County of
Carroll, the State of Ohio, and all other authorities having jurisdiction (hereinafter “Governmental Approvals”), that will allow the Lessee to obtain all of its permits to proceed with the development, use and occupancy of the Demised
Premises for a full service bank branch. 
  
 (b) That Lessor
obtains highway occupancy approval(s) for access to the Demised Premises in the location as substantially depicted on the attached Exhibit “A” and any off-site traffic improvements required by such approvals are financially acceptable to
Lessee; 
  
 (c) That Lessor confirm that all public, quasi-public
or private utilities for water, sewer, telephone, gas, and electric are available (as to capacity and availability) to the Demised Premises and that any extension or relocation of utilities that may be required are financially acceptable to Lessee.

  
 Section 1.4 Cooperation with Lessee. Lessor
agrees to promptly execute and deliver to Lessee applications and permits which are required by the appropriate jurisdiction to be signed or issued in the name of the fee owner of the Demised Premises, such as, without limitation and by way of
example only, subdivision applications and plats and highway occupancy permits. Lessee represents and warrants that it will keep all information and/or reports and/or documents obtained from Lessor or its agents, or related to or in connection with
the Demised Premises strictly confidential and will not disclose any such information to any person or entity (except for Lessee’s attorneys, consultants and advisors who need to know such information for the purpose of providing advice to
Lessee with respect to this Lease), without the prior written consent of Lessor. 
  

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 Section 1.5 Entry Upon Property. During the Contingency Period, Lessor hereby grants
to Lessee the right to enter upon the Demised Premises, during normal business hours or at such other reasonable times, for the purpose of making surveys, drilling for soil tests, doing engineering or structural studies, and for any other reasonable
purpose to determine the suitability of the Demised Premises for the construction and operation of Improvements, as that term is defined in Section 2.1 hereof. Lessee agrees to indemnify and hold Lessor free and harmless from any and all costs
or liability incurred by reason of Lessee entering upon the Demised Premises for the aforesaid purposes. If the Initial Term does not commence because the events described in Section 3.1(a) and (b) hereof do not occur, Lessee shall
restore, to the extent reasonably practicable, the Demised Premises to substantially the same condition that existed prior to said studies if, and to the extent of, any damage caused by Lessee’s testing. 
  
 ARTICLE II 
 CONSTRUCTION OF IMPROVEMENTS 
  
 Section 2.1 Construction. Lessor shall construct upon the Demised Premises a building, together with related improvements for the Lessee’s proposed use as a full service bank branch with
adjacent parking, and signage, all in accordance with the plans and specifications of Lessee (hereinafter referred to collectively as “Improvements”). 
  

ARTICLE III 
 TERM AND RENEWAL TERM

  
 Section 3.1 Initial Term. The initial
term of the Lease (“Initial Term”) shall be for a period of ten (10) years, commencing on the Lease Commencement Date. The “Lease Commencement Date” is defined as the first to occur of the following events: (a) the date
upon which Lessee completes construction of Improvements on the Demised Premises; or (b) upon Lessee’s occupancy of the Demised Premises. Promptly upon the occurrence of either of the foregoing events, Lessee shall provide Lessor written
notice confirming the occurrence of such event and acknowledging the Lease Commencement Date. 
  
 Section 3.2 Renewal Term. Lessor hereby grants to Lessee the right to annually renew this Lease for one (1) year terms (each a “Renewal Term” and collectively, the “Renewal
Terms”). The Renewal Term will be automatically renewed unless Lessee gives notice of termination as set forth in Section 3.3 below. The terms and conditions for each Renewal Term shall be the same as for the Initial Term hereof, however
the initial monthly rental payment for the first one (1) year Renewal Term shall be the rental payment then in effect upon completion of the Initial Term, as adjusted pursuant to the procedure described in Section 4.1. 
  

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 Section 3.3 Termination. The Lessee has the right to terminate the Lease by giving
written notice to the Lessor ninety (90) days prior to the expiration of the Initial Term or ninety (90) days prior to the expiration of any subsequent Renewal Term. 
  
 Section 3.4 Memorandum of Lease. This Lease Agreement will not be recorded, but rather a Memorandum of
Lease may be recorded, at the option of Lessor or Lessee. If recorded by Lessee, Lessee shall pay any realty transfer taxes that may be due as a result of the recordation of any Memorandum of Lease covering this Lease Agreement. 
  
 Section 3.5 Lease Year. During the Term of this Lease, a
lease year shall mean a period of twelve (12) consecutive months, except that the first lease year shall begin on the Lease Commencement Date and shall end the following calendar year on the last day of that calendar month preceding the month
of the Lease Commencement Date. 
  
 Section 3.6
Use. The Lessee shall have the right to use the Demised Premises and each and every part thereof for any lawful purpose relating directly or indirectly to any business in which the Lessee is now or in the future engaged (provided any
necessary government approvals or authorizations shall have been obtained by Lessee). 
  
 Section 3.7 Purchase Right of First Refusal. If at any time during the term of this Lease, the Renewal Term, or any tenancy after either, Lessor receives from a ready, willing and able purchaser an
acceptable bona fide offer to purchase, or makes a bona fide offer to purchase, or makes a bona fide offer to sell to such a purchaser, the Demised Premises or any part thereof or any property which includes all or part of the Demised Premises,
Lessor shall give Lessee notice, specifying the name and address of the purchaser and the price and terms of the offer, accompanied by Lessor’s affidavit that the proposed sale is in good faith. Lessee shall thereupon have the prior option to
purchase the Demised Premises or the part thereof or the entire property covered by such offer, at the price and on the terms of the offer, which option Lessee may exercise by giving Lessor notice within thirty (30) days after Lessee’s
receipt of Lessee’s notice of the offer. In the event Lessee fails to affirmatively exercise its right of first refusal during said thirty (30) day period, Lessee shall be deemed to have waived its right of first refusal. In the event that
any of the terms or conditions of the offer are changed after Lessee waives its rights hereunder, Lessor shall give notice of all such changes to Lessee and Lessee shall have an additional fifteen (15) days to exercise its right of first
refusal hereunder. Lessee’s failure at any time to exercise its option under this Section 3.7 shall not affect this Lease or the continuance of Lessee’s rights and options under this Section or any other Section hereof. 
  

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 ARTICLE IV 
 RENT 
  
 Section 4.1 Rent During Initial Term and Renewal Term. The base rent commencing on the Lease Commencement Date and continuing through the fifth anniversary of the Lease Commencement Date shall be one percent (1%) of
the total Project Cost (the “Rent”) to be paid by Lessee to Lessor monthly. The total Project Cost for purposes of Rent computed under this item shall be defined to include all of Lessor’s costs associated with architectural design,
site development, permits and construction of the bank branch building and adjacent parking to be located on the Demised Premises. Prior to the Lease Commencement Date, the Lessor shall provide Lessee with a certificate itemizing the costs and fees
that comprise the total Project Cost. Rent to be paid by Lessee to Lessor shall be adjusted at the beginning of year six in accordance with the change in the CPI-U (as such term is defined below) from the Lease Commencement Date to the end of year
five. For purposes of this Lease, “CPI-U” shall mean the United States Consumers Price Index All Urban Consumers (CPI-U) U.S. City average all items, calculated on the same month each year beginning with the initial month of Lease
inception. The monthly rental payment for the first one (1) year renewal term will be adjusted in accordance with the change in CPI-U from the start of year six to the end of year ten. For each succeeding renewal year, the monthly rental
payment will be adjusted annually based on the prior year’s change in CPI-U. Notwithstanding anything else in this Section 4.1, Lessee shall be provided with at least thirty (30) days written notice of any Rent increase prior to it
becoming effective. 
  
 Section 4.2 Rent Payment
Dates. Lessee shall make all payments of rent under this Lease in advance on the first day of each calendar month during the term of this Lease, and at a prorated rate for fractions of a month, based on the number of days in such month, if
the Lease Commencement Date or the termination date falls on a day other than the first day of the month. Lessee shall make all payments of rent to Furey Holdings, LLC at the address shown on the first page of this Lease, or to such other address as
the Lessor may direct in writing to Lessee. 
  
 ARTICLE V

 INDEMNIFICATION AND INSURANCE 
  
 Section 5.1 Indemnification. During the Initial Term of this Lease and any Renewal Term, Lessee agrees to indemnify, defend, and hold
Lessor harmless from and against any and all actions, claims and demands arising out of the use, occupancy, construction on or non-use of the Demised Premises by Lessee or the failure of Lessee to maintain the Demised Premises as herein provided,
including, but without limitation of the foregoing, any liability arising out of or related to Lessee’s failure to comply with any federal, state, county or municipal environmental statute, ordinance, rule or regulation, together with any
negligence or tortious conduct by Lessee or its agents, employees, business invitees, suppliers or licensees, and any and all costs, expenses and fees, including reasonable attorney’s fees, incurred by Lessor incident thereto. Notwithstanding
the foregoing, Lessee shall not indemnify nor save Lessor harmless from: (i) any such action, claim or demand arising out of Lessor’s failure to perform its obligations under this Lease, (ii) negligent or tortious acts or omissions
committed by Lessor or Lessor’s agents or employees, or (iii) any event occurring or condition existing on the Demised Premises prior to the Effective Date. 
  

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 Section 5.2 Mechanic’s Lien Indemnification. Lessor and Lessee hereby indemnify
each other and hold each other harmless from and against any and all actions, claims, and demands arising out of or related to the filing of mechanic’s liens against the Demised Premises by Lessor’s or Lessee’s contractors or
subcontractors, as the case may be. In the event that a mechanic’s lien is filed in connection with the construction of Improvements, Lessor shall secure a release or bond-off the lien claim within thirty (30) days of its filing.

  
 Section 5.3 Lessee’s Liability
Insurance. During the term of this Lease and any extension thereof, Lessee at Lessee’s sole cost, shall obtain and maintain, with a reputable insurer reasonably acceptable to Lessor, for the benefit of Lessor and Lessee as their
respective interests may appear, commercial general liability insurance policy against any loss or liability for damages and any expense of Lessee against any claim for damages which may result from the use or occupation of the Demises Premises, in
the amount of One Million Dollars ($1,000,000.00) for combined single limit for bodily injury and property damage. Lessee shall name Lessor as an additional insured as its interests may appear under said insurance policies and the Lessee shall
furnish the Lessor with copies of the certificates of insurance evidencing coverage under the said policies. In addition to the foregoing, such policies shall contain provisions, by endorsement or otherwise, that the coverages cannot be canceled
without thirty (30) days notice to Lessor. 
  
 Section 5.4 Lessee’s Property Insurance. During the term of this Lease and any extension thereof, Lessee shall keep the building or buildings, including all improvements, alterations, additions or changes thereto by
Lessor or Lessee, insured against damage or destruction by fire and the perils covered under a special risk insurance policy to the extent of the full replacement value thereof at time of the loss. Lessee shall name Lessor as an additional insured
as its interests may appear under the aforesaid insurance policy and annually furnish the Lessor with a copy of the certificate of insurance evidencing coverage under the said policy. Such policy shall contain a provision, by endorsement or
otherwise, that the coverage cannot be canceled without thirty (30) days notice to Lessor. 
  
 ARTICLE VI 
 TAXES 
  
 Section 6.1 Taxes. During the Initial Term of this Lease and any Renewal Term, Lessee shall pay all real
estate taxes which may be levied, assessed or charged against the Demised Premises or any part thereof by any governmental authority to the extent accrued on or after the Lease Commencement Date. Lessor agrees to use its best efforts to arrange for
the direct mailing of such tax bills from the appropriate taxing authorities to Lessee. In the event Lessor is unable to arrange for such direct mailing, Lessor agrees to deliver copies of such tax bills to Lessee no later than one (1) month
prior to their due date, or within seven (7) days from the date such bill is received by Lessor, whichever date is earlier. Lessee, at its sole cost and expense, may, if it shall so 
  

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 desire, endeavor at any time or times to obtain a reduction of the assessed valuation of the Demised Premises for any tax
year during the term of this Lease and, in such event, Lessor will, at the request of Lessee and without expense to Lessor, cooperate with Lessee in effecting such reduction. Lessee shall be authorized to collect any tax refund payable as a result
of any proceeding Lessee may institute for that purpose and any such tax refund shall be the property of Lessee to the extent to which it may be based on a payment made by Lessee. 
  
 ARTICLE VII 
 UTILITIES; EASEMENTS 
  
 Section 7.1
Utilities. During the term of this Lease and any extension thereof, Lessee shall pay and promptly discharge all charges by any public or private utility for gas, water, sewage, electricity or other utilities or services furnished to the
Demised Premises. 
  
 Section 7.2 Utility
Easements. Lessor will grant to Lessee, or to such public and quasi-public utilities as Lessee may reasonably request, easements upon, over, and across the Demised Premises for the purpose of installing, laying, relaying or relocating water,
sanitary sewer, storm sewer, gas, electrical, telephone or other utility transmission lines necessary to serve Lessee’s operation and use. 
  
 ARTICLE VIII 
 MAINTENANCE AND REPAIRS

  
 Section 8.1 Lessee’s Obligations.
During the term of this Lease and any extension thereof, Lessee shall keep, maintain, repair and replace all of the Improvements as appropriate, including without limitation by specification, the foundation, roof, exterior walls, structural
portions, and exterior glass and windows of the building, as well as mechanical, plumbing, heating, air conditioning, sprinkler and electrical systems and utility service lines therein, the plumbing system to and from the Demised Premises, and the
driveways, parking areas and grounds within the Demised Premises. Lessee will take good care thereof and will maintain and make all required repairs thereto, and will suffer no waste or injury thereto. At the expiration or other termination of the
Initial Term or any Renewal Term, in the event Lessee does not elect to renew this Lease, Lessee shall surrender the Demised Premises in substantially the same order and condition which they are in on the date the bank opens, excepting, however,
ordinary wear and tear, damage by the elements, casualty damage and Lessor’s retention rights under Section 10.3 hereof. 
  
 Section 8.2 Lessor’s Right of Entry. Provided there is no disruption of Lessee’s use of the Demised Premises, Lessee will
permit Lessor, or its agents or representatives, to enter the Premises, without charge therefor to Lessor and without diminution of the rent payable by Lessee, to examine, inspect and protect the Demised Premises, to comply with and carry out
Lessor’s obligations under this Lease, and to exhibit the same to prospective tenants (provided that Lessee’s consent, which shall not be unreasonably withheld, shall be required if the Premises are to be exhibited to a prospective tenant
more than three (3) months prior to the expiration of the Initial Term 
  

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 or any Renewal Term of this Lease). In connection with any such entry, Lessor shall reasonably endeavor to minimize the
disruption to Lessee’s use of the Demised Premises, and shall reasonably endeavor to give Lessee at least twenty-four (24) hours advanced notice of such entry (except in the event of an emergency). 
  
 ARTICLE IX 
 ASSIGNMENT 
  
 Section 9.1 Assignment and Subletting by Lessee. Provided that at the time of any such assignment or subletting is not then in default of this Lease, Lessee may assign or sublet the Demised Premises, for the uses and
purposes permitted under this Lease, as follows: 
  
 (a) Lessee
obtains the prior consent of Lessor; 
  
 (b) Upon either an
assignment by Lessee or a sublet, Lessee shall remain jointly and severally liable for rents and other obligations due under this Lease upon any default by the assignee or the sublessee. In the event that the Lessor’s mortgagee requires
approval of assignments, then Lessor agrees to cooperate in obtaining such mortgagee approval. 
  
 Notwithstanding the foregoing, Lessee shall have the right to assign this Lease without prior consent of Lessor, to any wholly owned subsidiary of the Lessee or to any successor to the business of the Lessee (whether
a successor by merger, consolidation, reorganization, purchase of assets or otherwise), provided that the assignee of the Lessee shall expressly assume this Lease and agree to abide and perform all of the covenants and agreements of the Lessee
herein contained. 
  
 Section 9.2 Assignment by
Lessor. This Lease is fully assignable and transferable by Lessor, provided that Lessor may not assign this Lease to any person, business or entity which is a business competitor of Lessee. 
  
 ARTICLE X 
 PERSONAL PROPERTY 
  
 Section 10.1 Personal Property. Lessee, at its sole cost and expense, shall place or install such fixtures, furniture, furnishings, equipment and other personal property on the Demised Premises as
Lessee shall deem necessary for the efficient conduct of Lessee’s business. 
  
 Section 10.2 Signs. Lessee may, at its sole cost and expense (i) place a sign or signs on the Demised Premises announcing the future establishing of its business as well as Lessee’s
organization, function and program; and (ii) place such sign or signs on the Demised Premises as may establish a definite landmark for said business or appropriately advertise the same; provided that, all of the signs hereinabove referred to
shall conform in every respect to all lawful governmental regulations pertaining thereto. 
  

 8 

 Section 10.3 Lessee’s Right to Remove Personal Property. Any of the personal
property which may be placed on the Demised Premises by Lessee are to remain the property of Lessee and it shall have the right to remove the same at any time, except that Lessee shall be responsible for the cost of any repairs of any damage to the
Demised Premises caused by the removal of such personal property. Any equipment not removed by the Lessee within sixty (60) days after the termination of this Lease shall become the property of Lessor and may be kept or removed from the Demised
Premises by Lessor at the cost of Lessee. 
  
 ARTICLE XI

 DEFAULT; REMEDIES 
  
 Section 11.1 Lessee’s Default. It shall be an event of default hereunder if: 
  
 (a) Lessee shall fail to pay rent or other sum of money becoming due
hereunder for a period of thirty (30) days after written notice of such default has been received by Lessee; or 
  
 (b) Lessee shall default in the performance of any other of the terms, conditions or covenants contained in this Lease to be observed or performed by it
and Lessee does not remedy such default within thirty (30) days after it has received written notice thereof or, if such default cannot be remedied in such period, does not within such thirty (30) days commence such act or acts as shall be
necessary to remedy the default and shall not thereafter diligently proceed to cure such defaults; or 
  
 (c) Lessee shall become bankrupt or insolvent, or file any debtor proceedings, or file in any court pursuant to any statute, either of the United States
or of any state a petition in bankruptcy or insolvency or for reorganization; or file or have filed against it a petition for the appointment of a receiver or trustee for all or substantially all of the assets of the Lessee and such appointment
shall not be vacated or set aside within thirty (30) days from the date of such appointment; or 
  
 (d) Lessee shall vacate or abandon the Demised Premises. 
  
 Section 11.2 Lessor’s Remedies. In the event of any default by Lessee under Section 11.1 hereof, Lessor may at once
thereafter or at any time subsequently during the existence of such breach or default, (i) enter into and upon the Demised Premises or any part thereof and repossess the same, expelling and removing therefrom all persons and property (which
property may be removed and stored at the cost of, and for the account of Lessee), and (ii) either (a) terminate this Lease, holding Lessee for damages for Lessee’s breach (after Lessor exercises commercially reasonable efforts to
mitigate its damages) or (b) without terminating this Lease, re-let the Demised Premises or any part hereof upon such terms and conditions as shall appear advisable to Lessor. If Lessor elects to re-let the Demised Premises, and the amounts
received from re-letting of the Demised Premises during any month or part thereof be less than the rent due and owing from Lessee during such month or part thereof under the terms of this Lease, Lessee shall pay such deficiency to Lessor immediately
upon calculation thereof. Notwithstanding the foregoing, any default (except failure to pay rent or any other 
  

 9 

 amount due hereunder) the curing of which shall actually require more than thirty (30) days because of any cause
beyond Lessee’s control, shall be deemed cured by Lessee if Lessee shall have commenced to cure said default within the thirty (30) day period and shall thereafter have successfully prosecuted the curation of said default with all due
diligence. 
  
 Section 11.3 Lessor’s
Default. It shall be an event of default under this Lease if Lessor fails to observe or perform any of the covenants, conditions, or obligations of Lessor provided for in this Lease and such failure continues for thirty (30) days or
more after Lessee gives written notice to Lessor of such default, provided however, that if Lessor is able to commence to cure such default within thirty (30) days, but is unable to complete the cure within thirty (30) days despite the
exercise of reasonable diligence, the time to cure shall be extended for so long thereafter as Lessor diligently prosecutes the same. 
  
 Section 11.4 Lessee’s Remedies. In the event of a default by the Lessor, which is not cured as provided in Section 11.3
above, the Lessee may take such action as may be reasonably required to remedy such default and if the Lessee suffers damages as a result of such default, or is required to expend funds to cure such default, in addition to any other remedy available
to Lessee at law or equity, the Lessee may deduct the cost of same from the then current rent payable to the Lessor under Article IV of this Lease. 
  
 ARTICLE XII 
 DESTRUCTION OF PREMISES

  
 Section 12.1 Restoration. Lessee shall
promptly notify Lessor of any material damage or casualty to the Building or the Demised Premises. Except as expressly provided in Section 15.2 below, after any damage or casualty to the Building or the Demised Premises, Lessee shall, at its
expense, promptly repair and restore the Building and Demised Premises to substantially their condition prior to such damage or destruction so that the fair market value of the Building and Demise Premises are substantially equal to the value
thereof immediately prior to the casualty. Lessee shall not be entitled to any reduction or abatement in Rent during the time the Demised Premises may have been rendered untenantable, either in whole or in part, as a result of such damage or
destruction, no matter what the cause. 
  
 Section 12.2
Termination. If the damage or casualty occurs during the last three (3) years of the Initial Term or a Renewal Term, and if the cost or restoration exceeds fifty percent (50%) of the replacement cost of the Building, then Lessee
may terminate this Lease by giving Lessor written notice within ninety (90) days after the occurrence of such casualty. If the Lease is not terminated, Lessee shall be obligated to restore the Demised Premises as provided in Section 12.1
above. If this Lease is terminated, Lessee shall be required to clear the Demised Premises of all damage or destruction and all insurance proceeds shall be paid to Lessor, less the cost of clearing the damage and debris. However, Lessee shall be
entitled to insurance proceeds attributable to Lessee’s trade fixtures and personal property, business interruption and other components of insurance coverage not related to the Building. 
  

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 ARTICLE XIII 
 GOVERNMENT REGULATION 
  
 Section 13.1 Government Regulation. At Lessee’s expense, Lessee will comply with all laws, ordinances, rules and regulations of any federal, state and municipal government or their appropriate regulatory agencies now
in force or which may hereafter be in force, relating to the carrying on of Lessee’s business. 
  
 ARTICLE XIV 
 NOTICES 
  
 Section 14.1 Notices. Any notice, demand, consent,
authorization or other communication (collectively, a “Notice”) which either party is required or may desire to give to, or make upon, the other party pursuant to this Agreement shall be effective and valid only if in writing, signed by
the party giving such Notice, and delivered (a) personally to the other party, (b) sent by next day express courier or delivery service, providing for a receipt (c) by registered or certified mail of the United States Postal Service,
return receipt requested, addressed to the other party as follows (or to such other address or person as either party or person entitled to Notice may by notice to the other specify): 
  

					
	 	 	If to Lessor:	  	FUREY HOLDINGS, LLC
	 	 	 	  	Attn: John Furey
	 	 	 	  	206 Carrollton Street
	 	 	 	  	P.O. Box 547
	 	 	 	  	Malvern, Ohio 44644
			
	 	 	If to Lessee:	  	CONSUMERS NATIONAL BANK
	 	 	 	  	Attn: Steven L. Muckley
	 	 	 	  	614 East Lincoln Way
	 	 	 	  	P.O. Box 256
	 	 	 	  	Minerva, Ohio 44657

  
 Unless otherwise specified, Notices
shall be deemed given when sent. 
  
 ARTICLE XV 

COVENANT OF QUIET ENJOYMENT 
  
 Section 15.1 Quiet Enjoyment. During the term of this Lease, the Lessor covenants that Lessee shall have the right to occupy and enjoy
the Demised Premises peaceably and quietly and in accordance with the terms of this Lease, so long as Lessee complies with the covenants of this Lease and is not in default, beyond any applicable grace period. 
  

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 ARTICLE XVI 
 MISCELLANEOUS PROVISIONS 
  
 Section 16.1 Binding Effect; Successors and Assigns. This Lease shall be binding upon, and inure to the benefit of the parties hereto, Lessee’s successors and assigns, and Lessor’s heirs, successors and assigns.

  
 Section 16.2 Entire Agreement. This Lease
shall be deemed to include the entire agreement between the parties hereto and no waiver of any right, agreement or condition hereof and no modification hereof shall be binding upon either of the parties hereto unless in writing and signed by the
parties to be charged therewith. 
  
 Section 16.3
Headings. The headings as to the contents of particular Articles and Sections herein are inserted only for convenience and are in no way to be construed as part of this Lease or as a limitation on the scope of the particular Articles or
Sections to which they refer. 
  
 Section 16.4 Partial
Invalidity. In the event any provision of this Lease or part thereof shall be determined by any court of competent jurisdiction to be invalid, void or otherwise unenforceable, the remaining provisions hereunder, or parts thereof, shall
remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, it being understood that such remaining provisions shall be construed in a manner most closely approximating the intention of the parties which respect
to the invalid, void or unenforceable provision or part thereof. 
  
 Section 16.5 Construction. Wherever used in this Lease the singular shall include the plural, the plural the singular, the use of any gender shall be applicable to all genders, together with a corporation or other entity,
as may be appropriate. 
  
 Section 16.6 Governing
Law. This Lease shall be construed and enforced in accordance with the laws of the State of Ohio without regard to conflicts of law provisions thereof. 
  

Section 16.7 Time of the Essence. Time shall be of the essence with regard to all time requirements contained herein. 
  
 [Reminder of Page Intentionally Left Blank] 
  

 12 

 IN WITNESS WHEREOF, the parties hereto have hereunto affixed their hands and seals the day and
year first above written. 
  

					
	WITNESS/ATTEST:	 	LESSOR: FUREY HOLDINGS, LLC
			
	 	 	By:	 	  

	 	 	 	 	John P. Furey
	 	 	 	 	Managing Member
		
	WITNESS/ATTEST:	 	LESSEE: CONSUMERS NATIONAL BANK
			
	 	 	By:	 	  

	 	 	 	 	Steven L. Muckley
	 	 	 	 	President and Chief
	 	 	 	 	Executive Officer

  

 13

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