Document:

Exhibit 4.2

VALLEY NATIONAL BANCORP 
and 
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
as Trustee 
FIRST SUPPLEMENTAL INDENTURE 
Dated as of June 19, 2015 
to 
INDENTURE 
Dated as of June 19, 2015
SUBORDINATED DEBT SECURITIES 
 
 

4.55% Subordinated Debentures due June 30, 2025  
 
 

THIS FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”), dated as of June 19, 2015, between VALLEY NATIONAL BANCORP, a corporation duly organized and existing under the laws of the State of New Jersey (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as Trustee (the “Trustee”) under the Indenture (as hereinafter defined). 
RECITALS 
WHEREAS, the Company and the Trustee have heretofore executed and delivered an Indenture, dated as of June 19, 2015 (the “Base Indenture” and, as hereby supplemented and amended, the “Indenture”), providing for the issuance from time to time of series of the Company’s subordinated unsecured debentures, notes or other evidences of indebtedness (hereinafter called the “Securities”); 
WHEREAS, Section 9.1(7) of the Base Indenture provides that the Company and the Trustee may enter into an indenture supplemental to the Base Indenture to establish the form or terms of Securities of any series as permitted by Section 2.1 or Section 3.1 of the Base Indenture; 
WHEREAS, pursuant to Section 3.1 of the Base Indenture, the Company wishes to provide for the issuance of $100,000,000 aggregate principal amount of a new series of Securities to be known as its 4.55% Subordinated Debentures due June 30, 2025 (the “Notes”), the form and terms of such Notes and the terms, provisions and conditions thereof to be set forth as provided in this First Supplemental Indenture; and 
WHEREAS, the Company has requested that the Trustee execute and deliver this First Supplemental Indenture; and all requirements necessary to make this First Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid, binding and enforceable obligations of the Company have been satisfied; and the execution and delivery of this First Supplemental Indenture has been duly authorized in all respects. 
NOW, THEREFORE, in consideration of the covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
ARTICLE 1  
DEFINITIONS 
Section 1.01 Relation to Base Indenture. This First Supplemental Indenture constitutes an integral part of the Base Indenture. 
 
Section 1.02 Definition of Terms. For all purposes of this First Supplemental Indenture: 
(a) Capitalized terms used herein without definition shall have the meanings set forth in the Base Indenture; 
(b) a term defined anywhere in this First Supplemental Indenture has the same meaning throughout; 
(c) the singular includes the plural and vice versa; 
(d) headings are for convenience of reference only and do not affect interpretation; 
(e) unless otherwise specified or unless the context requires otherwise, (i) all references in this First Supplemental Indenture to Sections refer to the corresponding Sections of this First Supplemental Indenture and (ii) the terms “herein”, “hereof”, “hereunder” and any other word of similar import refer to this First Supplemental Indenture; and 
(f) the following terms have the meanings given to them in this Section 1.02(f): 

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“DTC” shall have the meaning set forth in Section 2.03 hereof. 
“Global Note” shall be a Global Security and have the meaning set forth in Section 2.04 hereof. 
“Interest Payment Date” shall have the meaning set forth in Section 2.05(b) hereof. 
“Maturity Date” shall have the meaning set forth in Section 2.02 hereof. 
“Record Date” shall mean, with respect to any Interest Payment Date for the Notes, the fifteenth day, whether or not a Business Day, of the calendar month in which such Interest Payment Date falls. 
“Tax Event” shall mean the receipt by the Company of an opinion of independent tax counsel experienced in such matters to the effect that, as a result of any amendment to, or change (including any announced prospective change) in, the laws or any regulations thereunder of the United States or any political subdivision or taxing authority thereof or therein, or as a result of any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which pronouncement or decision is announced on or after the date of original issuance of the Notes, there is more than an insubstantial risk that the interest payable by the Company on the Notes is not, or within 90 days of the date of such opinion will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes. 
 
“Tier 2 Capital Event” shall mean the receipt by the Company of an opinion of independent bank regulatory counsel experienced in such matters to the effect that, as a result of (a) any amendment to, or change (including any announced prospective change) in, the laws or any regulations thereunder of the United States or any rules, guidelines or policies of an applicable regulatory authority for the Company or (b) any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which pronouncement or decision is announced on or after the date of original issuance of the Securities, the Notes do not constitute, or within 90 days of the date of such opinion will not constitute, Tier 2 Capital (or its then equivalent if the Company were subject to such capital requirement) for purposes of capital adequacy guidelines of the Board of Governors of the Federal Reserve System (or any successor regulatory authority with jurisdiction over bank holding companies), as then in effect and applicable to the Company. 
The terms “Company,” “Trustee,” “Base Indenture,” and “Notes” shall have the respective meanings set forth in the recitals to this First Supplemental Indenture and the paragraph preceding such recitals. 
ARTICLE 2  
GENERAL TERMS AND CONDITIONS OF THE NOTES 
Section 2.01 Designation and Principal Amount. The Notes may be issued from time to time upon a Company Order for the authentication and delivery of Notes pursuant to Section 3.3 of the Base Indenture. There is hereby authorized a series of Securities designated as the 4.55% Subordinated Debentures due June 30, 2025 having an initial aggregate principal amount of $100,000,000 (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.4, 3.5, 3.6 or 9.6 of the Base Indenture and except for Notes which, pursuant to Section 3.3 of the Base Indenture are deemed to never have been authenticated and delivered under the Base Indenture). 
Section 2.02 Maturity. The date upon which the Notes shall become due and payable at final maturity, together with any accrued and unpaid interest, is June, 30, 2025 (the “Maturity Date”). 
Section 2.03 Form, Payment and Appointment. Except as provided in the last three paragraphs of Section 3.5 of the Base Indenture, the Notes will be issued only in book-entry form. Principal of and interest on the Notes will be payable in global form registered in the name of or held by The Depository Trust Company (“DTC”) or its nominee in immediately available funds to DTC or its nominee, as the case may be, as the registered holder of such Global Note (as hereafter defined). The principal of any certificated Notes will be payable at the office or agency of the 

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Company maintained for such purpose in the Borough of Manhattan, New York City, New York, which shall initially be the Corporate Trust Office of the Trustee in the Borough of Manhattan, the City of New York; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the Security Register or by wire transfer to an account appropriately designated by the Person entitled to payment; provided that the paying agent shall have received written notice of such account designation at least five Business Days prior to the date of such payment (subject to surrender of the relevant Note in the case of a payment of interest on the Maturity Date). 
The Notes shall have such other terms as are set forth in the form thereof attached hereto as Exhibit A. 
The Security Registrar, Authenticating Agent and Paying Agent for the Notes shall initially be the Trustee. 
The Notes will be issuable and may be transferred only in denominations of $2,000 or any amount in excess thereof that is an integral multiple of $1,000. The specified currency of the Notes shall be U.S. Dollars. 
Section 2.04 Global Note. The Notes shall be issued initially in the form of one or more fully registered global notes (each such global note, a “Global Note”) deposited with DTC or its designated custodian or such other Depositary as any officer of the Company may from time to time designate. Unless and until a Global Note is exchanged for Notes in certificated form, such Global Note may be transferred, in whole but not in part, and any payments on the Notes shall be made, only to DTC or a nominee of DTC, or to a successor Depositary selected or approved by the Company or to a nominee of such successor Depositary. 
Section 2.05 Interest.
(a) Interest payable on any Interest Payment Date or the Maturity Date with respect to the Notes shall be the amount of interest accrued from, and including, the immediately preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the original issue date of June 19, 2015, if no interest has been paid or duly provided for with respect to the Notes) to, but excluding, such Interest Payment Date or Maturity Date as the case may be (each, an “Interest Period”). 
(b) The Notes will bear interest at the rate of 4.55% per annum from June 19, 2015 until the principal of the Notes has been paid in full or a sum sufficient to pay the principal of the Notes has been made available for payment. Interest on the Notes shall be payable semi-annually in arrears on June 30 and December 30 of each year (each, an “Interest Payment Date”), commencing December 30, 2015, to the Persons in whose names the relevant Notes are registered at the close of business on the Record Date for such Interest Payment Date, except as provided in Section 2.05(c) hereof.  
 
(c) The amount of interest payable for any Interest Period will be computed on the basis of a 360-day year consisting of twelve 30-day months.  In the event that any scheduled Interest Payment Date for the Notes falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date will be postponed to the next succeeding day which is a Business Day (and no interest on such payment will accrue for the period from and after such scheduled Interest Payment Date). 
(d) In the event that the Maturity Date for any Note falls on a day that is not a Business Day, then the related payments of principal, premium, if any, and interest may be made on the next succeeding day that is a Business Day (and no additional interest will accumulate on the amount payable for the period from and after the Maturity Date). Interest due on the Maturity Date (whether or not an Interest Payment Date) of any Notes will be paid to the Person to whom principal of such Notes is payable. 
Section 2.06 No Sinking Fund. The Notes are not entitled to the benefit of any sinking fund. 
Section 2.07 No Defeasance. Sections 13.2 and 13.3 of the Base Indenture shall not be applicable to the Notes. 

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ARTICLE 3  
REDEMPTION OF THE NOTES 
Section 3.01 No Redemption.  The Notes shall not be redeemable at the option of the Company prior to the Maturity Date. Notwithstanding the foregoing sentence, the Company may, at its option, redeem the Notes before the Maturity Date in whole, at any time, or in part from time to time, upon the occurrence of a Tier 2 Capital Event or a Tax Event, or if the Company is required to register as an investment company pursuant to the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.). 
Any such redemption will be at a Redemption Price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption Date fixed by the Company. Any such redemption by the Company prior to the Maturity Date would require the prior approval of the Board of Governors of the Federal Reserve System, if then required. The provisions of Article XI of the Base Indenture shall apply to any redemption of the Notes pursuant to this Article 3. 
ARTICLE 4  
FORM OF NOTES 
Section 4.01 Form of Notes. The Notes and the Trustee’s Certificate of Authentication thereon are to be substantially in the form attached as Exhibit A hereto, with such changes therein as the officers of the Company executing the Notes (by manual or facsimile signature) may approve, such approval to be conclusively evidenced by their execution thereof. 
 
ARTICLE 5  
ISSUE OF NOTES 
Section 5.01 Original Issue of Notes. Notes having an aggregate principal amount of $100,000,000 may from time to time, upon execution of this First Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Notes in accordance with a Company Order pursuant to Section 3.3 of the Base Indenture without any further action by the Company (other than as required by the Base Indenture). 
Section 5.02 Additional Issues of Notes. The Company may from time to time, without notice to or the consent of the holders of the Notes, create and issue additional notes ranking pari passu with the Notes and with identical terms in all respects (or in all respects except for the offering price, the payment of interest accruing prior to the issue date of such additional notes or except for the first payment of interest following the issue date of such additional notes) in order that such additional notes may be consolidated and form a single series with the Notes and have the same terms as to status, redemption or otherwise as the Notes. 
ARTICLE 6  
IMMUNITY OF STOCKHOLDERS, EMPLOYEES, AGENTS, OFFICERS AND 
DIRECTORS 
Section 6.01 Indenture and Notes Solely Corporate Obligations. No recourse for the payment of the principal of or interest on any Note, or for any claim based thereon or otherwise in respect thereof, shall be had against any shareholder, employee, agent, officer or director, as such, past, present or future, of the Company or of any successor Person; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this First Supplemental Indenture and the issue of the Notes. 

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ARTICLE 7  
MISCELLANEOUS 
Section 7.01 Ratification of Base Indenture. The Base Indenture, as supplemented by this First Supplemental Indenture, is in all respects ratified and confirmed, and this First Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. 
Section 7.02 Trustee Not Responsible for Recitals. The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as statements of the Company and not those of the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of the Notes or of the proceeds thereof. 
 
Section 7.03 New York Law To Govern. THIS FIRST SUPPLEMENTAL INDENTURE AND EACH NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING BUT NOT LIMITED TO N.Y. GENERAL OBLIGATIONS LAW SECTION 5-1401 AND ANY SUCCESSOR STATUTE THERETO). 
Section 7.04 Separability. In case any provision in this First Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired by such invalid, illegal or unenforceable provision. 
Section 7.05 Counterparts. This First Supplemental Indenture may be executed in any number of counterparts each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this First Supplemental Indenture and of signature pages by facsimile or electronic format (i.e., “pdf” or “tif”) transmission shall constitute effective execution and delivery of this First Supplemental Indenture as to the parties hereto and may be used in lieu of the original First Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic format (i.e., “pdf” or “tif”) shall be deemed to be their original signatures for all purposes. 
Section 7.06 Benefits of First Supplemental Indenture. Nothing in this First Supplemental Indenture or in the Notes, express or implied, shall give to any Person, other than the parties to this First Supplemental Indenture and their successors under this First Supplemental Indenture, any benefit or any legal or equitable right, remedy or claim under this First Supplemental Indenture. 
Section 7.07 Conflict with Base Indenture. If any provision of this First Supplemental Indenture relating to the Notes is inconsistent with any provision of the Base Indenture, such provision of this First Supplemental Indenture shall control. 
Section 7.08 Provisions of Trust Indenture Act Controlling. This First Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions. If any provision of this First Supplemental Indenture limits, qualifies, or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this First Supplemental Indenture, the latter provision shall control. 

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK.] 
 

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IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed, as of the day and year first written above. 
 
	
			
	VALLEY NATIONAL BANCORP

	 
	 

	By:
	 
	/s/ Alan D. Eskow

	Name:
	 
	Alan D. Eskow

	Title:
	 
	Senior Executive Vice President and Chief Financial Officer

	 

	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

	 
	 

	By:
	 
	/s/ Lawrence M. Kusch

	Name:
	 
	Lawrence M. Kusch

	Title:
	 
	Vice President

[Signature Page to First Supplemental Indenture] 

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EXHIBIT A 
GLOBAL NOTE 
THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO IN THIS SECURITY AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR ITS NOMINEE. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE OR A SUCCESSOR OF SUCH DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY FEDERAL OR OTHER GOVERNMENTAL AGENCY. 

A-1

VALLEY NATIONAL BANCORP 
4.55% Subordinated Debentures due June 30, 2025  
 
	
			
	 
	 
	 

	ISIN: US919794AC15
	 
	CUSIP: 919794 AC1

	 
	 

	No. 1
	 
	 

Valley National Bancorp, a New Jersey corporation (hereinafter called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns the principal sum as set forth in the Schedule of Increases or Decreases in Note attached hereto on June 30, 2025 (such date is hereinafter referred to as the “Maturity Date”), and to pay interest thereon from June 19, 2015 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on each June 30 and December 30 of each year (each, an “Interest Payment Date”), commencing December 30, 2015 at the rate of 4.55% per annum, on the basis of a 360-day year consisting of twelve 30-day months, until the principal of the Notes has been paid in full or a sum sufficient to pay the principal of the Notes has been made available for payment.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name the relevant Notes, or any predecessor Notes, are registered at the close of business on the Record Date for such Interest Payment Date; provided that the interest due on the Maturity Date (whether or not an Interest Payment Date) of a Note of this series will be paid to the Person to whom principal of such Note is payable. 
Payment of the principal of and interest on this Note will be made at the office or agency of the Company maintained for that purpose in The City of New York, which shall initially be the principal office of the Trustee located therein, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the Security register or by wire transfer to an account appropriately designated by the Person entitled to payment; provided, that the paying agent shall have received written notice of such account designation at least five Business Days prior to the date of such payment (subject to surrender of the relevant Note in the case of a payment of interest on the Maturity Date). 
 
Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual or facsimile signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
[Signature Page Follows] 

A-2

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
Dated: June 19, 2015 
 
	
			
	VALLEY NATIONAL BANCORP

	 
	 

	By:
	 
	 

	Name:
	 
	Alan D. Eskow

	Title:
	 
	Senior Executive Vice President and 
Chief Financial Officer

 

A-3

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
 
	
			
	Dated: June 19, 2015

	 

	THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., as Trustee

	 
	 

	By:
	 
	 

	 
	 
	                  Authorized Signatory

 

A-4

REVERSE OF NOTE 
VALLEY NATIONAL BANCORP 
This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued in one or more series under an Indenture (the “Base Indenture”), dated as of June 19, 2015, between the Company and The Bank of New York Mellon Trust Company, N.A, as Trustee (herein called the “Trustee,” which term includes any successor trustee), as supplemented and amended by the First Supplemental Indenture between the Company and the Trustee (the “Supplemental Indenture” and together with the Base Indenture, the “Indenture”) dated as of June 19, 2015, to which Indenture reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $100,000,000. 
All terms used in this Note that are defined in the Base Indenture or the Supplemental Indenture shall have the meaning assigned to them in the Base Indenture or the Supplemental Indenture. 
The Notes of this series shall not be redeemable at the option of the Company or the holders prior to the Maturity Date. Notwithstanding the foregoing sentence, the Company may redeem the Notes before the Maturity Date upon the occurrence of a Tier 2 Capital Event or a Tax Event, or if the Company is required to register as an investment company pursuant to the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.). Any such redemption by the Company prior to the Maturity Date would require the prior approval of the Board of Governors of the Federal Reserve System, if then required. 
The Notes of this series are not entitled to the benefit of any sinking fund. 
The Base Indenture provisions relating to defeasance in Sections 13.2 and 13.3 of the Base Indenture shall not be applicable to the Notes. 
If an Event of Default with respect to Notes of this series shall occur and be continuing, the principal and interest owed on the Notes of this series shall only become due and payable in accordance with the terms and conditions set forth in Article V of the Base Indenture. 
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the holders of the Notes at any time by the Company and the Trustee with the consent of the holders of a majority in principal amount of the Notes of each series (each series voting as a class) affected thereby and at the time Outstanding. The Indenture also contains provisions permitting the holders of specified percentages in principal amount of the Notes of a series at the time Outstanding, on behalf of the holders of all Notes of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
The Notes of this series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiple of $1,000 in excess of $2,000. 

A-5

The Company and the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
THIS NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE. 
 

A-6

ASSIGNMENT FORM 
To assign this Security, fill in the form below: 
I or we assign and transfer this Security to: 
                                                                                                                                                
(Insert assignee’s social security or tax I.D. no.) 
                                                                                                                                                
                                                                                                                                                
                                                                                                                                                
                                                                                                                                                
(Print or type assignee’s name, address and zip code) 
and irrevocably appoint                              as agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 
Your Signature:                                                                                                                                                                             
                                                 (Sign exactly as your name appears on the other side of this Security) 
Your Name:                                                                                                                                                                                     
Date:                     
Signature Guarantee:                                                                                                                                                                         * 
 
	
		
	*
	NOTICE: The Signature must be guaranteed by an Institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) such other guarantee program acceptable to the Trustee.

 

A-7

SIGNATURE GUARANTEE 
Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
 

A-8

SCHEDULE OF INCREASES OR DECREASES IN NOTE 
The initial principal amount of this Note is $100,000,000. The following increases or decreases in the principal amount of this Note have been made: 
 
	
									
	Date
	 
	Amount of
decrease in
principal amount of
this Note
	 
	Amount of
decrease in
principal amount of
this Note
	 
	Principal amount of
this Note following
such decrease or
increase
	 
	Signature of authorized 
signatory of Trustee

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 
	 

 

A-9Exhibit 10.3

Exhibit 10.3
STATE OF OHIO

LICKING COUNTY

SPLIT-DOLLAR AGREEMENT

This SPLIT-DOLLAR AGREEMENT (this “Agreement”) is made and entered into effective as of the 15th day of June, 2015, by and between THE PARK NATIONAL BANK, a national banking association (the “Bank”), and BRADY T. BURT, an individual (“Insured”).

R E C I T A L S:

A.    Insured is currently an employee and officer of the Bank and the Bank desires to retain Insured and induce Insured to provide valuable service to the Bank for a considerable period.

B.    The Bank desires to provide Insured with certain death benefits under one or more life insurance policies purchased by the Bank on the life of Insured.

NOW, THEREFORE, the parties hereto, for and in consideration of ten dollars and the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, intending to be legally bound hereby, do hereby agree as follows:

1.This Agreement pertains to the life insurance policies (the “Policies”) listed on Exhibit C, attached and made a part hereof.

2.Ownership of Policies.  The Bank shall own all of the right, title and interest in the Policies and shall control all rights of ownership with respect thereto.  The Bank, in its sole discretion, may exercise its right to borrow against or withdraw the cash value of one or more of the Policies. In the event coverage under any of the Policies is increased, such increased coverage shall be subject to all of the rights, duties and obligations set forth in this Agreement.

3.Designation of Beneficiary(ies).  Insured may designate one or more beneficiaries (on the Beneficiary Designation Form attached hereto as Exhibit A) to receive a portion of the death proceeds of all of the Policies payable pursuant hereto upon the death of the Insured subject to any right, title or interest the Bank may have in such proceeds as provided herein.  In the event Insured fails to designate a beneficiary, any benefits payable pursuant hereto shall be paid to the estate of Insured.

4.Maintenance of Policies.  The Bank intends to maintain one or more life insurance policies for purposes of this Agreement.  The Bank shall be responsible for making any required premium payments and to take all other actions within the Bank’s reasonable control in order to keep the Policies in full force and effect; provided, however, that the Bank may replace one or more of the Policies with a comparable policy or policies so long as Insured’s beneficiary(ies) will be entitled to receive an amount of death proceeds under Section 6 of this Agreement at least equal to those that the beneficiary(ies) would be entitled to if the original Policies were to remain in effect.  If any such replacement is made, all references herein to the “Policies” shall thereafter be references to such replacement policy or policies.  If the Policies contain any premium waiver provision, any such waived premiums shall be considered for the purposes of this Agreement as having been paid by the Bank.  The Bank shall be under no obligation to set aside, earmark or otherwise segregate any funds with which to pay its obligations under this Agreement, including, but not limited to, payment of premiums with respect to the Policies. 

5.Reporting Requirements.  The Bank will report on an annual basis to Insured the economic benefit attributable to this Agreement on Internal Revenue Service Form W-2 or its equivalent so that Insured can properly include said amount in Insured’s taxable income.  Under the Internal Revenue Code of 1986, as amended (the “Code”), Insured’s taxable value of the benefit under this Agreement is not availed the same income tax exclusion as is afforded to “group term life insurance”.  Insured agrees to accurately report and pay all applicable taxes on such amounts of income reportable hereunder to Insured. 

1

6.Proceeds of Policies.  Subject to Section 8, upon the death of Insured, the death proceeds of the Policies shall be divided in the following manner:

(a)The Insured’s beneficiary(ies) designated in accordance with Section 3 shall be entitled to an amount equal to the lesser of (i) the Death Benefit (as defined in Exhibit B hereto) or (ii) one hundred percent (100%) of the difference between the total death proceeds payable under the Policies and the “Cash Surrender Value of the Policies” (as defined in Section 7 below); such difference in the total death proceeds and the Cash Surrender Value of the Policies is defined as the “Net at Risk Amount.”

(b)The Bank shall be entitled to any death proceeds payable under the Policies remaining after payment to the Insured’s beneficiary(ies) under Section 6(a) above.

(c)The Bank and Insured’s beneficiary(ies) shall share in any interest due on the death proceeds of the Policies on a pro rata basis based upon the amount of proceeds due each person divided by the total amount of proceeds, excluding any such interest.

7.Cash Surrender Value of the Policies.  The “Cash Surrender Value of the Policies” shall be equal to the cash value of the Policies at the time of Insured’s death or upon surrender of the Policies, as applicable, less (i) any policy or premium loans or withdrawals or any other indebtedness secured by the Policies, and any unpaid interest thereon, previously incurred or made by the Bank, and (ii) any applicable surrender charges, as determined by the insurer under each of the Policies or the agent servicing the Policies. 

8.Termination of Agreement. 

		
	(a)
	This Agreement shall terminate upon the first to occur of the following:

		
	(i)
	the distribution of the death benefit proceeds in accordance with Section 6 above; or

		
	(ii)
	except as set forth in Section 16 below, the termination of Insured’s employment for any reason (other than on account of the Insured’s death) prior to age 62; or

		
	(iii)
	the insured attaining age 82; and

		
	(b)
	Insured acknowledges and agrees that the termination of this Agreement pursuant to subsections (a)(ii) and (a)(iii) above prior to the death of Insured shall terminate any right of Insured or Insured’s beneficiary(ies) to receive any death proceeds of the Policies under this Agreement, and such termination shall be without any liability of any nature to Bank.

    
9.Assignment.  Insured shall not make any assignment of Insured’s rights, title or interest in or to the death proceeds of the Policies whatsoever without the prior written consent of the Bank (which may be withheld for any reason or no reason in its sole and absolute discretion) and acknowledgment by the insurer under each of the Policies.

10.Administration. 

(a)    This Agreement shall be administered by the Compensation Committee of the Board of Directors of Park National Corporation (the “Committee”).

(b)    As the administrator, the Committee shall have the powers, duties and discretion to:

i.    Construe and interpret the provisions of this Agreement;

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ii.    Adopt, amend or revoke rules and regulations for the administration of this Agreement, provided they are not inconsistent with the provisions of this Agreement;

iii.    Provide appropriate persons with such returns, reports, descriptions and statements as may be required by law, within the times prescribed by law and to make them available to Insured (or Insured’s beneficiary(ies)) when required by law;

iv.    Take such other action as may be reasonably required to administer this Agreement in accordance with its terms or as may be required by law;

v.    Withhold applicable taxes and file with the Internal Revenue Service appropriate information returns with respect to any payments and/or benefits provided hereunder; and

vi.    Appoint and retain such persons as may be necessary to carry out its duties as administrator.

(c)    In its capacity as the administrator, the Committee shall also be responsible for the management, control and administration of the death proceeds from the Policies. The administrator may, in its reasonable discretion, delegate certain aspects of its management and administrative responsibilities.  If the administrator has a claim which it believes may be covered under the Policies, it will contact the insurer under each of the Policies in order to complete a claim form and determine what other steps need to be taken.  The insurer under the respective Policies will evaluate and make a decision as to payment.  If the claim is eligible for payment under one or more of the Policies, a check will be issued to the Bank.  If the insurer under one or more of the Policies determines that a claim is not eligible for payment under such Policy, the administrator may, in its sole discretion, contest such claim denial by contacting the applicable insurer in writing.

11.Claims Procedures.

(a)For purposes of these claims procedures, the Committee shall serve as the “Claims Administrator.”

(b)If the Insured or any beneficiary of the Insured should have a claim for benefits hereunder, he or she shall file such claim by notifying the Claims Administrator in writing.  The Claims Administrator shall make all determinations as to the right of any person or persons to a benefit hereunder.  Benefit claims shall be made by Insured, Insured’s beneficiary(ies) or a duly authorized representative thereof (the “claimant”).

If the claim is wholly or partially denied, the Claims Administrator shall provide written or electronic notice thereof to the claimant within a reasonable period of time, but not later than 90 days after receipt of the claim.  An extension of time for processing the claim for benefits is allowable if special circumstances require an extension, but such an extension shall not extend beyond 180 days from the date the claim for benefits is received by the Claims Administrator.  Written notice of any extension of time shall be delivered or mailed within 90 days after receipt of the claim and shall include an explanation of the special circumstances requiring the extension and the date by which the Claims Administrator expects to render the final decision.

Notice of an adverse benefit determination shall (i) specify the reason for the denial; (ii) reference the provisions of this Agreement on which the denial is based; (iii) describe the additional material or information, if any, necessary for the claimant to receive benefits and explain why such material or information is necessary; (iv) indicate the steps to be taken by the claimant if a review of the denial is desired, including the time limits applicable thereto; and (v) contain a statement of the claimant’s right to bring a civil action under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), in the event of an adverse determination on review.  

If notice of an adverse benefit determination is not furnished in accordance with the preceding provisions of this Section 11, the claim shall be deemed denied and the claimant shall be permitted to exercise the claimant’s right to review as set forth below.
    
(c)    If a claim is denied and a review is desired, the claimant shall notify the Claims Administrator in writing within 60 days after receipt of written notice of a denial of a claim.  In requesting a review, 

3

the claimant may submit any written comments, documents, records, and other information relating to the claim, the claimant feels are appropriate.  The claimant shall, upon request and free of charge, be provided reasonable access to, and copies of, all documents, records and other information “relevant” to the claimant’s claim for benefits.  The Claims Administrator shall review the claim taking into account all comments, documents, records and other information submitted by the claimant, without regard to whether such information was submitted or considered in the initial benefit determination.

The Claims Administrator shall provide the claimant with written or electronic notification of the benefit determination upon review.  In the event of an adverse benefit determination on review, the notice thereof shall (i) specify the reason or reasons for the adverse determination; (ii) reference the specific provisions of this Agreement on which the benefit determination is based; (iii) contain a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of all documents, records and other information “relevant” to the claimant’s claim for benefits; and (iv) inform the claimant of the right to bring a civil action under the provisions of ERISA.

For purposes hereof, documents, records and information shall be considered “relevant” to the claimant’s claim if they (i) were relied upon in making the benefit determination; (ii) were submitted, considered, or generated in the course of making the benefit determination, whether or not actually relied upon in making the determination; or (iii) demonstrate compliance with the administrative processes and safeguards of this claims procedure.

(d)    After exhaustion of the claims procedure as provided herein, nothing shall prevent the claimant from pursuing any other legal or equitable remedy otherwise available, including the right to bring a civil action under Section 502(a) of ERISA, if applicable. Notwithstanding the foregoing, no legal action may be commenced or maintained against the Bank, the Committee, whether in its capacity as Claims Administrator or otherwise, or any member of the Committee more than one (1) year after the claimant has exhausted the administrative remedies set forth in this Section 11.

12.Confidentiality.  In further consideration of the mutual promises contained herein, Insured agrees that the terms and conditions of this Agreement, except as such may be disclosed in financial statements and tax returns, in connection with estate planning or in connection with filings with the Securities and Exchange Commission as required under Federal securities laws and regulations, are and shall forever remain confidential until the death of Insured, and Insured agrees that Insured shall not reveal the terms and conditions contained in this Agreement at any time to any person or entity, other than Insured’s financial and professional advisors unless required to do so by a court of competent jurisdiction or, in the opinion of Insured’s counsel, by other requirements of applicable laws and regulations identified in such opinion of counsel.

13.Other Agreements.  The benefits provided for herein for Insured are supplemental life insurance benefits and shall not be deemed to modify, affect or limit any salary or salary increases, bonuses, profit sharing or any other type of compensation of Insured in any manner whatsoever.  No provision contained in this Agreement shall in any way affect, restrict or limit any employment agreement which may exist between the Bank and Insured, nor shall any provision or condition contained in this Agreement create specific rights of Insured or limit the right of the Bank to discharge Insured with or without cause.  Except as otherwise provided herein, nothing contained in this Agreement shall affect the right of Insured to participate in or be covered by or under any qualified or non-qualified pension, profit sharing, group, bonus or other supplemental compensation, retirement or fringe benefit plan constituting any part of the Bank’s compensation structure whether now or hereinafter existing.

14.Withholding.  Notwithstanding any of the provisions hereof, the Bank may withhold from any payment to be made hereunder such amount as it may be required to withhold under any applicable Federal, state or other law, and transmit such withheld amounts to the applicable taxing authority.

15.Miscellaneous Provisions.

(a)Counterparts.  This Agreement may be executed simultaneously in any number of counterparts.  Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument.  This Agreement may be executed and delivered by facsimile transmission of an executed counterpart.

4

(b)Survival.  The provisions of Section 12 and this Section 15 of this Agreement shall survive the termination of this Agreement indefinitely, regardless of the cause of, or reason for, such termination.

(c)Construction. As used in this Agreement, the neuter gender shall include the masculine and the feminine, the masculine and feminine genders shall be interchangeable between themselves and each with the neuter, the singular numbers shall include the plural, and the plural the singular.  The term “person” shall include all persons and entities of every nature whatsoever, including, but not limited to, individuals, corporations, partnerships, limited liability companies, governmental entities and associations.  The terms “including,” “included,” “such as” and terms of similar import shall not imply the exclusion of other items not specifically enumerated.

(d)Severability.  If any provision of this Agreement or the application thereof to any person or circumstance shall be held to be invalid, illegal, unenforceable or inconsistent with any present or future law, ruling, rule or regulation of any court, governmental or regulatory authority having jurisdiction over the subject matter of this Agreement, such provision shall be rescinded or modified in accordance with such law, ruling, rule or regulation and the remainder of this Agreement or the application of such provision to the person or circumstances other than those as to which it is held inconsistent shall not be affected thereby and shall be enforced to the greatest extent permitted by law.

(e)Governing Law.  This Agreement is made in the State of Ohio and shall be governed in all respects and construed in accordance with the laws of the State of Ohio, without regard to its conflicts of law principles, except to the extent superseded by the Federal laws of the United States of America. 

(f)Binding Effect.  This Agreement is binding upon the parties, their respective successors, permitted assigns, heirs and legal representatives. Without limiting the foregoing, the terms of this Agreement shall be binding upon Insured’s estate, administrators, personal representatives and heirs. This Agreement may be assigned by the Bank to any party to which the Bank assigns or transfers any of the Policies. This Agreement has been approved by the Bank’s Board of Directors and the Bank agrees to maintain an executed counterpart of this Agreement in a safe place as an official record of the Bank.

(g)No Trust.  Nothing contained in this Agreement and no action taken pursuant to the provisions of this Agreement shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Bank and Insured, Insured’s designated beneficiary(ies) or any other person.

(h)Assignment of Rights.  None of the payments provided for by this Agreement shall be subject to seizure for payment of any debts or judgments against Insured or any beneficiary(ies) of Insured; nor shall Insured or any beneficiary(ies) of Insured have any right to transfer, modify, anticipate or encumber any rights or benefits hereunder; provided, however, that the undistributed portion of any benefit payable hereunder shall at all times be subject to set-off for debts owed by Insured to the Bank.

(i)Entire Agreement.  This Agreement (together with its exhibits, which are incorporated herein by reference) constitutes the entire agreement of the parties with respect to the subject matter hereof and supercedes all prior or contemporaneous negotiations, agreements and understandings, whether oral or written, relating to the subject matter hereof.

(j)Notice.  Any notice to be delivered under this Agreement shall be given in writing and delivered by hand, or by first class, certified or registered mail, postage prepaid, addressed to the Bank or Insured, as applicable, at the address for such party set forth below or such other address designated by notice.

Bank:         THE PARK NATIONAL BANK
50 N. Third Street
Newark, Ohio  43058-3500
Attn:  Chief Executive Officer

Insured:         BRADY T. BURT
XXXXXXXXXX
XXXXXXXXXX

5

(k)Non-waiver.  No delay or failure by either party to exercise any right under this Agreement, and no partial or single exercise of that right, shall constitute a waiver of that or any other right.

(l)Headings.  Headings in this Agreement are for convenience only and shall not be used to interpret or construe its provisions.

(m)Amendment.  No amendments or additions to this Agreement shall be binding unless in writing and signed by both parties.  No waiver of any provision contained in this Agreement shall be effective unless it is in writing and signed by the party against whom such waiver is asserted.  Notwithstanding the foregoing, the Bank may amend, modify or terminate this Agreement (and may do so retroactively) without the consent and/or approval of Insured or any beneficiary(ies) of the Insured if such amendment, modification or termination is necessary to ensure compliance with Code Section 409A or in order to avoid the application of any penalties that may be imposed upon Insured and any beneficiary(ies) of Insured pursuant to the provisions of Code Section 409A.

(n)Purpose.  The primary purpose of this Agreement is to provide certain death benefits to Insured as a member of a select group of management or highly compensated employees of the Bank.

(o)Compliance with Code Section 409A.  Code Section 409A, as added by the American Jobs Creation Act of 2004 (AJCA), substantially revised the requirements applicable to certain deferred compensation arrangements.  If Code Section 409A is found to be applicable, this Agreement is intended to comply, and to be operated and administered in all respects in compliance, with the requirements of Code Section 409A and all Internal Revenue Service rulings, Treasury Department regulations or other pronouncements or guidance implementing or interpreting its provisions.

16.Change in Control.  If Insured experiences a separation from service from the Bank and its affiliates within 12 months after a Change in Control (as defined below), (a) Insured shall remain eligible for a death benefit under Section 6 even if that separation from service occurs prior to the date that the Insured attains age 62, and (b) the non-compete covenant in the retirement conditions of Exhibit B shall not apply after a Change in Control. 

For purposes of this Agreement, the occurrence of a “Change in Control” shall mean the occurrence of any of the following: (a) the consummation of an agreement for the sale of all, or a material portion, of the assets of the Bank; (b) the consummation of a merger or recapitalization of the Bank, or any merger or recapitalization whereby the Bank is not the surviving entity; or (c) the acquisition, directly or indirectly, of the beneficial ownership (within the meaning of that term as it is used in Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder) of twenty-five percent (25%) or more of the outstanding voting securities of the Bank or the Bank’s parent Park National Corporation by any person or group.  The term “person” means an individual other than Insured, or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein.

[THE REMAINDER OF THE PAGE IS INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS.]

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IN WITNESS WHEREOF, the parties hereto have executed, or caused to be executed, this Agreement as of the day and year first above written.

	
		
	 
	BANK:

	 
	 

	 
	The Park National Bank

	 
	 

	 
	By /s/ David L. Trautman

	 
	Its CEO

	 
	 

	 
	INSURED

	 
	 

	 
	/s/ Brady T. Burt

	 
	BRADY T. BURT

7

EXHIBIT A

BENEFICIARY DESIGNATION FORM

AMENDED AND RESTATED SPLIT-DOLLAR AGREEMENT

Pursuant to Section 3 of the Split-Dollar Agreement, made and entered into effective as of June 15th, 2015  (the “Agreement”), I, BRADY T. BURT, hereby designate the beneficiary(ies) listed below to receive any benefits under the Agreement that may be due upon my death. This designation shall replace and revoke any prior designation of beneficiary(ies) made by me under the Agreement.

Full Name(s), Address(es) and Social Security Number(s) of Primary Beneficiary(ies)*:    

XXXXXXXXXXXXXXXX        

*If more than one beneficiary is named above, the beneficiaries will share equally in any benefits, unless I have otherwise provided above.  Further, if I have named more than one beneficiary and one or more of the beneficiaries is deceased at the time of my death, any remaining beneficiary(ies) will share equally, unless I have provided otherwise above. If no primary beneficiary survives me, then the contingent beneficiary designated below will receive any benefits due upon my death.  In the event I have no designated beneficiary upon my death, any benefits due will be paid to my estate.  In the event that I am naming a beneficiary that is not an individual,  I have provided pertinent information regarding the designation.

Full Name, Address and Social Security Number of Contingent Beneficiary:

XXXXXXXXXXXXXXXX            

    
Date  June 15th, 2015 

 /s/ Brady T. Burt    
BRADY T. BURT

ACCEPTED:    THE PARK NATIONAL BANK

Date  June 15th, 2015 

By /s/ David L. Trautman    

Its  CEO    

A-1

EXHIBIT B

DEATH BENEFIT

BRADY T. BURT

Date on which Insured attains:
Age 62 XXXXX XX, 2034
Age 65 XXXXX XX, 2037
Age 82 XXXXX XX, 2054

Maximum Death Benefit - The “Death Benefit” shall equal $2,353,000 if Insured’s death occurs while Insured is in the full-time employment of the Bank.

 Reduced Death Benefit - If the Insured’s death occurs after Insured’s retirement (for purposes of this Agreement, “retirement” shall mean the termination of Insured’s full-time employment with the Bank following attainment of age 62) or Insured’s separation form service in connection with a Change in Control under Section 16 of the Agreement,  then the “Death Benefit” shall equal the amount listed on the schedule below, subject to the retirement conditions listed below the table:

	
			
	Attained Age at Death
	Year of Death
	Reduced Death Benefit if retired on or after age 62 or terminated within 12 months after a Change in Control

	Less than 62
	Before  XXXXX XX, 2034 (only if terminated within 12 months after a Change in Control)
	$2,353,000

	Between 62-65
	XXXXX XX, 2034 to XXXXX XX, 2037
	$2,353,000

	65
	XXXXX XX, 2037 to XXXXX XX, 2038
	$2,353,000

	66
	XXXXX XX, 2038 to XXXXX XX, 2039
	$2,258,000

	67
	XXXXX XX, 2039 to XXXXX XX, 2040
	$2,159,000

	68
	XXXXX XX, 2040 to XXXXX XX, 2041
	$2,055,000

	69
	XXXXX XX, 2041 to XXXXX XX, 2042
	$1,946,000

	70
	XXXXX XX, 2042 to XXXXX XX, 2043
	$1,833,000

	71
	XXXXX XX, 2043 to XXXXX XX, 2044
	$1,714,000

	72
	XXXXX XX, 2044 to XXXXX XX, 2045
	$1,590,000

	73
	XXXXX XX, 2045 to XXXXX XX, 2046
	$1,461,000

	74
	XXXXX XX, 2046 to XXXXX XX, 2047
	$1,326,000

	75
	XXXXX XX, 2047 to XXXXX XX, 2048
	$1,184,000

	76
	XXXXX XX, 2048 to XXXXX XX, 2049
	$1,037,000

	77
	XXXXX XX, 2049 to XXXXX XX, 2050
	$882,000

	78
	XXXXX XX, 2050 to XXXXX XX, 2051
	$721,000

	79
	XXXXX XX, 2051 to XXXXX XX, 2052
	$553,000

	80
	XXXXX XX, 2052 to XXXXX XX, 2053
	$376,000

	81
	XXXXX XX, 2053 to XXXXX XX, 2054
	$192,000

	82 or older
	XXXXX XX, 2054 and thereafter
	$0

Notwithstanding the above schedule, payment of the Death Benefit after Insured’s retirement (as defined above) shall be subject to the following retirement conditions:

1.Except as provided in Section 16 of the Agreement, after retirement, Insured has not been     employed by any financial services firm offering like or similar products as the Bank, except with written approval of the Bank.
2.Insured’s termination of employment from the Bank has not been for cause as determined     by the Board of Directors of the Bank; if termination is determined to be for cause, a letter so stating shall be sent by certified mail to Insured within 90 days of termination of employment from the Bank. 
3.Insured shall not be entitled to a Death Benefit after attaining age 82.

B-1

C-1

EXHIBIT C

ENDORSED POLICIES

BRADY T. BURT

The Split-Dollar Agreement, made and entered into effective as of June 15th, 2015 (the “Agreement”)  pertains to the life insurance policies (the “Policies”) listed on this Exhibit C, attached and made a part of the Agreement:

Insurer:  MassMutual

Policy number: 39121388

Insurer:  Ohio National

Policy number: c7136382

Insurer:  Northwestern Mutual

Policy number: 21155836

 

C-1

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