Document:

EX-4.4

 

Exhibit 4.4

[Croghan Bancshares, Inc. Letterhead]

March 25, 2008

Securities and Exchange Commission

100 F Street, NE

Washington, D.C. 20549

	 	Re:	 	Croghan Bancshares, Inc. — Annual Report on Form 10-K for the fiscal year ended
December 31, 2007

Ladies and Gentlemen:

     Croghan Bancshares, Inc., an Ohio corporation (“Croghan”), is today filing with the
Securities and Exchange Commission (the “SEC”) the Annual Report on Form 10-K of Croghan for the
fiscal year ended December 31, 2007 ( “Croghan’s 2007 Form 10-K”)

     Pursuant to the instructions relating to the Exhibits in Item 601(b)(4)(iii) of Regulation
S-K, Croghan hereby agrees to furnish to the SEC, upon request, copies of instruments and
agreements defining the rights of holders of long-term debt and of the long-term debt of its
consolidated subsidiary, which are not being filed as exhibits to Croghan’s 2007 Form 10-K.
None of such long-term debt exceeds 10% of the total assets of Croghan and its subsidiaries on a
consolidated basis.

	 	 	 	 	 
	 	Very truly yours,

CROGHAN BANCSHARES, INC.

 	 
	 	/s/ Kendall W. Rieman
 	 
	 	Kendall W. Rieman 	 
	 	Treasurer 	 

34EX-10.2

 

Exhibit 10.2

Dental Care Plus, Inc. and DCP Holding Company

DEFERRED COMPENSATION PLAN

Originally Effective January 1, 2006

Amended and Restated Effective January 1, 2008

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I DEFINITIONS AND GENERAL PROVISIONS
	 	 	1	 
	ARTICLE II ELIGIBILITY AND PARTICIPATION
	 	 	3	 
	ARTICLE III DEFERRED COMPENSATION
	 	 	4	 
	ARTICLE IV VESTING
	 	 	6	 
	ARTICLE V DISTRIBUTION OF BENEFITS
	 	 	6	 
	ARTICLE VI PLAN ADMINISTRATION
	 	 	7	 
	ARTICLE VII AMENDMENT AND TERMINATION
	 	 	9	 
	ARTICLE VIII MISCELLANEOUS PROVISIONS
	 	 	9	 

 

 

Dental Care Plus, Inc. and DCP Holding Company

DEFERRED COMPENSATION PLAN

     The Dental Care Plus, Inc. and DCP Holding Company Deferred Compensation Plan (the “Plan”) was
established effective as of January 1, 2006, by DCP Holding Company, an Ohio corporation (the
“Company”), for the benefit of Company directors and a select group of the management and highly
compensated employees of the Company and its subsidiary, Dental Care Plus, Inc., (“DCP”), and of
any other affiliated entities which adopt and participate in this Plan with the consent of the
Company. The Plan is hereby amended and restated effective as of January 1, 2008, to comply with
the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and to permit
the value of Deferred Compensation Credits from Compensation deferrals under the Plan to be
determined based on the change in value of Shares.

Background Information

     A. The Company adopted the Plan in order to provide its directors and certain of its highly
compensated and management employees with the opportunity to defer a portion of the Compensation
otherwise payable to them.

     B. The Company intends for the Plan to be an unfunded, nonqualified deferred compensation
arrangement as provided under the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), and to satisfy the requirements of a “top hat” plan thereunder and under Labor Reg. Sec.
2520.104-23, to the extent employees participate herein.

     C. The Plan is intended to comply with the requirements of the American Jobs Creation Act of
2004 (“AJCA”) and Section 409A of the Code, and shall be interpreted and administered consistent
therewith.

ARTICLE I

DEFINITIONS AND GENERAL PROVISIONS

     1.1 Definitions. Unless the context requires otherwise, the terms defined in this
Article shall have the following respective meanings:

     (a) Account. The bookkeeping account described in Section 3.6 under which deferred
amounts and earnings are credited on behalf of a Participant.

     (b) Administrative Committee. An Administrative Committee of at least three (3)
persons appointed by the Board to oversee the administration of the Plan. If no Administrative
Committee is appointed, the Benefits and Compensation Committee of the Board of Directors shall be
the Administrative Committee.

     (c) Beneficiary. The person(s) entitled to receive any distribution hereunder upon
the death of a Participant. The Beneficiary for benefits payable under this Plan shall be the
beneficiary designated by the Participant in accordance with procedures established by the
Administrative Committee as of the Participant’s date of death, or, in the absence of any such
designation, the Participant’s estate.

     (d) Board. The Board of Directors of the Company or the Benefits and Compensation
Committee thereof.

     (e) Change of Control. For purposes of the Plan, a Change of Control means:

(i) 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 (the “Exchange Act”)
(a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) of fifty percent (50%) or more of the combined voting power of
the then outstanding voting securities of the Company entitled to vote generally
in the election of directors (the “Outstanding Voting Securities”); provided,
however, that for purposes of this Subsection (i), the following acquisitions shall
not constitute a Change of Control: (I) any acquisition directly from the Company or
any corporation controlled by the Company, (II) any acquisition by the Company or any
corporation controlled by the Company, (III) any acquisition by any employee benefit
plan (or related trust) sponsored or maintained by the

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Company or any corporation controlled by the Company or (IV) any acquisition by any
corporation that is a Non-Control Acquisition (as defined in Subsection (iii) of this
Section); or

(ii) individuals who, as of the beginning of any 12 consecutive month period after the
establishment of this Plan, constitute the Board (the “Incumbent Directors”) cease for
any reason other than death to constitute at least a majority of the Board; provided,
however, that a director who was not a director at the beginning of such 12-month
period shall be deemed to have satisfied such 12-month requirement (and be an
Incumbent Director) if such director was elected by, or on the recommendation of or
with the approval of, at least a majority of the directors who then qualified as
Incumbent Directors either actually (because they were Directors at the beginning of
such 12-month period) or by prior operation of this Section 1.1(e)(ii); or

(iii) the occurrence of a transaction requiring shareholder approval for the
acquisition of the Company or any subsidiary by an entity other than the Company or
any subsidiary of the Company, or any of their respective affiliates, through purchase
of more than 40% of the total gross fair market value of its assets, by merger, or
otherwise; or

(iv) approval by the shareholders of the Company of a complete liquidation or
dissolution of the Company or its subsidiaries.

In all cases, the determination of whether a Change of Control has occurred will be determined in
compliance with the definition of a change in control under Code Section 409A and regulations and
rulings issued thereunder.

     (f) Code. The Internal Revenue Code of 1986, as amended from time to time.

     (g) Company. DCP Holding Company or any affiliate thereof or successor thereto which
adopts the Plan with the consent of DCP Holding Company. Dental Care Plus, Inc. is a participating
employer in the Plan.

     (h) Compensation. Amounts paid or payable by the Company to an Eligible Person for a
Plan Year which are includable in income for federal tax purposes, including base salary and
variable compensation in the form of commissions and/or bonuses (except as otherwise provided
herein), Director’s fees of all types, and Shares or other amounts realized when restricted stock
(or property) held by a Participant either becomes freely transferable or is no longer subject to a
substantial risk of forfeiture. Notwithstanding the foregoing, the following amounts are excluded
from Compensation: (i) other cash or noncash compensation, expense reimbursements or other
benefits or contributions by the Company to any other employee benefit plan, and (ii) any amounts
that are required to be withheld from a Participant’s wages from the Company pursuant to Code
Section 3102 to satisfy the Participant’s tax obligations under Code Section 3101.

     (i) Distribution Options. Annual installment payments over a period of five (5) or ten
(10) years or a single lump sum payment. The standard form of distribution (“Standard Option”)
shall be installments over a period of five (5) years unless otherwise elected by a Participant in
accordance with the terms of the Plan or as determined by the Company to the extent permitted by
Code Section 409A and regulations thereunder.

     (j) Effective Date. January 1, 2008, as amended and restated.

     (k) Eligible Person. Any individual who is (i) a Director of the Company or DCP, or
(ii) among a select group of management or highly compensated employees (within the meaning of
Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA), who has been designated by the Company as
eligible to make Compensation deferral contributions under Article II of the Plan in accordance
with eligibility criteria established from time to time by the Administrative Committee.

     (l) ERISA. The Employee Retirement Income Security Act of 1974, as amended from time
to time.

     (m) Participant. Any Eligible Person who meets the eligibility requirements for
participation in the Plan as set forth in Article II and who earns benefits under the Plan.

     (n) Plan. The Dental Care Plus, Inc. and DCP Holding Company Deferred Compensation
Plan, as set forth herein, and as such Plan may be amended from time to time hereafter.

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     (o) Plan Year. The fiscal year of the Plan, which is the twelve (12) consecutive
month period beginning January 1 and ending December 31.

     (p) Retirement. When a Director or employee has a Separation from Service that meets
the definition of to “Retire” as defined in the Company’s Code of Regulations.

     (q) Separation from Service or Separate from Service. A termination of employment
occurring when an Employee ceases to be an Employee of the Employer. Whether the Employee has
terminated employment is determined based on whether the facts and circumstances indicate that the
Employer and Employee reasonably anticipated either that no further services would be performed
after a certain date or that the level of bona fide services the Employee would perform after such
date (as an Employee or independent contractor) would permanently decrease to no more than 20% of
the average level of bona fide services performed over the immediately preceding 36-month period
(or the full period in which the Employee provided services to the Employer if the Employee has
been providing services for less than 36 months. Whether an Employee’s termination of employment
is a Separation from Service will be determined in accordance with the Treasury Regulations and
other guidance issued under Code Section 409A. With respect to Directors, Separation from Service
occurs when the Director ceases to be a member of the Board of Directors for any reason.

     (r) Shares. The Class B common shares, without par value, of the Company.

     (s) Total Disability. Occurs when a Participant is, by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, either unable to engage in any
substantial gainful activity or receiving income replacement benefits for a period of not less than
3 months under an accident and health plan covering employees of the Participant’s employer. The
Company shall determine the existence of a Total Disability in its sole discretion (but in
compliance with Code Section 409A) and may require the Participant to submit to periodic medical
examinations at the Participant’s expense to confirm the existence and continuation of a Total
Disability.

     1.2 General Provisions. The masculine wherever used herein shall include the
feminine; singular and plural forms are interchangeable. Certain terms of more limited application
have been defined in the provisions to which they are principally applicable. The division of the
Plan into Articles and Sections with captions is for convenience only and is not to be taken as
limiting or extending the meaning of any of its provisions.

ARTICLE II

ELIGIBILITY AND PARTICIPATION

     2.1 General Eligibility Conditions. To become eligible to participate in the Plan, an
individual must be an Eligible Person and must also meet the requirements of Sections 2.2 and 2.3.

     2.2 Specific Conditions for Active Participation; Deferral Elections. To participate
actively in the Plan (i.e., to make deferrals hereunder), a Participant must execute or acknowledge
a Compensation Deferral Agreement in accordance with procedures established by the Administrative
Committee from time to time. A Participant’s Compensation Deferral Agreement shall be maintained
by or on behalf of the Administrative Committee and must be executed, acknowledged or filed within
thirty (30) days of first becoming eligible to participate in the Plan and, for all subsequent
deferral elections after initial participation, in advance of the beginning of the calendar year
during which such compensation is expected to be earned, or at such other time as may be permitted
or required by regulations issued under Code Section 409A. In all cases, a Participant’s election
to defer Compensation shall be made prior to the time any of the Compensation covered by such
election is to be earned by such Participant. Elections to defer Compensation shall be irrevocable
with respect to the Compensation to which they apply and may be amended, revoked or suspended by
the Participant only effective as of the January 1st following the amendment, revocation
or suspension in accordance with procedures established by the Administrative Committee, or at such
other times as are permitted under Code Section 409A.

     2.3 Eligibility List; Suspension of Active Participation. The Administrative
Committee shall maintain a written list of those employees who then qualify as Eligible Persons
under the Plan, as determined by the Company and the Administrative Committee. Any employee not
listed as an Eligible Person for a given Plan Year shall cease to have any right to defer
Compensation for such Plan Year. However, any amounts credited to the Account of a Participant
whose participation is suspended shall otherwise continue to be maintained under the Plan in
accordance with its terms. Members of the Board of Directors of the Company and of DCP shall at
all times during which they are Directors be eligible to participate in the Plan.

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     2.4 Termination of Participation. Once an Eligible Person becomes a Participant, such
individual shall continue to be a Participant until such individual (i) ceases to be described as
an Eligible Person and (ii) ceases to have any vested interest in the Plan (as a result of
distributions made to such Participant or his Beneficiary, if applicable, or otherwise).

     2.5 Participation by Other Employers. With the consent of the Company, any
corporation that is a member of the same controlled group as the Company (within the meaning of
Code Section 1563(a)) may become a participating employer under the Plan by taking such action as
may be necessary or desirable to put the Plan into effect with respect to such corporation. DCP is
a participating employer in this Plan.

ARTICLE III

DEFERRED COMPENSATION 

     3.1 Deferred Compensation Credits. Pursuant to the provisions of Article II and this
Article III, a Participant and the Company may, by mutual agreement, provide for deferred and
postponed payment of a percentage of the Participant’s Compensation which otherwise would be paid
during the applicable Plan Year(s) for services to be rendered in such year(s) or for the deferral
of specific portions of Compensation, such as Shares to be received as restricted stock granted to
the Participant. Deferral elections with respect to such equity awards must be made for all Shares
granted under a single award, whether or not yet vested or about to vest. All elections to defer
Compensation must be made prior to the calendar year during which the Compensation is expected to
be earned, or at such other time as may be specified under regulations issued under the Code. With
respect to any performance based bonus compensation based on services performed over a period of at
least 12 months, an election to defer such compensation must be made no later than 6 months before
the end of the performance period, provided that the Participant performs services continuously
from the later of the beginning of the performance period or the date the performance criteria are
established through the date an election to defer such compensation is made, and provided further
that in no event may an election to defer performance-based compensation be made after such
compensation has become readily ascertainable. If the performance-based compensation is a specified
or calculable amount, the compensation is readily ascertainable if and when the amount is first
substantially certain to be paid. If the performance-based compensation is not a specified or
calculable amount because, for example, the amount may vary based upon the level of performance,
the compensation, or any portion of the compensation, is readily ascertainable when the amount is
first both calculable and substantially certain to be paid. To qualify as performance based bonus
compensation, such compensation must meet applicable requirements under regulations issued under
Code Section 409A. Any election to defer Shares must be made prior to the year in which the
Participant acquires a legally binding right to such Shares and at least twelve (12) months before
the right to such Shares becomes vested, or at such earlier time as may be mandated under
applicable federal law in order to defer the taxability of the Compensation associated with such
Shares. The Company may, in its discretion, establish and change from time to time a minimum and
maximum amount that may be deferred, and all elections shall be made in accordance with procedures
established by the Administrative Committee. The Company will credit the deferred Compensation
amount agreed to for each Plan Year to the Participant’s Account from time to time as the deferred
amounts otherwise would have been earned by the Participant. All contributions under this provision
to the Accounts of Participants in the Plan, as adjusted for earnings or losses (described below),
are referred to as “Deferred Compensation Credits.”

     3.2 Suspension of Deferrals. Participant Deferred Compensation Credits hereunder will
be automatically suspended during any unpaid leave of absence or temporary layoff. Contributions
suspended in accordance with the provisions of this paragraph shall be automatically resumed,
without the necessity of any action by the Participant, upon return to employment at the expiration
of such suspension period.

     3.3 Record of Account. Solely for the purpose of measuring the amount of the
Company’s obligations to each Participant or his beneficiaries under the Plan, the Company will
maintain a separate bookkeeping record, an “Account,” for each Participant in the Plan. The
Company, in its discretion, may either credit a hypothetical earnings rate to the Participant’s
Account balance for the Plan Year, or may actually invest an amount equal to the amount credited to
the Participant’s Account from time to time in an account or accounts in its name with investment
media or companies, as determined by the Company in its discretion. If such separate investments
are made, the Participant may be permitted to direct the investment of the portion of the Company’s
accounts allocable to him under the Plan in the same manner he is permitted to direct the
investment of his account in the tax-qualified retirement plan of the Company, if applicable,
except that certain of the investment options may not be available options under this Plan unless
otherwise required by law. The Participant may change the allocation of his Account among the
applicable investment alternatives then available under the Plan in accordance with procedures
established by the Administrative Committee from time to time. The Company is not obligated to
make any particular investment options available, however, if investments are in fact made,
and may, from time to time in its sole discretion, change the investment alternatives.
Nothing herein shall be construed to confer on the Participant the right to continue to have any
particular investment available.

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     The Company will credit the Participant’s Account with hypothetical or actual earnings or
losses at least quarterly based on the earnings rate declared by the Company or the performance
results of the Company’s account(s) invested pursuant to the Company’s or the Participant’s
directions, and shall determine the fair market value of the Participant’s Account based on the
bookkeeping record or the fair market value of the portion of the Company’s accounts representing
the Participant’s Account. The determination of the earnings, losses or fair market value of the
Participant’s Account may be adjusted by the Company to reflect its payroll, income or other taxes
or costs associated with the Plan, as determined by the Company in its sole discretion.

     3.4 Special Rules Applicable to Shares. Subject to the provisions of this Article III,
if a Participant makes a timely and effective election to defer Compensation that would have been
received in the form of Shares, or, if the Compensation would have been received as cash, elects to
have such deferred amounts treated hereunder as though invested in Shares, the Participant’s
Account will be credited with a number of hypothetical Shares (and fractions thereof) (“Phantom
Shares”) equal to the number of Shares deferred or the number of Shares (and fractions thereof)
equal to the amount of cash Compensation deferred divided by the fair market value of Shares on the
date such Compensation would have been paid if not deferred. Upon distribution of benefits from
the Plan, the Phantom Share balance shall be converted to cash based on the fair market value of an
equivalent number of Shares at that time. The determination of fair market value may be determined
using an average selling price during a specified period that is within 30 days before the
applicable valuation date, or if the Shares are not readily tradable on an established securities
market, the fair market value of the Shares as of a valuation date means a value determined by the
reasonable application of a reasonable valuation method within the meaning of Code Sec. 409A.

          If any Organic Change shall occur, then the Participant’s Phantom Shares held in his Account
(if any) shall be adjusted so as to contain such shares of stock, securities or assets (including
cash) as would have been issued or payable with respect to or in exchange for a like number of
Shares credited thereto immediately before such Organic Change, if such Shares had been
outstanding. An “Organic Change” includes the recapitalization, reorganization, reclassification,
consolidation, or merger of the Company, or any sale of all or substantially all of the Company’s
assets to another person or entity, or any other transaction which is effected in such a way that
holders of Shares are entitled to receive (either directly or upon subsequent liquidation) other
stock, securities, or assets with respect to or in exchange for Shares. If the assets held in the
Participant’s Account immediately after such adjustment are not equity securities, then the
Participant shall be permitted to re-direct the investment thereof into the other investment
choices then available under this Plan.

          In the case of the Phantom Shares credited (if any) to a Participant’s Account, the earnings
(or losses) credited to such Account shall consist solely of dividend equivalent credits pursuant
to this paragraph. Whenever a dividend or other distribution is made with respect to Shares, then
the Participant’s Account shall be credited, on the payment date for such dividend or other
distribution (the “Dividend Payment Date”), with a number of additional Phantom Shares having a
value, as of the Dividend Payment Date, based upon the number of Phantom Shares deemed to be held
in the Participant’s Account as of the record date for such dividend or other distribution (the
“Dividend Record Date”), as if such were outstanding Shares. If such dividend or other
distribution is in the form of cash, the number of Phantom Shares so credited shall be a number of
Phantom Shares (and fractions thereof) having a value, as of the Dividend Payment Date, equal to
the amount of cash that would have been distributed with respect to the Phantom Shares deemed to be
held in the Participant’s Account as of the Dividend Record Date, as if such were outstanding
Shares. If such dividend or other distribution is in the form of Shares, the number of Phantom
Shares so credited shall equal the number of such Shares (and fractions thereof) that would have
been distributed with respect to the Phantom Shares deemed to be held in the Participant’s Account
as of the Dividend Record Date, as if such were outstanding Shares. If such dividend or other
distribution is in the form of property other than cash or Shares, the number of Phantom Shares so
credited shall be a number of Phantom Shares (and fractions thereof) having a value, as of the
Dividend Payment Date, equal to the value of the property that would have been distributed with
respect to the Phantom Shares deemed to be held in the Participant’s Account as of the Dividend
Record Date, as if such were outstanding Shares. The value of such property shall be its fair
market value as of the Dividend Payment Date, determined by the Board based upon market trading if
available and otherwise based upon such factors as the Board deems appropriate.

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ARTICLE IV

VESTING

     4.1 Vesting. A Participant always will be one hundred percent (100%) vested in
amounts credited to his Account as Deferred Compensation Credits and earnings allocable thereto.
Notwithstanding the foregoing, if Phantom Shares are credited to a Participant’s Account due to an
election to defer Shares to be received as restricted stock granted to the Participant, such
Phantom Shares shall vest on the same date or dates that such Shares would have vested had no
deferral election been made with respect thereto.

     4.2 Confidentiality and Non-competition Agreement. In its discretion, the Company may
require any Eligible Person selected to become a Participant in the Plan to execute a
Confidentiality and Non-competition Agreement with the Company and/or its affiliates in
consideration of the benefits to be provided hereunder.

ARTICLE V

DISTRIBUTION OF BENEFITS

          5.1 Distribution Timing. A Participant shall receive payment of the amounts credited
to his Account upon his Separation from Service due to Retirement, death, Total Disability or any
other reason, including upon a Change of Control, unless the Participant has elected to receive
some or all of his benefits commencing on a fixed date selected by the Participant at the time of
enrollment in the Plan. If such a fixed date has been selected, the Participant will begin to
receive the amount credited to his Account as of such date, or the portion thereof elected to be
paid on such date, regardless whether or not he has had a Separation from Service as an employee or
member of the Board at such date. The Participant may change the fixed date pursuant to an
election made at least twelve (12) months prior to the original fixed date to a new fixed date that
is at least five (5) years later than the original fixed date. Notwithstanding the foregoing, if
the Participant dies or suffers a Total Disability before the fixed date, benefits will be payable
as a death or disability benefit in accordance with the provisions of this Article and the fixed
date election will no longer apply. In addition, a separate payment election may be made with
respect to the portion of a Participant’s Account that derives from deferred Compensation from the
portion that derives from deferred restricted stock units.

          5.2 Distribution upon Separation from Service due to Retirement or Other Termination of
Employment or Service as a Director. Upon a Separation from Service due to Retirement or other
termination of employment or membership on the Board, the Participant shall be eligible to receive
payment of the amounts credited to the Participant’s Account in the Standard Option.
Alternatively, a Participant may elect another Distribution Option at the time of initial
enrollment in the Plan. The Participant may change his election of a Distribution Option pursuant
to an election made during the annual deferral election period prior to the beginning of each Plan
Year, provided said election is made at least twelve (12) months prior to the date that payments
would have otherwise begun under such option and provided that payments will also be deferred to a
new commencement date that is at least five (5) years later than the original commencement date.
If a Distribution Option election is made or changed and the Participant has a Separation from
Service before twelve (12) months have elapsed, the distribution will be made in accordance with
the Distribution Option in effect prior to the change or, if none, in accordance with the Standard
Distribution Option. If an annual installment payment method is the selected Distribution Option,
the amount of the annual benefit shall equal the amount necessary to fully distribute the
Participant’s Account as an annual benefit payable over the installment period, consistent with the
following methodology: the amount payable as the annual installment shall equal the value of the
Participant’s Account as of the most recent Account valuation date, multiplied by a fraction, the
numerator of which is one (1) and the denominator of which is the number of annual installments
remaining in the installment period elected by the Participant. For example, assuming the standard
ten (10) year installment payment period applies, the amount distributed at each of the
distribution dates would represent the value of the Participant’s Account as of the most recent
valuation date preceding the actual distribution date times the following factors: Year 1 – 10%
(1/10), Year 2 – 11.11% (1/9), Year 3 – 12.5% (1/8), Year 4 – 14.29% (1/7), Year 5 – 16.66% (1/6),
Year 6 —20% (1/5), Year 7 — 25% (1/4), Year 8 – 33.33% (1/3), Year 9 — 50% (1/2) and Year 10 –
100% (1/1). The Participant must provide the Company advance notice of his intention to retire and
receive benefits hereunder in accordance with uniform procedures established by the Administrative
Committee.

     5.3 Distribution upon Death. In the event of the death of the Participant while
receiving benefit payments under the Plan, the Company shall pay the Beneficiary or Beneficiaries
designated by the Participant the remaining payments due under the Plan in accordance with the
method of distribution in effect to the Participant at the date of death. In the event of the
death of the

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Participant prior to the commencement of the distribution of benefits under the Plan,
the Company shall pay such benefits to the Beneficiary or Beneficiaries designated by the
Participant, beginning as soon as practicable after the Participant’s death. Such benefits shall
be paid in the Standard Option unless another Distribution Option was timely elected by the
Participant at least twelve (12) months prior to his death.

          5.4. Distribution in the Event of Total Disability. Upon the Participant’s Total
Disability, the Participant shall be eligible to receive payment of the amounts credited to his
Account in the Standard Option commencing as soon as practicable after the Administrative Committee
is satisfied that the Participant has been determined to be Totally Disabled. The Participant’s
Account may also be payable in one of the other Distribution Options provided such other
Distribution Option was timely elected by the Participant at least twelve (12) months prior to his
Total Disability.

          Total Disability shall be considered to have ended and entitlement to a disability benefit
shall cease if the Participant (i) is re-employed by the Company or one of its affiliates, or (ii)
engages in any substantial gainful activity, except for such employment as is found by the Company
in its sole discretion to be for the primary purpose of rehabilitation or not incompatible with a
finding of total and permanent disability. If entitlement to a disability benefit ceases in
accordance with the provisions of this paragraph, the Participant shall not be prevented from
qualifying for a benefit under another provision of the Plan.

          5.5 Lump Sum Distribution of Small Amounts or upon a Change of Control. If the value
of a Participant’s entire Account as of the date it becomes distributable is not greater than the
applicable dollar amount under Section 402(g)(1)(B) of the Code, then the Participant’s entire
Account balance shall be payable as a single lump sum notwithstanding any other election that may
be in effect. In addition, if a Participant Separates from Service within 2 years of a Change of
Control, then the Participant’s Account shall be payable in a single lump sum on the first day of
the month next following the Participant’s Separation from Service following the Change of Control,
and alternative elections in effect by the Participant shall no longer apply.

     5.6 Distribution at a Fixed Date. At the Participant’s election at the time of
enrollment in the Plan, a designated portion or all of the Participant’s Account will become
payable in the Standard Option upon attainment of the fixed date, and the Participant will begin to
receive the amount credited to his Account as of such date, regardless whether or not he has
terminated employment or Board membership at such date. The Participant may select an alternative
Distribution Option at the same time that a fixed date distribution is selected. The Participant
may change the fixed date and/or the Distribution Option pursuant to an election made at least
twelve (12) months prior to the original fixed date, provided that the election defers the
commencement of benefit payments to a new fixed date that is at least five (5) years later than the
original fixed date. Notwithstanding the foregoing, if the Participant dies or suffers a Total
Disability before the fixed date, benefits will be payable as a death or disability benefit in
accordance with the provisions of this Article and the fixed date election will no longer apply.

     5.7 Distribution of Cash. Payments of amounts credited to the Participant’s Account
will be made in U.S. dollars, including amounts credited to the Participant’s Account as Phantom
Shares, if any, which shall also be payable in the form of cash based on the fair market value of a
comparable number of Shares at the date distribution commences.

     5.8 Time of Payment. Payments due upon a fixed date elected by a Participant shall
commence on the first business day coinciding with or following the fixed date and, in the case of
installment payments, subsequent installments shall be paid on the first business day coinciding
with or next following each anniversary thereof thereafter until fully distributed. Payments due
upon a Separation from Service for any reason, including death, shall commence on the first
business day of the second month following the date of the Participant’s Separation from Service as
an employee or director. Notwithstanding the foregoing, if the Participant is a “specified
employee” (determined in accordance with Treasury Regulations issued under Code Section 409A) for
the year in which the Separation from Service occurs, payments shall commence on the first business
day that is at least six (6) months after the Separation from Service and, in the case of
installment payments, subsequent installments shall be paid on the first business day coinciding
with or next following each anniversary of the date of the Separation from Service thereafter until
fully distributed.

ARTICLE VI

PLAN ADMINISTRATION

          6.1 Administration. The Plan shall be administered by the Administrative Committee as
an unfunded deferred compensation plan that is not intended to meet the qualification requirements
of Code Section 401.

7

 

          6.2 Administrative Committee. The Administrative Committee will operate and
administer the Plan and shall have all powers necessary to accomplish that purpose, including, but
not limited to, the discretionary authority to interpret the Plan, the discretionary authority to
determine all questions relating to the rights and status of Eligible Persons and Participants, and
the discretionary authority to make such rules and regulations for the administration of the Plan
as are not inconsistent with the terms and provisions hereof, as well as such other authority and
powers relating to the administration of the Plan, except such as are reserved by the Plan to the
Board. Prior to January 1, 2009, the Plan may be administered in accordance with applicable
transition rules under Code Section 409A, notwithstanding any provision herein to the contrary.
All decisions made by the Board or the Administrative Committee shall be final.

          Without limiting the powers set forth herein, the Administrative Committee shall have the
power (i) with the consent of the Board, to change or waive any requirements of the Plan to conform
with the law or to meet special circumstances not anticipated or covered in the Plan; (ii) to
determine the times and places for holding meetings of the Administrative Committee and the notice
to be given of such meetings; (iii) to employ such agents and assistants, such counsel (who may be
counsel to the Company herein), and such clerical and other services as the Administrative
Committee may require in carrying out the provisions of the Plan; and (iv) to authorize one or more
of their number or any agent to execute or deliver any instrument on behalf of the Administrative
Committee.

          The members of the Administrative Committee and the Company and its officers and directors
shall be entitled to rely upon all valuations, certificates and reports furnished by any funding
agent or service provider, upon all certificates and reports made by an accountant, and upon all
opinions given by any legal counsel selected or approved by the Administrative Committee, and the
members of the Administrative Committee and the Company and its officers and directors shall,
except as otherwise provided by law, be fully protected with respect to any action taken or
suffered by them in good faith in reliance upon any such valuations, certificates, reports,
opinions or other advice of a funding agent, service provider, accountant or counsel.

          6.3 Statement of Participant’s Account. The Administrative Committee shall, as soon
as practicable after the end of each Plan Year, provide to each Participant a statement setting
forth the Account of such Participant under Section 3.3 as of the end of such Plan Year. Such
statement shall be deemed to have been accepted as correct unless written notice to the contrary is
received by the Administrative Committee within thirty (30) days after providing such statement to
the Participant. Account statements may be provided more often than annually in the discretion of
the Administrative Committee.

          6.4 Filing Claims. Any Participant, Beneficiary or other individual (hereinafter a
“Claimant”) entitled to benefits under the Plan, or otherwise eligible to participate herein, shall
be required to make a claim with the Administrative Committee (or its designee) requesting payment
or distribution of such Plan benefits (or written confirmation of Plan eligibility, as the case may
be), on such form or in such manner as the Administrative Committee shall prescribe.

          6.5 Notification to Claimant. If a Claimant’s application is wholly or partially
denied, the Administrative Committee (or its designee) shall, within ninety (90) days, furnish to
such Claimant a written notice of its decision. Such notices shall be written in a manner
calculated to be understood by such Claimant, and shall contain at least the following information:

(i) the specific reason or reasons for such denial;

(ii) specific reference to pertinent Plan provisions upon which such denial is based;

(iii) a description of any additional material or information necessary for such Claimant to
perfect his claim, and an explanation of why such material or information is necessary; and

(iv) an explanation of the Plan’s claim review procedure describing the steps to be taken by
such Claimant, if he wishes to submit his claim for review.

          6.6 Review Procedure. Within sixty (60) days after the receipt of such notice from
the Administrative Committee, such Claimant, or the duly authorized representative thereof, may
request, by written application to the Plan, a review by the Administrative Committee of the
decision denying such claim. In connection with such review, such Claimant, or duly authorized
representative
thereof, shall be entitled to receive any and all documents pertinent to the claim or its
denial and shall also be entitled to submit issues and comments in writing. The decision of the
Administrative Committee upon such review shall be made promptly and not later than sixty (60) days
after the receipt of such request for review, unless special circumstances require an extension of
time for processing, in which case a decision shall be rendered as soon as possible, but not later
than one hundred twenty (120) days after the Administrative

8

 

Committee’s receipt of a request for
review. Any such decision on review shall be in writing and shall include specific reasons for the
decision and specific references to the pertinent Plan provisions on which the decision is based.

          6.7 Payment of Expenses. All costs and expenses incurred in administering the Plan
shall be paid from the Plan unless the Company elects to pay the costs and expenses.

ARTICLE VII

AMENDMENT AND TERMINATION

          7.1 Amendment. The Company has reserved, and does hereby reserve, the right at any
time and from time to time by action of the Administrative Committee or of its Board (or by action
of an officer or officers of the Company to whom the Board has delegated the authority to amend the
provisions of the Plan) to amend, modify or alter any or all of the provisions of the Plan without
the consent of any Eligible Persons or Participants; provided, however, that no amendment shall
operate retroactively so as to affect adversely the vested Account balance to which a Participant
may be entitled under the provisions of the Plan as in effect prior to such action. Any such
amendment, modification or alteration shall be expressed in an instrument executed by an authorized
officer or officers of the Company, and shall become effective as of the date designated in such
instrument.

          7.2 Termination. The Company reserves the right to suspend, discontinue or terminate
the Plan, at any time in whole or in part; provided, however, that a suspension, discontinuance or
termination of the Plan shall not accelerate the obligation to make payments to any person not
otherwise currently entitled to payments under the Plan, unless otherwise specifically so
determined by the Company, relieve the Company of its obligations to make payments to any person
then entitled to payments under the Plan, or reduce any existing Account balance.

ARTICLE VIII

MISCELLANEOUS PROVISIONS

          8.1 Employment Relationship. A Participant shall be considered to be in the employ of
the Company and its related affiliates and subsidiaries as long as he remains an employee of the
Company, any subsidiary corporation of the Company, or any corporation to which substantially all
of the assets and business of the Company are transferred. For this purpose, a subsidiary
corporation of the Company is any corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company if, as of the date such determination is to be made, each
of the corporations other than the last corporation in the unbroken chain owns stock possessing
eighty percent (80%) or more of the total combined voting power of all classes of stock in one of
the other corporations in such chain. Nothing in the adoption of the Plan or the crediting of
deferred compensation shall confer on any Participant the right to continued employment by the
Company or an affiliate or subsidiary corporation of the Company, or affect in any way the right of
the Company or such affiliate or subsidiary to terminate his employment at any time. Any question
as to whether and when there has been a termination of a Participant’s employment, and the cause of
such termination, shall be determined by the Administrative Committee, and its determination shall
be final.

          8.2 Facility of Payments. Whenever, in the opinion of the Administrative Committee, a
person entitled to receive any payment, or installment thereof, is under a legal disability or is
unable to manage his financial affairs, the Administrative Committee shall have the discretionary
authority to direct payments to such person’s legal representative or to a relative or friend of
such person for his benefit; alternatively, the Administrative Committee may in its discretion
apply the payment for the benefit of such person in such manner as the Administrative Committee
deems advisable. Any such payment or application of benefits made in good faith in accordance with
the provisions of this Section shall be a complete discharge of any liability of the Administrative
Committee, the Plan and the Company with respect to such payment or application of benefits.

          8.3 Funding. All benefits under the Plan are unfunded and the Company shall not be
required to establish any special or separate fund or to make any other segregation of assets in
order to assure the payment of any amounts under the Plan; provided, however, that in order to
provide a source of payment for its obligations under the Plan, the Company may establish a trust
fund. The right of a Participant or his Beneficiary to receive a distribution hereunder shall be
an unsecured claim against the general assets of the Company, and neither the Participant nor his
Beneficiary shall have any rights in or against any amounts credited under the Plan or
any other specific assets of the Company. All amounts credited under the Plan to the benefit
of a Participant shall constitute general assets of the Company and may be disposed of by the
Company at such time and for such purposes as it may deem appropriate.

          8.4 Anti-Assignment. No right or benefit under the Plan shall be subject to
anticipation, alienation, sale, assignment, pledge, encumbrance or charge; and any attempt to
anticipate, alienate, sell, assign, pledge, encumber or charge the same shall be void. No right or
benefit shall be liable for or subject to the debts, contracts, liabilities, or torts of the person
entitled to such benefits. If a Participant, a Participant’s spouse, or any Beneficiary should
become bankrupt or attempt to anticipate, alienate, sell, assign,

9

 

pledge, encumber or charge any
right to benefits under the Plan, then those rights, in the discretion of the Administrative
Committee, shall cease. In this case, the Administrative Committee may hold or apply the benefits
at issue or any part thereof for the benefit of the Participant, the Participant’s spouse, or
Beneficiary in such manner as the Administrative Committee may deem proper.

          8.5 Unclaimed Interests. If the Administrative Committee shall at any time be unable
to make distribution or payment of benefits hereunder to a Participant or any Beneficiary of a
Participant by reason of the fact that his whereabouts is unknown, the Administrative Committee
shall so certify, and thereafter the Administrative Committee shall make a reasonable attempt to
locate such missing person. If such person continues missing for a period of three (3) years
following such certification, the interest of such Participant in the Plan shall, in the discretion
of the Administrative Committee, be distributed to the Beneficiary of such missing person.

          8.6 References to Code, Statutes and Regulations. Any and all references in the Plan
to any provision of the Code, ERISA, or any other statute, law, regulation, ruling or order shall
be deemed to refer also to any successor statute, law, regulation, ruling or order.

          8.7 Liability. The Company, and its directors, officers and employees, shall be free
from liability, joint or several, for personal acts, omissions, and conduct, and for the acts,
omissions and conduct of duly constituted agents, in the administration of the Plan, except to the
extent that the effects and consequences of such personal acts, omissions or conduct shall result
from willful misconduct. However, this Section shall not operate to relieve any of the
aforementioned from any responsibility or liability for any responsibility, obligation, or duty
that may arise under ERISA.

          8.8 Tax Consequences of Compensation Reductions. The income tax consequences to
Participants of Compensation reductions under the Plan shall be determined under applicable
federal, state and local tax law and regulation and neither the Company, the Board, nor any officer
or employee of the Company makes any representations as to the tax consequences of participation in
the Plan.

          8.9 Company as Agent for Related Employers. Each corporation that becomes a
participating employer pursuant to Section 2.5 shall, by so doing, be deemed to have appointed the
Company its agent to exercise on its behalf all of the powers and authority hereby conferred upon
the Company by the terms of the Plan, including, but not limited to, the power to amend and
terminate the Plan. The Company’s authority shall continue unless and until the related employer
terminates its participation in the Plan.

          8.10 Governing Law; Severability. The Plan shall be construed according to the laws
of the State of Ohio, including choice of law provisions, and all provisions hereof shall be
administered according to the laws of that State, except to the extent preempted by federal law. A
final judgment in any action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. In the event that
any one or more of the provisions of the Plan shall for any reason be held to be invalid, illegal,
or unenforceable, such invalidity, illegality or unenforceability shall not affect any other
provision of the Plan, but the Plan shall be construed as if such invalid, illegal, or
unenforceable provisions had never been contained herein, and there shall be deemed substituted
such other provision as will most nearly accomplish the intent of the parties to the extent
permitted by applicable law.

          8.11 Taxes. The Company shall be entitled to withhold any taxes from any distribution
hereunder or from other compensation then payable, as it believes necessary, appropriate, or
required under relevant law.

	 	 	 	 	 	 	 	 	 
	DCP Holding Company	 	Dental Care Plus, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	 

	 	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	Title:

	 	 	 	Title:	 	 	 	 
	 

	 	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	Date:

	 	 	 	Date:	 	 	 	 
	 

	 	 

	 	 	 	 

	 	 

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