Document:

EX-10.1

 

Exhibit 10.1

EMPLOYMENT AGREEMENT

FOR

J. DANIEL SIZEMORE

     This Agreement is entered into this 14th day of September, 2006, by and among Park National
Corporation (hereinafter referred to as “Park”); Vision Bank, an Alabama banking corporation (the
“Alabama Bank”); Vision Bank, a Florida banking corporation (the “Florida Bank”) (hereinafter the
Alabama Bank and the Florida Bank shall be referred to collectively either as the “Employer” or the
“Banks”) and J. Daniel Sizemore (hereinafter referred to as the “Executive”).

     WHEREAS, the Executive currently serves as the Chairman, Chief Executive Officer and President
of Vision Bancshares, Inc. (“Vision Bancshares”) and the Chairman and Chief Executive Officer of
the Banks pursuant to an employment agreement dated as of December 28, 2005 (the “Vision
Agreement”); and

     WHEREAS, Vision Bancshares and Park propose to enter into a Merger Agreement dated as of the
same date hereof (the “Merger Agreement”) providing for the merger of Vision Bancshares with and
into Park (the “Merger”); and

     WHEREAS, the parties hereto desire to continue the Executive’s employment relationship with
the Banks after the Effective Time (as defined in the Merger Agreement) of the Merger as further
specified herein.

     NOW, THEREFORE, and in consideration of the mutual covenants herein contained and other
valuable consideration, the receipt and adequacy of which is agreed to by the parties, Park, the
Employer and the Executive hereby mutually agree as follows:

     1. Employment and Duties. The Employer hereby employs the Executive and the Executive hereby
accepts employment with the Employer upon the terms and conditions hereinafter set forth. The
Executive will serve the Employer as its Chairman and Chief Executive Officer. In such capacity,
the Executive will report directly to the Board of Directors of Park (hereinafter referred to as
the “Board”) and have all powers, duties, and obligations as are normally associated with such
positions. During the term of this Agreement, at each annual meeting of the shareholders of Park
and the Banks, the Executive shall be nominated to serve as a director of Park and nominated and
elected to serve as a director and Chairman of the Banks. The Executive will further perform such
other duties and hold such other positions related to the business of the Employer as may from time
to time be reasonably requested of him by the Board. The Executive will devote all of his skills,
time, and attention solely and exclusively to said positions and in furtherance of the business and
interests of the Employer and will not directly or indirectly render any services of a business,
commercial or professional nature to any person or organization without the prior written consent
of the Board (which consent will not be unreasonably withheld or delayed); provided, however, that
the Executive will not be precluded from spending a reasonable amount of time managing his personal
investments or participating in community, civic, charitable or similar activities so long as such
activities do not unreasonably interfere with his responsibilities hereunder.

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     2. Term of Employment. This Agreement will be effective on the Effective Time and the term of
employment under this Agreement will begin, or be deemed to have begun, on the Effective Time (the
“Effective Date”). This Agreement shall automatically renew and the term shall be extended for one
additional day on each day after the Effective Date so that the term of this Agreement will always
be three (3) years, unless the Employer gives the Executive three (3) years advance notice in
writing that the Agreement will not be extended or the Agreement is terminated as provided in
Section 5.

     3. Compensation.

          a. Salary. The Executive will receive an initial annual base salary of Three Hundred
Thousand Dollars ($300,000) which may be increased, but not decreased without the Executive’s
written consent, by the Board during the term of this Agreement. In the event that the Board
increases the Executive’s initial base salary, the amount of the initial base salary, together with
any increase(s) will be his base salary (hereinafter referred to as the “Base Salary”). The Base
Salary will be payable in accordance with the Employer’s regular payroll payment practices.

          b. Bonus. Each year during the term of this Agreement, the Executive may earn and
receive a cash bonus in an amount up to sixty-five percent (65%) of his Base Salary, depending upon
the performance of the Banks and the satisfaction of his personal performance goals, which shall be
set from time to time by the Compensation Committee of the Board (hereinafter referred to as the
“Committee”). All bonus payments to be made pursuant to this Section 3(b) will be made to the
Executive in cash no later than the 15th day of the third calendar month following the
fiscal year of the Employer for which such bonus is payable.

          c. Equity Compensation. The Executive shall receive equity awards in the amounts and
on the terms as determined from time to time by the Committee.

          d. Compensation for Special Services. In consideration of the Executive’s willingness
to (i) enter into this Agreement, (ii) apply his experience, skills and knowledge in continued
employment with the Employer, and (iii) terminate the Vision Agreement, Park will pay or cause to
be paid to the Executive $900,000.00 on the Effective Time. The Executive, in consideration of the
foregoing payments, hereby waives and releases all rights, benefits and payments specified in the
Vision Agreement. The Executive acknowledges that he is entitled to no past, present or future
benefit that may be contained in the Vision Agreement. As of the Effective Time, this Agreement
shall supersede and replace the Vision Agreement and the Vision Agreement shall be null and void in
all respects.

          e. Salary Continuation Agreements. The Employer shall continue the Salary
Continuation Agreements entered into between the Alabama Bank and the Executive and the Florida
Bank and the Executive on July 14, 2004 and as amended on June 26, 2006.

     4. Fringe Benefits and Expenses.

          a. Fringe Benefits. The Employer will provide the Executive with all disability
programs, tax-qualified retirement plans, equity compensation programs, paid holidays, vacation,
perquisites, and such other fringe benefits of employment as the Employer

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may provide from time to time to actively employed senior executives of the Employer.
Notwithstanding any provision contained in this Agreement, the Employer may discontinue or
terminate at any time any employee benefit plan, policy or program, now existing or hereafter
adopted, to the extent permitted by the terms of such plan, policy or program and will not be
required to compensate the Executive for such discontinuance or termination. In addition to the
general fringe benefits to be provided hereunder, the Executive shall be entitled to the following
specific fringe benefits:

               i. The Executive shall receive Employer-provided term life insurance equal to three (3) times
his Base Salary, plus group term life insurance policies on his dependents in commercially
reasonable amounts (subject to the insurability of such dependents);

               ii. The Executive and his dependents shall be covered under the Employer’s group health
insurance plan with the entire monthly premium for such coverage to be paid by the Employer;

               iii. The Executive shall receive a monthly car allowance equal to Seven Hundred Fifty Dollars
($750), plus mileage at the current Internal Revenue Service allowed reimbursement rate; and

               iv. The Employer shall pay all fees for any country or social club which the Executive joins
(or in which he is currently a member on the Effective Date) at the request of the Employer.

          b. Expenses. The Employer shall reimburse the Executive for all reasonable travel,
entertainment and miscellaneous expenses incurred by the Executive in connection with the
performance of his business activities under this Agreement, in accordance with the existing
policies and procedures of the Employer pertaining to reimbursement of such expenses to senior
executives.

     5. Termination of Employment.

          a. Death of Executive. The Executive’s employment hereunder will terminate upon his
death and the Executive’s beneficiary (as designated by the Executive in writing with the Employer
prior to his death) will be entitled to the following payments and benefits:

               i. any Base Salary that is accrued but unpaid, the value of any vacation that is accrued but
unused (determined by dividing Base Salary by 365 and multiplying such amount by the number of
unused vacation days), and any business expenses that are unreimbursed—all, as of the date of
termination of employment; and

               ii. any rights and benefits (if any) provided under plans and programs of the Employer,
determined in accordance with the applicable terms and provisions of such plans and programs.

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     In the absence of a beneficiary designation by the Executive, or, if the Executive’s
designated beneficiary does not survive him, payments and benefits described in this subparagraph
will be paid to the Executive’s estate.

          b. Disability. The Executive’s employment hereunder may be terminated by the Employer
in the event of his Disability. For purposes of this Agreement, “Disability” means the inability
of the Executive to engage in any substantial gainful activity 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 twelve (12) months. During any period
that the Executive fails to perform his duties hereunder as a result of a Disability (“Disability
Period”), the Executive will continue to receive his Base Salary at the rate then in effect for
such period until his employment is terminated pursuant to this subparagraph; provided, however,
that payments of Base Salary so made to the Executive will be reduced by the sum of the amounts, if
any, that were payable to the Executive at or before the time of any such salary payment under any
disability benefit plan or plans of the Employer and that were not previously applied to reduce any
payment of Base Salary. In the event that the Employer elects to terminate the Executive’s
employment pursuant to this subparagraph, the Executive will be entitled to the following payments
and benefits:

               i. any Base Salary that is accrued but unpaid, the value of any vacation that is accrued but
unused (determined by dividing Base Salary by 365 and multiplying such amount by the number of
unused vacation days), and any business expenses that are unreimbursed—all, as of the date of
termination of employment; and

               ii. any rights and benefits (if any) provided under plans and programs of the Employer,
determined in accordance with the applicable terms and provisions of such plans and programs.

          c. Termination of Employment for Cause. The Employer may terminate the Executive’s
employment at any time for “Cause” if such Cause is determined by the Board. For purposes of this
Agreement, the term “Cause” shall mean:

               i. the Executive’s willful misconduct or gross malfeasance, or an act or acts of gross
negligence in the course of employment or any material breach of the Executive’s obligations
contained herein;

               ii. any intentional material misstatement or material omission by the Executive to the Board,
the boards of directors of the Banks, or any member or committee thereof, respectively, with
respect to the business, financial condition, or results of operations of the Banks;

               iii. the intentional failure of the Executive to follow the reasonable instructions or the
policies of the Board, the boards of directors of the Banks, or any member or committee thereof,
respectively;

               iv. the Executive’s conviction, admission or confession of any felony; or

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               v. the intentional violation by the Executive of applicable state and federal banking
regulations, rules and other statutes.

     In the event that the Employer terminates the Executive’s employment for Cause, the Executive
will be entitled to the following payments and benefits:

                    A. any Base Salary that is accrued but unpaid, the value of any vacation that is accrued but
unused (determined by dividing Base Salary by 365 and multiplying such amount by the number of
unused vacation days), and any business expenses that are unreimbursed—all, as of the date of
termination of employment; and

                    B. any rights and benefits (if any) provided under plans and programs of the Employer,
determined in accordance with the applicable terms and provisions of such plans and programs.

          d. Termination Without Cause. The Employer may terminate the Executive’s employment
for any reason upon thirty (30) days’ prior written notice to the Executive. If the Executive’s
employment is terminated by the Employer for any reason other than the reasons set forth in
subparagraphs a, b or c of this Section 5, subject to the Executive’s compliance with Sections 8
and 9 of this Agreement, the Executive will be entitled to the following payments and benefits:

               i. any Base Salary that is accrued but unpaid, the value of any vacation that is accrued but
unused (determined by dividing Base Salary by 365 and multiplying such amount by the number of
unused vacation days), and any business expenses that are unreimbursed—all, as of the date of
termination of employment;

               ii. any rights and benefits (if any) provided under plans and programs of the Employer,
determined in accordance with the applicable terms and provisions of such plans and programs;

               iii. continuation of the Executive’s Base Salary as in effect immediately prior to the date of
his termination of employment for a period of three (3) years; provided, that these payments will
be made in separate, equal payments no less frequently than monthly over such period; and

               iv. the Employer shall continue to provide medical, dental, life insurance and other welfare
benefits (the “Welfare Benefits”) to the Executive, his spouse and his eligible dependents for a
period of three (3) years following the date of termination of the Executive’s employment on the
same basis and at the same cost as such benefits were provided to the Executive immediately prior
to his date of termination; provided that if the terms of the plans governing such Welfare Benefits
do not permit such coverage, the Employer will provide such Welfare Benefits to the Executive with
the same after tax effect. Notwithstanding the foregoing, the Welfare Benefits otherwise
receivable by the Executive pursuant to this Section 5(d)(iv) shall be reduced or eliminated to the
extent the Executive becomes eligible to receive comparable Welfare Benefits at substantially
similar costs from another employer.

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          e. Voluntary Termination by Executive. The Executive may resign and terminate his
employment with the Employer for any reason whatsoever upon not less than thirty (30) days’ prior
written notice to the Employer. In the event that the Executive terminates his employment
voluntarily pursuant to this Section 5(e), the Executive will be entitled to the following payments
and benefits:

               i. any Base Salary that is accrued but unpaid, the value of any vacation that is accrued but
unused (determined by dividing Base Salary by 365 and multiplying such amount by the number of
unused vacation days), and any business expenses that are unreimbursed—all, as of the date of
termination of employment; and

               ii. any rights and benefits (if any) provided under plans and programs of the Employer,
determined in accordance with the applicable terms and provisions of such plans and programs.

          f. Good Reason Termination. The Executive may resign and terminate his employment
with the Employer for “Good Reason” upon not less than thirty (30) days’ prior written notice to
the Employer. For purposes of this Agreement, the Executive will have “Good Reason” to terminate
his employment with the Employer if any of the following events occurs (provided the Employer does
not cure such event with ten (10) days following its receipt of notice of termination of employment
from the Executive) and written notice is given by the Executive to the Employer within sixty (60)
days of the occurrence of the event:

               (i) the reduction of the Executive’s Base Salary or levels of benefits or supplemental
compensation without compensation therefore;

               (ii) a relocation of the Executive’s principal place of employment to a location outside a
25-mile radius from the Executive’s principal place of employment or a material increase in the
amount of travel normally required of the Executive in connection with his employment without the
Executive’s prior written consent; or

               (iii) a material and adverse change in the Executive’s position with the Employer or failure
to provide authority, responsibilities and reporting relationships consistent with the Executive’s
position; provided, however, that the parties agree that any change between the Executive’s
position, authority, responsibilities and reporting relationships immediately prior to the
Effective Time and his position, authority, responsibilities and reporting relationships as of the
Effective Date shall not constitute Good Reason under this Section 5(f); and, provided further,
that it will not be a material and adverse change in the Executive’s position if, in connection
with a Change in Control (as defined in Section 6), the Executive’s position, responsibilities and
reporting relationships are changed to account for the effect of the Change in Control but are
otherwise consistent with the Executive’s position immediately before the Change in Control.

     In the event that the Executive terminates his employment for Good Reason pursuant to this
Section 5(f), subject to the Executive’s compliance with Sections 8 and 9 of this Agreement, the
Executive will be entitled to the following payments and benefits:

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                    A. any Base Salary that is accrued but unpaid, the value of any vacation that is accrued but
unused (determined by dividing Base Salary by 365 and multiplying such amount by the number of
unused vacation days), and any business expenses that are unreimbursed—all, as of the date of
termination of employment;

                    B. any rights and benefits (if any) provided under plans and programs of the Employer,
determined in accordance with the applicable terms and provisions of such plans and programs;

                    C. continuation of the Executive’s Base Salary as in effect immediately prior to the date of
his termination (or the Base Salary as in effect immediately prior to the date of any reduction
described in Section 5(f)(i), whichever is higher) of employment for a period of three (3) years;
provided, that these payments will be made in separate, equal payments no less frequently than
monthly over such period; and

                    D. the Employer shall continue to provide the Welfare Benefits to the Executive, his spouse
and his eligible dependents for a period of three (3) years following the date of termination of
the Executive’s employment on the same basis and at the same cost as such benefits were provided to
the Executive immediately prior to his date of termination; provided that if the terms of the plans
governing such Welfare Benefits do not permit such coverage, the Employer will provide such Welfare
Benefits to the Executive with the same after tax effect. Notwithstanding the foregoing, the
Welfare Benefits otherwise receivable by the Executive pursuant to this Section 5(f)(D) shall be
reduced or eliminated to the extent the Executive becomes eligible to receive comparable Welfare
Benefits at substantially similar costs from another employer.

          g. Failure to Extend Term of Agreement. If the Employer notifies the Executive that
the Employer will not extend the term of this Agreement under the provisions of Section 2 hereof,
the Executive’s employment under this Agreement will terminate at the end of such term and the
Executive will be entitled to the following payments and benefits:

               i. any Base Salary that is accrued but unpaid, the value of any vacation that is accrued but
unused (determined by dividing Base Salary by 365 and multiplying such amount by the number of
unused vacation days), and any business expenses that are unreimbursed — all as of the date of
termination of employment; and

               ii. any rights and benefits (if any) provided under plans and programs of the Employer,
determined in accordance with the applicable terms and provisions of such plans and programs.

     6. Change In Control.

          a. Occurrence of Change in Control. In the event that during the term of this
Agreement, a Change in Control [as defined under Section 409A of the Internal Revenue Code of 1986,
as amended (the “Code”) and the regulations thereunder] occurs and, within thirty-six (36) months
following such Change in Control, the Executive’s employment is terminated by the Employer or its
successor for any reason other than the reasons set forth in subparagraphs a, b or c of Section 5
or is terminated by the Executive under subparagraph f of Section 5, then in lieu of

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any other provision of Section 5 of this Agreement, subject to the Executive’s compliance with
Sections 8 and 9 of this Agreement, the Employer or its successor will pay to the Executive the
following payments and benefits:

               i. any Base Salary that is accrued but unpaid, the value of any vacation that is accrued but
unused, (determined by dividing Base Salary by 365 and multiplying such amount by the number of
unused vacation days), and any business expenses that are unreimbursed — all, as of the date of
termination of employment;

               ii. any rights and benefits (if any) provided under plans and programs of the Employer,
determined in accordance with the applicable terms and provisions of such plans and programs;

               iii. a single lump sum payment, payable on the tenth (10th) business day following
the date of termination of employment, equal to three (3) times the total Base Salary and cash
bonus paid or payable to the Executive with respect to the most recently completed fiscal year of
the Employer; and

               iv. the Employer or its successor shall continue to provide the Welfare Benefits to the
Executive, his spouse and his eligible dependents for a period of three (3) years following the
date of termination of the Executive’s employment on the same basis and at the same cost as such
benefits were provided to the Executive immediately prior to his date of termination; provided that
if the terms of the plans governing such Welfare Benefits do not permit such coverage, the Employer
or its successor will provide such Welfare Benefits to the Executive with the same after tax
effect.

          b. Treatment of Taxes. If payments provided under this Agreement, when combined with
payments and benefits under all other plans and programs maintained by the Employer, constitute
“excess parachute payments” as defined in Section 280G(b) of the Code, the Employer or its
successor will reduce the Executive’s benefits under this Agreement and/or the other plans and
programs maintained by the Employer (in a manner to be mutually agreed upon between the Employer or
its successor and the Executive) so that the Executive’s total “parachute payment” as defined in
Code §280G(b)(2)(A) under this Agreement and all other plans and programs will be One Dollar ($1)
less than the amount that would be an “excess parachute payment.” Treatment of taxes under this
Section 6(b) will be made at the time and in the manner mutually agreed to by the parties to this
Agreement. In addition, in the event of any subsequent inquiries regarding the treatment of tax
payments under this Section 6, the parties will agree to the procedures to be followed in order to
deal with such inquiries. Notwithstanding any provision contained herein, except as provided in
Section 19, this Section 6(b) shall not apply to any payments or benefits provided to the Executive
pursuant to Section 3(d) or to any other payment or benefit provided to the Executive as a result
of the Merger.

     7. Nonexclusivity of Rights. Nothing in this Agreement will prevent or limit the Executive’s
continuing or future participation in any incentive, fringe benefit, deferred compensation, or
other plan or program provided by the Employer and for which the Executive may qualify, nor will
anything herein limit or otherwise affect such rights as the Executive may have under any other
agreements with the Employer. Amounts that are vested benefits or that

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the Executive is otherwise entitled to receive under any plan or program of the Employer at or
after the date of termination of employment, will be payable in accordance with such plan or
program.

     8. Noncompetition Covenant. The Executive agrees that, during the term of this Agreement and
for a period of three (3) years thereafter following his termination of employment [one (1) year in
the event that the Executive’s employment is terminated pursuant to the provisions of Section 6
hereof], he shall not:

          a. own greater than a 5% equity interest in any class of stock of, or manage, operate,
participate in, be employed by, perform consulting services for, or otherwise be connected in any
manner with, any bank holding company or any depository institution located within a 50-mile radius
of Gulf Shores, Alabama or Panama City, Florida which is competitive with the business of Park or
the Banks;

          b. solicit or induce any employee of the Banks or Park to terminate such employment or to
become employees of any other person or entity;

          c. solicit any customer, supplier, contractual party of Park or the Banks or any other person
with whom each of them has business relations to cease doing business with Park or the Banks; or

          d. in any way interfere with the relationship of the Banks or Park and any of their respective
employees, customers, suppliers, contractual parties or any other person with whom each of them has
business relations.

     In the event of a breach by the Executive of any covenant set forth in this Section 8, the
term of such covenant will be extended by the period of the duration of such breach and such
covenant will survive any termination of this Agreement but only for the limited period of such
extension.

     The restrictions on competition provided herein shall supersede any restrictions on
competition contained in any other agreement between the Employer and the Executive and may be
enforced by Park, the Employer and/or any successor thereto, by an action to recover payments made
under this Agreement, an action for injunction, and/or an action for damages. The provisions of
this Section 8 constitute an essential element of this Agreement, without which neither Park nor
the Employer would have entered into this Agreement. Notwithstanding any other remedy available to
Park or the Employer at law or at equity, the parties hereto agree that Park, the Employer or any
successor thereto, will have the right, at any and all times, to seek injunctive relief in order to
enforce the terms and conditions of this Section 8.

     If the scope of any restriction contained in this Section 8 is too broad to permit enforcement
of such restriction to its fullest extent, then such restriction will be enforced to the maximum
extent permitted by law, and the Executive hereby consents and agrees that such scope may be
judicially modified accordingly in any proceeding brought to enforce such restriction.

     9. Confidential Information. The Executive will hold in a fiduciary capacity, for the benefit
of Park and the Employer, all secret or confidential information, knowledge, and data

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relating to Park and the Employer, that shall have been obtained by the Executive during his
employment with the Employer and that is not public knowledge (other than by acts by the Executive
or his representatives in violation of this Agreement). During and after termination of the
Executive’s employment with the Employer, the Executive will not, without the prior written consent
of the Board, communicate or divulge any such information, knowledge, or data to anyone other than
Park or the Employer or those designated by them, unless the communication of such information,
knowledge or data is required pursuant to a compulsory proceeding in which the Executive’s failure
to provide such information, knowledge, or data would subject the Executive to criminal or civil
sanctions and then only with prior notice to the Board.

     The restrictions imposed on the release of information described in this Section 9 may be
enforced by Park or the Employer and/or any successor thereto, by an action to recover payments
made under this Agreement, an action for injunction and/or an action for damages. The provisions
of this Section 9 constitute an essential element of this Agreement, without which neither Park nor
the Employer would have entered into this Agreement. Notwithstanding any other remedy available to
Park or the Employer at law or at equity, the parties hereto agree that Park, the Employer or any
successor thereto, will have the right, at any and all times, to seek injunctive relief in order to
enforce the terms and conditions of this Section 9.

     If the scope of any restriction contained in this Section 9 is too broad to permit enforcement
of such restriction to its fullest extent, then such restriction will be enforced to the maximum
extent permitted by law, and the Executive hereby consents and agrees that such scope may be
judicially modified accordingly in any proceeding brought to enforce such restriction.

     10. Intellectual Property. The Executive agrees to communicate to the Employer, promptly and
fully, and to assign to the Employer all intellectual property developed or conceived solely by the
Executive, or jointly with others, during the term of his employment, which are within the scope of
either the Employer’s business or Park’s business, or which utilized Employer materials or
information. For purposes of this Agreement, “intellectual property” means inventions,
discoveries, business or technical innovations, creative or professional work product, or works of
authorship. The Executive further agrees to execute all necessary papers and otherwise to assist
the Employer, at the Employer’s sole expense, to obtain patents, copyrights or other legal
protection as the Employer deems fit. Any such intellectual property is to be the property of the
Employer whether or not patented, copyrighted or published.

     11. Assignment and Survivorship of Benefits. The rights and obligations of Park and the
Employer under this Agreement will inure to the benefit of, and will be binding upon, the
successors and assigns of Park and the Employer. If the Employer shall at any time be merged or
consolidated into, or with, any other company, or if substantially all of the assets of the
Employer are transferred to another company, then the provisions of this Agreement will be binding
upon and inure to the benefit of the company resulting from such merger or consolidation or to
which such assets have been transferred, and this provision will apply in the event of any
subsequent merger, consolidation, or transfer.

     12. Notices. Any notice given to either party to this Agreement will be in writing, and will
be deemed to have been given when delivered personally or sent by certified mail,

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postage prepaid, return receipt requested, duly addressed to the party concerned, at the
address indicated below or to such changed address as such party may subsequently give notice of:

	 	 	 	 	 
	 

	 	If to Park:
	 	Park National Corporation

50 North Third Street

P. O. Box 3500

Newark, Ohio 43058

Attention:                                         
	 
	 	 	 	 
	 

	 	If to the Employer:
	 	2200 Stanford Road

Panama City, Florida 36542

Attention:                                         
	 
	 	 	 	 
	 

	 	If to the Executive:
	 	J. Daniel Sizemore

At the last address on file

with the Employer

     13. Indemnification. The Executive shall be indemnified by the Employer to the extent
provided in the case of officers under the Employer’s Articles of Incorporation or Regulations, to
the maximum extent permitted under applicable law. The Employer shall use commercially reasonable
efforts to continue its Director and Officer Liability Insurance
(“DOL Insurance”) under
substantially similar terms and in substantially similar amounts as in existence prior to the
termination of employment. The DOL Insurance shall be maintained for at least five (5) years from
termination of employment and without limiting the foregoing, the Executive shall not be excluded
from coverage under such DOL Insurance during such period.

     14. Taxes. Anything in this Agreement to the contrary notwithstanding, all payments required
to be made hereunder by the Employer to the Executive will be subject to withholding of such
amounts relating to taxes as the Employer may reasonably determine that it should withhold pursuant
to any applicable law or regulations. In lieu of withholding such amounts, in whole or in part,
however, the Employer may, in its sole discretion, accept other provision for payment of taxes,
provided that it is satisfied that all requirements of the law affecting its responsibilities to
withhold such taxes have been satisfied.

     15. Arbitration; Enforcement of Rights. Any controversy or claim arising out of, or relating
to this Agreement, or the breach thereof, except with respect to Sections 8, 9 and 10, will be
settled by arbitration in the city of Columbus, Ohio, in accordance with the Rules of the American
Arbitration Association, and judgment upon the award rendered by the arbitrator or arbitrators may
be entered in any court having jurisdiction thereof.

     All legal and other fees and expenses, including, without limitation, any arbitration
expenses, incurred by the Executive in connection with seeking in good faith to obtain or enforce
any right or benefit provided for in this Agreement, or in otherwise pursuing any right or claim,
will be paid by the Employer, to the extent permitted by law, provided that the Executive is
successful in whole or in part as to such claims as the result of litigation, arbitration, or
settlement.

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     In the event that the Employer refuses or otherwise fails to make a payment when due and it is
ultimately decided that the Executive is entitled to such payment, such payment will be increased
to reflect an interest equivalent for the period of delay, compounded annually, equal to the prime
or base lending rate used by Park National Bank, and in effect as of the date the payment was first
due.

     16. Section 409A Application. This Agreement is intended to comply with the requirements of
Section 409A of the Code (to the extent applicable) and the Employer agrees to interpret, apply and
administer this Agreement in the least restrictive manner necessary to comply with such
requirements and without resulting in any diminution in the value of payments or benefits to the
Executive. To the extent that any payments to be provided to the Executive under this Agreement
result in the deferral of compensation under Section 409A of the Code, and if the Executive is a
“Specified Employee” as defined in Section 409A(a)(2)(B)(i) of the Code, then any such payments
shall instead be transferred to a rabbi trust (which shall be created by the Employer or its
successor, on terms reasonably acceptable to the Executive, as soon as administratively feasible
following the occurrence of an event giving rise to the Executive’s right to such payment) and such
amounts (together with earnings thereon in accordance with the terms of the trust agreement) shall
be transferred from the trust to the Executive upon the earlier of (i) six months and one day after
the Executive’s separation from service, or (ii) any other date permitted under Section 409A of the
Code. To the extent that any of the non-cash benefits provided to the Executive under this
Agreement, including but not limited to the Welfare Benefits, result in the deferral of
compensation under Section 409A of the Code and if the Executive is a “Specified Employee” as
defined in Section 409A(a)(2)(B)(i) of the Code, then the Employer or its successor shall, instead
of providing such benefits to the Executive as set forth hereinabove, delay the proviso of such
benefits until the earlier of (i) six months and one day after the Executive’s separation from
service, or (ii) such other date permitted under Section 409A of the Code; provided, however, on
such date the Employer shall be required to pay to the Executive in one lump sum an amount equal to
the after-tax costs of the benefits for the period during which the provision of the benefits was
delayed as a result of the application of Code Section 409A.

     17. Governing Law/Captions/Severance. This Agreement will be construed in accordance with,
and pursuant to, the laws of the State of Ohio. The captions of this Agreement will not be part of
the provisions hereof, and will have no force or effect. The invalidity or unenforceability of any
provision of this Agreement will not affect the validity or enforceability of any other provision
of this Agreement. Except as otherwise specifically provided in this Section 17, the failure of
any party to insist in any instance on the strict performance of any provision of this Agreement or
to exercise any right hereunder will not constitute a waiver of such provision or right in any
other instance.

     18. Entire Agreement/Amendment. This instrument contains the entire agreement of the parties
relating to the subject matter hereof, and the parties have made no agreement, representations, or
warranties relating to the subject matter of this Agreement that are not set forth herein. This
Agreement may be amended only by mutual written agreement of the parties. However, by signing this
Agreement, the Executive agrees without any further consideration, to consent to any amendment
necessary to avoid penalties under Section 409A of the Code;

12

 

provided that such amendment does not have a material adverse economic effect on the
Executive.

     19. Make Whole Payments. If (a) on or before December 29, 2006, the Executive has made a good
faith effort to exercise the number (as directed by Park in writing on or before November 1, 2006)
of nonqualified stock options held by him to purchase shares of Vision Bancshares, which have an
aggregate difference or “spread” between the exercise price and the then fair market value of the
underlying shares of up to $1,100,000; and (b) the payments provided to the Executive pursuant to
Section 3(d) of this Agreement, when combined with payments and benefits under all other plans and
programs maintained by the Banks or Vision Bancshares whether under this Agreement or otherwise and
combined with any other payment or benefit provided to Executive as a result of the Merger (the
“Payments”), are subject to any tax under Section 4999 of the Code, or any similar federal or state
law (an “Excise Tax”), then the Employer shall pay to the Executive an additional amount (the “Make
Whole Amount”). The Make Whole Amount shall be equal to (i) the amount of the Excise Tax, plus
(ii) the aggregate amount of any interest, penalties, fines or additions to any tax which are
imposed in connection with the imposition of such Excise Tax, plus (iii) all income, excise and
other applicable taxes imposed on the Executive under the laws of any Federal, state or local
government or taxing authority by reason of the payments required under clause (i) and clause (ii)
and this clause (iii). The time and manner of calculating any Make Whole Amount, as well as, the
procedure for making any tax payments or the treatment of any inquiries by taxing authorities will
be determined by mutual agreement of the parties. In the event that the Executive fails to satisfy
the requirements of clause (a) of this Section 19, at the election of the Executive, either all
Payments will be subject to the provisions of Section 6(b) of this Agreement instead of the
provisions of this Section 19, or all Payments will be made to the Executive and he will be
responsible for the payment of all taxes on such Payments, including any Excise Tax.

(Signature Page Follows)

13

 

          IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

	 	 	 	 	 
	 	PARK NATIONAL CORPORATION

 	 
	 	By:  	 /s/
C. Daniel DeLawder	 
	 	 	 
	 	Its:  	Chairman
and CEO
 	 
	 
	 	THE BANKS

VISION BANK,

an Alabama banking corporation

 	 
	 	By:  	 /s/
William E. Blackmon	 
	 	 	 	 
	 	Its:  	CFO
 	 
	 	 	 	 
	 	VISION BANK,

a Florida banking corporation

 	 
	 	By:  	 /s/
Joey W. Ginn	 
	 	 	 	 
	 	Its:  	President
 	 
	 	 	 	 
	 	EXECUTIVE

 	 
	 	 /s/
J. Daniel Sizemore	 
	 	J. Daniel Sizemore 	 
	 	 	 	 
	 

14Exhibit 4.1

    Exhibit
      4.1
 

    

    

    

    AGREEMENT

    

    INTERNATIONAL
      GAMING AND ENTERTAINMENT LIMITED

    

    and

    

    MAHJONG
      SYSTEMS LIMITED 

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    MEMORANDUM
      OF AGREEMENT

    

    

    

    entered
      into between:

    

    

    INTERNATIONAL
      GAMING AND ENTERTAINMENT LIMITED

    

    A
      company
      duly incorporated under the laws of Antigua

    

    

    

    and

    

    

    

    MAHJONG
      SYSTEMS LIMITED 

    

    A
      company
      domiciled in the Turks and Caicos Islands that offers a centralised Mahjong
      Gaming System and manages the settling of winnings and losses between
      participants.

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    RECITALS

    

    WHEREAS
      Intertops operates a gaming web site as part of their business

    

    AND
      WHEREAS Mahjong
      Systems Limited is a company established to operate a centralised gaming engine
      and settlement system for the provision of games to customers of its
      partners;

    

    AND
      WHEREAS
      Intertops wishes to integrate a multi player mahjong game into its existing
      gaming web site ;

    

    NOW
      THEREFORE
      the
      Parties agree to the following:

    

    
      	1.	
              DEFINITIONS
                

            

    

     

    
      Unless
        the contrary is clearly indicated, the following words and/or phrases, shall
        have the following meaning:

    

    

      
        	
                1.1
                  “this / the Agreement” 

              	
                shall
                  mean this written document together with all written appendices,
                  annexures, exhibits or amendments attached to it from time to time
                  by
                  written agreement between the parties;

              
	
                 

              	 
	
                1.2
                  “Commencement Date”

              	
                 shall
                  mean the date on which he
                  duly authorized representatives of the Parties affixes their signatures
                  to the Agreement;

              
	
                 

              	
              
	
                1.3
                  “Confidential Information” 

              	
                shall
                  mean the personal information
                  of the Introduced Players, including personal information and play
                  history;

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        	
                 

              	 
	
                1.4
                  “Currency”

              	
                 shall
                  mean (not limited to) United States
                  Dollars or EUROs;

              
	
                 

              	 
	
                1.5
                  "Rake" 

              	
                shall
                  mean the share, in the Currency,
                  of the winnings paid in each game that is collected by MSL as a
                  fee for
                  its service; 

              
	
                 

              	 
	
                1.6
                  "MSL"

              	
                shall
                  mean a company with
                  registered address Mahjong
                  Systems Limited, Britannic House, Providenciales, Turks and Caicos
                  Islands, B.W.I represented by the member of the Board Ian
                  Sherrington;

              
	
                 

              	 
	
                1.7
                  "Introduced Players" 

              	
                shall
                  mean players of the Mahjong Games, introduced by Intertops as recorded
                  by
                  the mahjong system;

              
	
                 

              	 
	
                1.8
                  "Mahjong Games"

              	
                 shall
                  mean the multi player Mahjong game and any other games that MSL
                  may make
                  available from time to time;

              
	
                 

              	 
	
                1.9
                  “Parties” 

              	
                shall
                  mean Intertops and MSL;

              
	 	 
	
                1.10
                  “Partners” 

              	
                shall
                  mean all gaming systems that
                  provide players and integrate with MSL in a manner similar to that
                  contemplated in this agreement;

              
	 	 

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        	
                1.11 “Float”
                  

              	
                shall
                  mean the funds held as Deposit by MSL and adjusted in the monthly
                  settlement;

              
	 	 
	
                1.12
                  “Float Amount” 

              	
                The
                  amount of Float that is agreed
                  between MSL and Intertops, as adjusted from time to time, and held
                  by MSL
                  to cover possible losses by Players;

              
	 	 
	
                1.13
                  “Intertops”

              	
                shall
                  mean International Gaming and Entertainment Limited, a company
                  duly
                  incorporated under the laws of Antigua, having its address for
                  service
                  under this Agreement at 60 Nevis Street, St John,
                  Antigua;

              

      

    

    
 

    1.14   Any
      reference to the singular includes the plural and vice versa;

    

    1.15   Any
      reference to natural persons includes legal persons and vice versa;

    

    1.16   Any
      reference to a gender includes other genders;

     

    
      
        1.17   The
          clause
          headings in this agreement have been inserted for convenience only and
          shall not
          be taken into account in its interpretation.

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.   DURATION

    

    2.1    The
      Agreement shall commence on the Commencement
      Date.

    
       

      2.2    The
        Agreement
        will continue in force for a period of ten (10) years calculated from the
        Commencement
        Date
        and
        thereafter be renewed for further periods of ten (10) years 

      subject
        to
        either
        of the Parties’ right to terminate the Agreement by giving one (1) months prior
        written notice after the expiry of the initial ten (10) year term.

       

      2.3    In
        the event
        that MSL is sold the purchaser will honour all terms of this
        agreement.

      3.     RIGHT
        OF
        PARTICIPATION IN REVENUE SHARING

    

     

      3.1   The
        Parties agree that
        other Partners may participate in revenue sharing with MSL in a similar manner
        to that contemplated in this Agreement. 

    

     

    

    4.   RIGHT
      AND OBLIGATIONS OF MSL

     

         MSL
      shall:

    

    
      	4.1      
                	
              Have
                the right to use third parties to perform any of these rights and
                obligations;

            

    

    

    
      	4.2      
                	
              Ensure
                that it is legally authorized to provide the Mahjong
                Games;

            

    

    

    
      	4.3      
                	
              Ensure
                that all transactions in respect of its obligations in terms of this
                Agreement are conducted in the Currency as defined in the systems
                specifications;

            

    

    

    
      	4.4       
                	
              Settle
                all net differences between Partners on a monthly basis within 30
                days of
                the end of each month by, 

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	4.4.1    
                	
              in
                the event that the Float is less than the Float Amount, instructing
                a
                Partner to remit funds to return the Float to the Float Amount;
                

            

    

    
      	4.4.2    
                	
              in
                the event that the Float is greater than the Float Amount, paying
                the
                Partner the excess amount;

            

    

    

    
      	4.5       
               	
              Pay
                the Intertops commissions, as a percentage of the Rake, to Intertops
                as
                defined in Schedule 1, these commissions settled in the same transactions
                as the settlement defined in 4.4;

            

    

    

    
      	4.6       
                	
              Provide
                monthly report of Float movements and commissions due to Intertops
                and
                provide real-time access to financial and game
                information;

            

    

    

    
      	4.7        
               	
              Hold
                the Float Amount in trust for Intertops and return all amounts that
                are
                not spent in the case of cancellation to
                Intertops

            

    

    

    
      	4.8        
               	
              Monitor
                the Float Amount and inform Intertops if it is insufficient for the
                current play rate

            

    

    

    
      	4.9       
                	
              Keep
                full and proper books of accounts and records showing clearly all
                transactions relating to MSL's obligations in respect of this
                Agreement;

            

    

    

    
      	4.10     
                	
              Allow
                any person authorized by Intertops to have access at all reasonable
                times
                to MSL's premises for the purposes of inspecting the books and records
                to
                the extent that this is necessary to ensure Intertops’s interests are
                being protected as provided for in this
                Agreement;

            

    

    

    
      	4.11     
                	
              Provide
                all computer components, equipment and software needed to provide
                the
                electronic system to operate the Mahjong Games, including back office
                systems that may be accessed by Intertops support staff to provide
                player
                support;

            

    

    

    
      	4.12     
                	
              Provide
                systems and make best endeavors to prevent collusion, and update
                these
                systems on an ongoing basis where
                appropriate;

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	4.13     
                	
              Provide
                support and service as follows to Intertops for technical and software
                issues:

            

    

    

    
      	4.13.1     	
              Respond
                to problem notifications within two (2) hours of being advised of
                a
                problem. MSL will make best endeavors to solve the problem within
                twelve
                (12) hours of receiving notification of a
                problem;

            

    

    

    
      	4.13.2     	
              MSL
                has no right to communicate with, nor ownership of, Introduced
                Players

            

    

    

    5.   RIGHTS
      AND OBLIGATIONS OF INTERTOPS

    

    Intertops
      shall:

    

    
      	
               5.1

            	
              Promote
                the Mahjong Games and be responsible for all associated
                costs;

            

    

    

    
      	5.2          	
              Not
                bring MSL into disrepute by marketing or selling the Mahjong Games
                in any
                fashion deemed to be illegal or
                undesirable;

            

    

    

    
      	
               5.3

            	
              Use
                best endeavors to ensure that its activities do not violate the laws
                of
                any country;

            

    

    

    
      	5.4          	
              Inform
                MSL as soon as possible of any legal difficulties that are encountered
                in
                respect of the promotion of the Mahjong
                Games;

            

    

    

    
      	5.5       
                	
              Be
                responsible for all costs incurred by Intertops in the software
                integration;

            

    

    

    
      	5.6       
                	
              Be
                responsible for and bear all costs with relation to the player
                relationship including:

            

    

    

    
      	5.6.1    
                	
              Acquiring
                funds into players’ accounts that may be subsequently used for the Mahjong
                Game,

            

    

    
      	5.6.2    
                	
              Providing
                customer support to players,

            

    

    
      	5.6.3    
                	
              Settlement
                of player withdrawals,

            

    

    
      	5.6.4       	
              Managing
                and funding where necessary any shortfalls through charge backs or
                fraud,

            

    

    
      	5.6.5    
                	
              Provision
                of all software and hardware systems associated with the player
                relationship;

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	5.7       
                	
              Pay
                an initial and annual License Fee as per Schedule
                1;

            

    

    

    
      	5.8       
                	
              Deposit
                funds with MSL to establish the Float. The Float will cover the expected
                maximum deficit that would be realized in the course of one month,
                such
                float to be adjusted where necessary during the course of the month
                in
                good time to avoid players being refused games. The initial float
                amount
                is set as per Schedule 1.

            

    

    

    6.    INTELLECTUAL
      PROPERTY RIGHTS

    

    
      	6.1       
                	
              Intertops
                shall not acquire any right, title or interest in any copyright or
                other
                intellectual property rights in the Mahjong Games by virtue of this
                Agreement;

            

    

    

    
      	6.2       
                	
              MSL
                shall not acquire any right, title or interest in any copyright or
                other
                intellectual property rights in Intertops’s trademarks, trade names,
                copyrights and other rights used or embodied in or in connection
                with its
                activities.

            

    

    

    7.    VALIDITY 

    

    
      	
              7.1

            	
              If
                any provision of this Agreement
                is found or held to be invalid or unenforceable, the validity and
                enforceability of all the other provisions of this Agreement
                will not be affected thereby.

            

    

    

    8. CONFIDENTIALITY 

    

    
      	
              8.1

            	
              MSL
                shall hold in confidence all Confidential
                Information
                received and not divulge the Confidential
                Information
                to any person, including any of its personnel, save for Parties directly
                involved with the execution of this
                Agreement;

            

    

    

    
      	8.2           	
              Intertops
                shall have full rights to and access to the Confidential
                Information.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

       

    

    
      	
              8.3          

            	
              The
                parties shall prevent disclosure of the Confidential
                Information,
                except as may be required by law.

            

    

    

    
      	8.4            	
              MSL
                shall ensure that each staff member or external party having access
                to
                Confidential Information is bound by individual non-disclosure
                agreements.

            

    

    

    9.    TERMINATION
      OF AGREEMENT

    

    
      	
              9.1

            	
              This
                Agreement may be terminated with immediate effect by MSL in the event
                of
                Intertops not complying with the MSL requirements in terms of clause
                5.2.
                This clause shall not be unreasonably
                invoked.

            

    

     

    
      	9.2        
               	
              Each
                party may terminate this Agreement by written notice to the other
                Party in
                accordance with clause 2.2 after the initial
                period.

            

    

     

    

     

    
      	9.3        
               	
              Either
                Party may terminate this Agreement by written notice if the other
                is in
                breach of any of the obligations of this Agreement and fails to remedy
                such breach within thirty (30) days after written notice to do so
                has been
                dispatched by the other Party.

            

    

     

    

     

    
      	9.4        
               	
              Either
                Party may terminate this Agreement immediately and without notice
                if:

            

    

     

    
      	9.4.1     
               	
              the
                other enters into a composition with its
                creditors;

            

    

     

    
      	9.4.2     
               	
              an
                order is made for the winding up of the
                other;

            

    

     

    
      	9.4.3     
               	
              an
                effective resolution is passed for the winding up of the other (other
                than
                for the purposes of amalgamation or reconstruction on terms approved
                by
                the first Party (such approval not to be unreasonably withheld));
                or

            

    

     

    
      	9.4.4     
               	
              the
                other has a receiver, manager, administrative receiver or administrator
                appointed in respect of it.

            

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    9.5   Effect
      of Termination

     

    The
      termination of the Agreement, for whatever reason, shall not affect the rights
      of either of the parties:

     

    
      	9.5.1     
               	
              that
                may have accrued before the termination of the Agreement;
                or

            

    

     

    
      	9.5.2       	
              which
                specifically or by their nature survive the termination of the
                Agreement.

            

    

     

    
      	9.6        
               	
              On
                termination, MSL will provide, in an electronic format acceptable
                to
                Intertops, a copy of all the Confidential Information relating to
                Intertops.

            

    

     

    
      	9.7        
               	
              MSL
                shall destroy all copies of Confidential Information relating to
                Intertops
                once it is no longer required to be
                kept.

            

    

     

    

    10.    DOMICILIUM
      

    

    The
      Parties elect the following addresses as their respective domicilium
      citandi et executandi:

    

    
      	10.1        
              	
              International
                Gaming and Entertainment Limited:

            

    

    60
      Nevis
      Street

    St
      John

    Antigua   

    

    10.2   MSL:   

    Mahjong
      Systems Limited

    Britannic
      House

    Providenciales

    Turks
      and
      Caicos Islands

    B.W.I

    

    
      	
              10.3

            	
              Either
                of the Parties may change its
                domicilium citandi et executandi to
                another address within the same country, by way of a notice to the
                other
                party to this Agreement, provided that such a notice is received
                by the
                addressee, at least 7 (seven) calendar days prior to such a change
                taking
                effect.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    11.   NOTICES
      

    

    The
      Parties elect the following addresses at which all notices and other
      communications must be delivered for the purposes of this Agreement:

    

    11.1   International
      Gaming and Entertainment Limited:

    

    11.1.1  by
      hand
      at 60 Nevis Street, St John, Antigua for the attention of the Chief Executive
      Officer;

    

    11.1.2   by
      post
      at 60 Nevis Street, St John, Antigua marked for the attention of the Chief
      Executive Officer;

    

    11.1.3   by
      facsimile at +43 662 845 955 marked for the attention of the Chief Executive
      Officer.

    

    11.2   MSL:

    

     

    11.2.1  by
      hand
      at Mahjong Mania, 284 Notre Dame West, #200, Montreal, Quebec, H2Y 1T7, marked
      for the attention of Chief Executive Officer.

    

     

    11.2.2  by
      post
      at Mahjong Mania, 284 Notre Dame West, #200, Montreal, Quebec, H2Y 1T7, marked
      for the attention of the Director of the Board. 

    

     

    11.2.3  by
      facsimile at +1 (514) 288 0164 marked for the attention of the Director of
      the
      Board. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
              11.3
                

            	
              Any
                notice or communication required or permitted to be given in terms
                of this
                Agreement
                shall only be valid and effective if it is in
                writing.

            

    

    

    
      	
              11.4
                

            	
              Any
                notice addressed to either of the Parties and contained in a correctly
                addressed envelope and sent by registered post to it at its chosen
                address
                or delivered by hand at its chosen address to a responsible person
                on any
                day of the week between 09h00 and 16h00, excluding Saturdays, Sundays
                and
                public holidays, shall be deemed to have been received, unless the
                contrary is proved, if sent by registered post, on the 14 (fourteenth)
                calendar day after posting and, in the case of hand delivery, on
                the day
                of delivery.

            

    

    

    
      	
              11.5
                

            	
              Any
                notice sent by telefax to either of the Parties at its telefax number
                shall be deemed, unless the contrary is proved, to have been
                received:

            

    

    

    11.5.1  if
      it is
      transmitted on any day of the week between 09h00 and 16h00, excluding Saturdays,
      Sundays and public holidays, within 2 (two) hours of transmission;

    

    11.5.2  if
      it is
      transmitted outside of these times, within 2 (two) hours of the commencement
      of
      the next day of the week between 09h00 and 16h00, excluding Saturdays, Sundays
      and

    public
      holidays, after it has been transmitted.

    

    12.    FORCE
      MAJEURE

    

    
      	
              12.1
                

            	
              Neither
                of the Parties shall be liable for a failure to perform any of its
                obligations insofar as it proves:

            

    

    

    12.1.1  that
      the
      failure was due to an impediment beyond its control;

     

    12.1.2  that
      it
      could not reasonably be expected to have taken the impediment and its effects
      upon the party’s ability to perform into account at the time of the conclusion
      of this

    Agreement;
      and

     

    12.1.3  that
      it
      could not reasonably have avoided or overcome the impediment or at least its
      effects.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              12.2
                

            	
              An
                impediment, as aforesaid, may result from events such as the following,
                this enumeration not being
                exhaustive:

            

    

    

    12.2.1  war,
      whether declared or not, civil war, civil violence, riots and revolutions,
      acts of sabotage;

    12.2.2  natural
      disasters such as violent storms, cyclones, earthquakes, tidal waves, floods,
      destruction by lightning; 

    12.2.3  explosions,
      fires, destruction of machines, factories and any kind of
      installations;

    12.2.4  boycotts,
      strikes and lock-outs of all kinds, go-slows, occupation of factories and
      premises and work stoppages;

    12.2.5  acts
      of
      authority, whether lawful or unlawful, apart from acts from which the party
      seeking relief has assumed the risk by virtue of any other provisions of this
      Agreement. 

    

    
      	
              12.3
                

            	
              For
                the purposes of this clause “impediment” does not include lack of
                authorisations, of licences, of permits or of approvals necessary
                for the
                performance of this Agreement
                and to be issued by the appropriate public
                authority.

            

    

    

    
      	
              12.4
                

            	
              Relief
                from liability for non-performance by reason of the provisions of
                this
                clause shall commence on the date upon which the party seeking relief
                gives Notice
                of the impediment relied upon and shall terminate upon the date upon
                which
                such impediment ceases to exist; provided that if such impediment
                continues for a period of more than sixty (60) days either of the
                Parties
                shall be entitled to terminate this Agreement.

            

    

    

    13.   ENTIRE
      AGREEMENT AND VARIATIONS 

    

    
      	
              13.1
                

            	
              This
                Agreement
                including schedule 1 constitutes the whole agreement between the
                Parties
                and supersedes all prior verbal or written agreements or understandings
                or
                representations by or between the Parties
                regarding the subject matter of this Agreement,
                and the Parties
                will not be entitled to rely, in any dispute regarding this Agreement,
                on any terms, conditions or representations not expressly contained
                in
                this Agreement.

            

    

    

    
      	
              13.2
                

            	
              No
                variation of or addition to this Agreement
                will be of any force or effect unless reduced to writing and signed
                by or
                on behalf of the Parties.

            

    

    

    
      	
              13.3 

            	
              Neither
                party to this Agreement
                has given any warranty or made any representation to the other party,
                other than any warranty or representation that may be expressly set
                out in
                this
                Agreement.

            

    

    

    14.   RELAXATION
      

    

    No
      indulgence, leniency or extension of a right, which either of the Parties
      may have in terms of this Agreement,
      and which either party (“the grantor”) may grant or show to the other party,
      shall in any way prejudice the grantor, or preclude the grantor from exercising
      any of the rights that it has derived from this Agreement,
      or be construed as a waiver by the grantor of that right.

    

    15.   WAIVER

    

    No
      waiver
      on the part of either party to this Agreement of any rights
      arising from a breach of any provision of this Agreement
      will constitute
      a
      waiver of rights in respect of any subsequent breach of the same or any other
      provision.

    

    16.   SEVERABILITY

    

    In
      the
      event that any of the terms of this Agreement
      are found to be invalid, unlawful or unenforceable, such terms will be severable
      from the remaining terms, which will continue to be valid and
      enforceable.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    17.   DRAFTING
      COSTS 

    

    Each
      of
      the Parties shall bear its own cost incurred as a result of the negotiation,
      drafting and finalisation of this Agreement, which shall include, but not be
      limited to, all legal fees.

    

    18.   GOVERNING
      LAW 

    

    The
      validity and interpretation of this Agreement
      will be governed by the laws of the Turks and Caicos Islands.

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    I,
      Mag.
      Ingrid Weinberger, the undersigned, herewith confirm that my position within
      International Gaming and Entertainment Limited is that of CFO and state that
      I
      am duly authorized to enter into this
      Agreement,
      which I herewith do, on this the 19 May 2004 by signing this
      Agreement,
      for and on behalf of International Gaming and Entertainment
      Limited.

    

    

    Witnesses:

    
      	
              1.........................................................
                

            	 	 
	 	 	...................................................................................... 
	
              2..........................................................
                

            	 	
              Signature
                on behalf of International Gaming and Entertainment
                Limited

            
	 	 	 

    

    

    

    

    I,
      Ian
      Sherrington, the undersigned, herewith confirm that my position within the
      Mahjong Systems Limited is that of Director and state that I am duly authorized
      to enter into this
      Agreement,
      which I herewith do,  on
      this
      the 19 May 2004 by signing this
      Agreement,
      for and on behalf of the Mahjong Systems Limited.

    

    

    Witnesses:

    
      	
              1....................................................
                

            	 	 
	 	 	........................................................... 
	
              2....................................................
                

            	 	
              Signature
                on behalf of MSL

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Schedule
      1 

    

      
        	
                 

                Revenue
                  Share, License Fees and Deposit

              
	
                 

                Initial
                  Deposit

              	
                 

                US$
                  *

              
	
                 

                First
                  Year License Fee

              	
                 

                US$
                  *

              
	
                 

                Subsequent
                  Annual License Fees

              	
                 

                US$
                  *

              
	
                 

                Revenue
                  Share 

                (share
                  of House Rake paid to partner)

              	
                 

                *
                  for first two years from the date that Intertops begin using the
                  Mahjong
                  games operationally

                *
                  thereafter 

              

      

    
 

      *
        The
        confidential portion has been so omitted and filed separately with the
        Commission.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}]]