Document:

EX-10.28

 

EXHIBIT 10.28

FIRST FINANCIAL BANCORP

SEVERANCE PAY PLAN

Approved & Effective – April 1, 2005

Approved February 1, 2006

Approved January 1, 2007

 

 

Contents

	 	 	 	 	 	 	 
	 	 	 	 	Page
	Section 1.

	 	Eligibility
	 	 	1	 
	 
	 	 	 	 	 	 
	 

	 	(a) In General
	 	 	1	 
	 

	 	(b) Exclusions
	 	 	1	 
	 
	 	 	 	 	 	 
	Section 2.

	 	Participation
	 	 	1	 
	 
	 	 	 	 	 	 
	 

	 	(a) Involuntary Separation Requirement
	 	 	1	 
	 

	 	(b) Release Requirements
	 	 	1	 
	 
	 	 	 	 	 	 
	Section 3.

	 	Ineligibility for Benefits
	 	 	1	 
	 
	 	 	 	 	 	 
	 

	 	(a) Resignation or Discharge
	 	 	1	 
	 

	 	(b) Changed Decisions
	 	 	2	 
	 

	 	(c) Substitute Employment
	 	 	2	 
	 

	 	(d) Transition Assistance
	 	 	2	 
	 
	 	 	 	 	 	 
	Section 4.

	 	Severance Pay
	 	 	2	 
	 
	 	 	 	 	 	 
	 

	 	(a) Amount
	 	 	2	 
	 

	 	(b) Definitions
	 	 	3	 
	 
	 	 	 	 	 	 
	Section 5.

	 	Payment
	 	 	3	 
	 
	 	 	 	 	 	 
	 

	 	(a) Form of Payment
	 	 	3	 
	 

	 	(b) Time of Payment
	 	 	3	 
	 
	 	 	 	 	 	 
	Section 6.

	 	Additional Benefits
	 	 	4	 
	 
	 	 	 	 	 	 
	Section 7.

	 	Integration with Other Payments
	 	 	4	 
	 
	 	 	 	 	 	 
	Section 8.

	 	Reemployment
	 	 	4	 
	 
	 	 	 	 	 	 
	Section 9.

	 	Taxes
	 	 	4	 
	 
	 	 	 	 	 	 
	Section 10.

	 	Relation to Other Plans
	 	 	4	 
	 
	 	 	 	 	 	 
	Section 11.

	 	Amendment or Termination
	 	 	5	 
	 
	 	 	 	 	 	 
	Section 12.

	 	Claims Procedures
	 	 	5	 
	 
	 	 	 	 	 	 
	 

	 	(a) Claims Normally Not Required
	 	 	5	 
	 

	 	(b) Disputes
	 	 	5	 
	 

	 	(c) Time for Filing Claims
	 	 	5	 
	 

	 	(d) Procedures
	 	 	5	 

i

 

	 	 	 	 	 	 	 
	 	 	 	 	Page
	Section 13.

	 	Plan Administration
	 	 	6	 
	 
	 	 	 	 	 	 
	 

	 	(a) Discretion
	 	 	6	 
	 

	 	(b) Finality of Determinations
	 	 	6	 
	 

	 	(c) Drafting Errors
	 	 	6	 
	 

	 	(d) Scope
	 	 	6	 
	 
	 	 	 	 	 	 
	Section 14.

	 	Costs and Indemnification
	 	 	6	 
	 
	 	 	 	 	 	 
	Section 15.

	 	Limitation on Employee Rights
	 	 	7	 
	 
	 	 	 	 	 	 
	Section 16.

	 	Governing Law
	 	 	7	 
	 
	 	 	 	 	 	 
	Section 17.

	 	Miscellaneous
	 	 	7	 
	 
	 	 	 	 	 	 
	Appendix

	 	Detailed Claim and Arbitration Procedures
	 	 	8	 

ii

 

FIRST FINANCIAL BANCORP

SEVERANCE PAY PLAN

     First Financial Bancorp (“FFBC”) has adopted this Plan to provide separation benefits to
employees who are involuntarily separated between April 1, 2005 and December 31, 2007, as part of
the consolidation of its non-customer support functions announced March 14, 2005 (the
“Consolidation”) and customer support functions announced April 24, 2006 (the “Performance
Improvement Plan”). The Plan is administered by FFBC’s Benefits Committee, which is the Plan
Administrator. The Plan’s “Plan Year” is the 12-month period ending December 31. The Plan is
intended to be a temporary plan and will expire on December 31, 2007.

1. Eligibility

	 	(a)	 	In General
	 
	 	 	 	You are eligible for this Plan if, on April 1, 2005, you are an employee of FFBC or
one of its subsidiaries and you are not excluded by subsection (b).
	 
	 	(b)	 	Exclusions
	 
	 	 	 	You are not eligible for this plan if : (1) you are a “key employee” under Internal
Revenue Code 416(l); (2) you are on a leave of absence, except as otherwise
required by applicable law; (3) you are a temporary employee; (4) you are working
under a collective bargaining agreement (unless the agreement provides that this
Plan covers you); or (5) FFBC is not treating you as a common-law employee, as
conclusively evidenced by its failure to withhold taxes from your compensation, even
if you are, in fact, a common-law employee.

2. Participation

     If you are eligible for the Plan, you will become entitled to Plan benefits if you meet all of
the following requirements, except as provided in Section 3.

	 	(a)	 	Involuntary Separation Requirement
	 
	 	 	 	You must be involuntarily separated from FFBC on a date between April 1, 2005 and
December 31, 2007 (“Separation Date”), as part of the Consolidation.
	 
	 	(b)	 	Release Requirements
	 
	 	 	 	You must sign and file a Severance Agreement and Release as prescribed by the Plan
Administrator, and the Severance Agreement and Release must become irrevocable.

3. Ineligibility for Benefits

	 	(a)	 	Resignation or Discharge

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	 	 	 	You will not be eligible for benefits under this Plan if the Plan Administrator
determines, in its sole discretion, that, prior to your Separation Date, your
employment terminated by resignation (even if you felt compelled to resign)
retirement, death, disability, or by discharge for poor performance, misconduct, or
any other reason except involuntary separation as part of the Consolidation.
Notwithstanding the foregoing, if you are eligible for benefits under the First
Financial Bancorp Employees’ Pension Plan and Trust, you will be eligible for
benefits under this Plan if you elect to retire on your Separation Date.
	 
	 	(b)	 	Changed Decisions
	 
	 	 	 	FFBC has the right to cancel or reschedule your separation before you terminate
employment. You will not be eligible for separation benefits under this Plan if your
separation is canceled.
	 
	 	(c)	 	Substitute Employment
	 
	 	 	 	You will not be considered to have been involuntarily separated, and will not be
entitled to separation benefits under this Plan, if the Plan Administrator
determines, in its sole discretion, that you have been offered substantially
equivalent substitute employment whether you accept the position or not. Substitute
employment is:

	 	(1)	 	an offer of substantially equivalent employment by any entity
that assumes operations or functions formerly carried out by FFBC (such as the
buyer of a facility or any entity to which a FFBC operation or function has
been outsourced);
	 
	 	(2)	 	an offer of substantially equivalent employment by any
subsidiary or affiliate of FFBC;
	 
	 	(3)	 	an offer of substantially equivalent employment by any entity
making the job offer at the request of FFBC (such as a joint venture of which
FFBC or an affiliate is a member); or
	 
	 	(4)	 	an offer of substantially equivalent employment by FFBC.

	 	(d)	 	Transition Assistance
	 
	 	 	 	You will not be entitled to benefits under this Plan unless you satisfy all
transition assistance requests of FFBC to its satisfaction, such as aiding in the
location of files, preparing accounting records, returning all FFBC property in your
possession, or repaying any amounts you owe FFBC.

4. Severance Pay

	 	(a)	 	Amount

 2

 

	 	(1)	 	You will receive Severance Pay in an amount, less applicable
deductions and withholding, equal to two (2) Weeks of Pay plus one (1)
additional Week of Pay for each full Year of Service as of your Separation
Date, with a minimum Severance Pay amount equal to four (4) Weeks of Pay.
	 
	 	(2)	 	If you have a transition role which FFBC deems important,
critical or vital to a smooth transition, FFBC will offer you 4, 8, or up to 24
additional weeks of Severance Pay, respectively, in exchange for signing a
Retention Agreement. If you sign a Retention Agreement and comply with its
terms, you will receive the number of additional weeks of Severance Pay
provided therein.

	 	(b)	 	Definitions

	 	(1)	 	“Years of Service” means your full years of employment with the
Company and its affiliates in your most recent period of employment measured
from your anniversary date. Pro-rated benefits will not be paid for any
fractional Year of Service.
	 
	 	(2)	 	“Week of Pay” means your base weekly rate of pay, excluding
overtime, bonuses, commissions, premium pay, shift differentials, employee
benefits, expense reimbursements, and similar amounts. However, amounts
withheld from your pay for taxes, employee benefits, or other reasons will be
disregarded in calculating pay. If you are paid by the hour, your base weekly
rate of pay is your regular hourly rate multiplied by your scheduled hours per
week. If you are a part-time employee who is not regularly scheduled to work a
specific number of hours per week, your “Week of Pay” will be your average base
weekly pay, excluding overtime, bonuses, commissions, premium pay, shift
differentials, employee benefits, expense reimbursements, and similar amounts,
during the previous calendar year.
	 
	 	(3)	 	Your Years of Service and Weeks of Pay will be determined by
the Plan Administrator, in its sole and exclusive judgment, as of the date
benefits become payable to you.

5. Payment

	 	(a)	 	Form of Payment
	 
	 	 	 	You may elect to receive your Severance Pay under this Plan in a lump sum or paid
bi-weekly on scheduled pay days (the “Severance Pay Period”),
	 
	 	(b)	 	Time of Payment
	 
	 	 	 	Payment of your Severance Pay will commence as soon as administratively practical
after the date your Severance Agreement and Release becomes irrevocable.

 3

 

6. Additional Benefits

	 	(a)	 	You also may continue your health benefits under the normal COBRA rules.

	 	(i)	 	If you elect to receive your Severance Pay bi-weekly, FFBC will
pay its portion of the premiums for COBRA coverage until the end of the
Severance Pay Period, or until you obtain substitute coverage, whichever, first
occurs, subject to you contribution through deductions from your b-weekly
Severance Payments.
	 
	 	(ii)	 	If you elect to receive your Severance Pay in a lump sum, FFBC
will not contribute to your COBRA premiums, and you will be responsible for
paying the full amount.

	 	(b)	 	You will receive outplacement services of FFBC’s selection.

7. Integration With Other Payments

     Benefits under this Plan are not intended to duplicate such benefits as workers’ compensation
wage replacement benefits, disability benefits, pay-in-lieu-of-notice, severance pay, or similar
benefits under other benefit plans (with the exception of benefits payable under the First
Financial Bancorp Employees’ Pension Plan and Trust), severance programs, employment contracts, or
applicable laws, such as the WARN Act. Should such other benefits be payable, your benefits under
this Plan will be reduced accordingly or, alternatively, benefits previously paid under this Plan
will be treated as having been paid to satisfy such other benefit obligations. If you have an
Employment Contract, you will not receive any benefits under this Plan unless you waive all
benefits of any kind or nature owed to you under the Employment Contract. In any case, the Plan
Administrator, in its sole discretion, will determine how to apply this provision and may override
other provisions in this Plan in doing so.

8. Reemployment

     If you are reemployed by FFBC or a Successor Employer while benefits are still payable under
the Plan, all such benefits will cease, except as otherwise specified by the Plan Administrator, in
its sole discretion.

9. Taxes

     Taxes will be withheld from benefits under the Plan to the extent required by law.

10. Relation to Other Plans

     Any prior severance or similar plan of FFBC that might apply to you is hereby revoked as to
you while you are eligible for Plan benefits. Benefits under this Plan will not be counted as
“compensation” for purposes of determining benefits under any other benefit plan, pension plan, or
similar arrangement. All such plans or similar arrangements, to the extent inconsistent with this
Plan, are hereby so amended. No benefits that would constitute “excess parachute payments” within
the meaning of Internal Revenue Code Section 280G, or cause any other amounts to be excess
parachute payments, will be paid by this Plan.

 4

 

11. Amendment or Termination

     FFBC, acting through its chief executive officer, has the right, in its nonfiduciary settlor
capacity, to amend the Plan or to terminate it at any time, prospectively or retroactively, for any
reason, without notice and even if currently payable benefits are reduced or eliminated. The Plan
Administrator also has the right to amend the Plan, as elsewhere provided in the Plan. No person
has any vested right to benefits under this Plan. FFBC may amend the Plan to provide greater or
lesser benefits to particular employees by sending affected employees a letter setting forth the
applicable benefit modification.

12. Claims Procedures

	 	(a)	 	Claims Normally Not Required
	 
	 	 	 	Normally, you do not need to present a formal claim to receive benefits payable
under this Plan.
	 
	 	(b)	 	Disputes
	 
	 	 	 	If any person (Claimant) believes that benefits are being denied improperly, that
the Plan is not being operated properly, that fiduciaries of the Plan have breached
their duties, or that the Claimant’s legal rights are being violated with respect to
the Plan, the Claimant must file a formal claim with the Plan Administrator. This
requirement applies to all claims that any Claimant has with respect to the Plan,
including claims against fiduciaries and former fiduciaries, except to the extent
the Plan Administrator determines, in its sole discretion, that it does not have the
power to grant all relief reasonably being sought by the Claimant.
	 
	 	(c)	 	Time for Filing Claims
	 
	 	 	 	A formal claim must be filed within 90 days after the date the Claimant first knew
or should have known of the facts on which the claim is based, unless the Plan
Administrator in writing consents otherwise. The Plan Administrator shall provide a
Claimant, on request, with a copy of the claims procedures established under
subsection (d).
	 
	 	(d)	 	Procedures
	 
	 	 	 	The Plan Administrator has adopted the procedures for considering claims which are
contained in the Appendix and which it may amend from time to time as it sees fit.
These procedures provide that final and binding arbitration shall be the ultimate
means of contesting a denied claim (even if the Plan Administrator or its delegates
have failed to follow the prescribed procedures with respect to the claim). The
right to receive benefits under this Plan is contingent on a Claimant using the
prescribed claims and arbitration procedures to resolve any claim.

 5

 

13. Plan Administration

	 	(a)	 	Discretion
	 
	 	 	 	The Plan Administrator is responsible for the general administration and management
of the Plan and shall have all powers and duties necessary to fulfill its
responsibilities, including, but not limited to, the discretion to interpret and
apply the Plan and to determine all questions relating to eligibility for benefits.
The Plan shall be interpreted in accordance with its terms and their intended
meanings. However, the Plan Administrator and all Plan fiduciaries shall have the
discretion to interpret or construe ambiguous, unclear, or implied (but omitted)
terms in any fashion they deem to be appropriate in their sole discretion, and to
make any findings of fact needed in the administration of the Plan. The validity of
any such interpretation, construction, decision, or finding of fact shall not be
given de novo review if challenged in court, by arbitration, or in any other forum,
and shall be upheld unless clearly arbitrary or capricious.
	 
	 	(b)	 	Finality of Determinations
	 
	 	 	 	All actions taken and all determinations made in good faith by the Plan
Administrator or by Plan fiduciaries will be final and binding on all persons
claiming any interest in or under the Plan. To the extent the Plan Administrator or
any Plan fiduciary has been granted discretionary authority under the Plan, the Plan
Administrator’s or Plan fiduciary’s prior exercise of such authority shall not
obligate it to exercise its authority in a like fashion thereafter.
	 
	 	(c)	 	Drafting Errors
	 
	 	 	 	If, due to errors in drafting, any Plan provision does not accurately reflect its
intended meaning, as demonstrated by consistent interpretations or other evidence of
intent, or as determined by the Plan Administrator in its sole discretion, the
provision shall be considered ambiguous and shall be interpreted by the Plan
Administrator and all Plan fiduciaries in a fashion consistent with its intent, as
determined in the sole discretion of the Plan Administrator. The Plan Administrator
shall amend the Plan retroactively to cure any such ambiguity.
	 
	 	(d)	 	Scope
	 
	 	 	 	This Section may not be invoked by any person to require the Plan to be interpreted
in a manner inconsistent with its interpretation by the Plan Administrator or other
Plan fiduciaries.

14. Costs and Indemnification

     All costs of administering the Plan and providing Plan benefits will be paid by FFBC, with one
exception: Any expenses (other than arbitrator fees) incurred in resolving disputes with multiple
Claimants concerning their entitlement to the same benefit may be charged against the benefit,
which will be reduced accordingly. To the extent permitted by applicable law and in addition to any
other indemnities or insurance provided by FFBC, FFBC shall indemnify and

 6

 

hold harmless its (and its affiliates’) current and former officers, directors, and employees
against all expenses, liabilities, and claims (including legal fees incurred to defend against such
liabilities and claims) arising out of their discharge in good faith of their administrative and
fiduciary responsibilities with respect to the Plan. Expenses and liabilities arising out of
willful misconduct will not be covered under this indemnity.

15. Limitation on Employee Rights

     This Plan shall not give any employee the right to be retained in the service of FFBC or
interfere with or restrict the right of FFBC to discharge or retire the employee.

16. Governing Law

     This Plan is a welfare plan subject to the Employee Retirement Income Security Act of 1974 and
it shall be interpreted, administered, and enforced in accordance with that law. This Plan is
intended to comply with Section 409A of the Code and shall be considered and interpreted in
accordance with such intent. To the extent that the Severance Benefits are subject to Section 409A
of the Code, they shall be provided in a manner that will comply with Section 409A of the Code,
including proposed, temporary or final regulations or any other guidance issued by the Secretary of
the Treasury and the Internal Revenue Service with respect thereto (the “Guidance”). Any provision
of this Plan that would cause the payment of the Severance Benefits to fail to satisfy Section 409A
of the Code shall have no force and effect until amended to comply with Code Section 409A, which
amendment may be retroactive to the extent permitted by the Guidance. To the extent that state law
is applicable, the statutes and common law of the State of Ohio (excluding its choice of laws
statutes or common law) shall apply.

17. Miscellaneous

     Where the context so indicates, the singular will include the plural and vice versa. Titles
are provided herein for convenience only and are not to serve as a basis for interpretation or
construction of the Plan. Unless the context clearly indicates to the contrary, a reference to a
statute or document shall be construed as referring to any subsequently enacted, adopted, or
executed counterpart.

	 	 	 	 	 	 	 
	Date Adopted
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	 	 	 	 	[name of company representative]
	 

	 	 	 	 	 	[title]

 7

 

APPENDIX

Detailed Claim and Arbitration Procedures

1. Claims Procedure

	 	(a)	 	Initial Claims

     All claims shall be presented to the Plan Administrator in writing. Within 90 days after
receiving a claim, a claims official appointed by the Plan Administrator shall consider the, claim
and issue his or her determination thereon in writing. The claims official may extend the
determination period for up to an additional 90 days by giving the Claimant written notice. The
initial claim determination period can be extended further with the consent of the Claimant. Any
claims that the Claimant does not pursue in good faith through the initial claims stage shall be
treated as having been irrevocably waived.

	 	(b)	 	Claims Decisions

     If the claim is granted, the benefits or relief the Claimant seeks shall be provided. If the
claim is wholly or partially denied, the claims official shall, within 90 days (or a longer period,
as described above), provide the Claimant with written notice of the denial, setting forth, in a
manner calculated to be understood by the Claimant: (1) the specific reason or reasons for the
denial; (2) specific references to the provisions on which the denial is based; (3) a description
of any additional material or information necessary for the Claimant to perfect the claim, together
with an explanation of why the material or information is necessary; and (4) an explanation of the
procedures for appealing denied claims. If the Claimant can establish that the claims official has
failed to respond to the claim in a timely manner, the Claimant may treat the claim as having been
denied by the claims official.

	 	(c)	 	Appeals of Denied Claims

     Each Claimant shall have the opportunity to appeal the claims official’s denial of a claim in
writing to an appeals official appointed by the Plan Administrator (which may be a person,
committee, or other entity). A Claimant must appeal a denied claim within 60 days after receipt of
written notice of denial of the claim, or within 60 days after it was due if the Claimant did not
receive it by its due date. The Claimant (or his or her duly authorized representative) may review
pertinent documents in connection with the appeals proceeding and may present issues and comments
in writing. The Claimant only may present evidence and theories during the appeal that the Claimant
presented during the initial claims stage, except for information the claims official may have
requested the Claimant to provide to perfect the claim. Any claims that the Claimant does not
pursue in good faith through the appeals stage, such as by failing to file a timely appeal request,
shall be treated as having been irrevocably waived.

	 	(d)	 	Appeals Decisions

     The decision by the appeals official shall be made not later than 60 days after the written
appeal is received by the Plan Administrator, unless special circumstances require an extension of
time, in which case a decision shall be rendered as soon as possible, but not later than 120 days
after the appeal was filed, unless the Claimant agrees to a further extension of time. The

 8

 

appeal decision shall be in writing, shall be set forth in a manner calculated to be
understood by the Claimant, and shall include specific reasons for the decision, as well as
specific references to the provisions on which the decision is based, if applicable. If a Claimant
does not receive the appeal decision by the date it is due, the Claimant may deem his or her appeal
to have been denied.

	 	(e)	 	Procedures

     The Plan Administrator shall adopt procedures by which initial claims shall be considered and
appeals shall be resolved; different procedures may be established for different claims. All
procedures shall be designed to afford a Claimant full and fair consideration of his or her claim.

	 	(f)	 	Arbitration of Rejected Appeals

     If a Claimant has pursued his or her claim through the appeal stage of these claims
procedures, the Claimant may contest the actual or deemed denial of that claim through arbitration,
as described below. In no event shall any denied claim be subject to resolution by any means (such
as in a court of law) other than arbitration in accordance with the following provisions.

2. Arbitration Procedure

	 	(a)	 	Request for Arbitration

     A Claimant must submit a request for arbitration to the Plan Administrator within 60 days
after receipt of the written denial of his or her appeal (or within 60 days after he or she should
have received the determination). The Claimant or the Plan Administrator may bring an action in
any court of appropriate jurisdiction to compel arbitration in accordance with these procedures.

	 	(b)	 	Applicable Arbitration Rules

     The arbitration shall be held under the auspices of the American Arbitration Association (AAA)
in accordance with the AAA’s then-current Employment Dispute Resolution Rules and the Due Process
Protocol for Mediation and Arbitration of Statutory Disputes Arising Out of the Employment
Relationship.

	 	(c)	 	Location

     The arbitration will take place in Hamilton, Ohio, or in such other location as may be
acceptable to both the Claimant or the Plan Administrator.

	 	 	 	 	 	 	 
	Date Adopted
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	 	 	 	 	[name of company representative]
	 

	 	 	 	 	 	[title]

 9EX-4F.2

 

Exhibit 4f.2

TRI-PARTY AGREEMENT

     This TRI-PARTY AGREEMENT (this “Instrument”), dated as of October 24, 2006, by and among OHIO
CASUALTY CORPORATION , (The“Issuer”), CITIBANK, N.A., a national banking association duly organized
and existing under the laws of the United States of America (the “Prior Trustee”) and U. S. BANK
TRUST NATIONAL ASSOCIATION, a national banking association duly organized and existing under the
laws of the United States of America (the “Successor Trustee”).

WITNESSETH

WHEREAS, on May 8, 2003 the Issuer and Prior Trustee executed a Senior Indenture that provided for
the authentication, delivery and administration of the Securities.

WHEREAS, the Prior Trustee has been acting as Trustee, Registrar and Paying Agent under the Senior
Indenture.

WHEREAS, Section 6.10 of the Senior Indenture provides that the Trustee may at any time resign with
respect to one or more or all series of Securities by giving written notice of resignation to the
Issuer.

WHEREAS, Section 6.10 of the Senior Indenture further provides that in case the Trustee shall
resign, the Issuer may appoint a successor Trustee.

WHEREAS, Section 6.11 of the Senior Indenture provides that the successor Trustee shall be
qualified under Section 310(b) of the Trust Indenture Act of 1939 and eligible under provisions of
Section 6.09 of the Senior Indenture.

WHEREAS, Section 6.11 of the Senior Indenture further provides that any successor Trustee
appointed under the Senior Indenture shall execute, acknowledge and deliver to the Issuer and to
the Prior Trustee an instrument accepting such appointment, thereupon the resignation of the
Prior Trustee shall become effective and the Successor Trustee without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties and responsibilities of
the Prior Trustee;

NOW, THEREFORE, pursuant to the Senior Indenture and in consideration of the covenants herein
contained, it is agreed as follows (words and phrases not otherwise defined in this Instrument
having the definitions given thereto in the Senior Indenture):

 

 

	1.	 	Pursuant to the terms of the Senior Indenture , the Prior Trustee has notified the Issuer
that the Prior Trustee has been resigned as Trustee, Registrar and Paying Agent under the
Senior Indenture effective as of November 1, 2006 (the “Effective Date”).
	 
	2.	 	Effective as of the Effective Date, the Prior Trustee hereby assigns, transfers, delivers and
confirms to the Successor Trustee all of its rights, title, interest under the Senior
Indenture and all of its rights, title, interests, capacities, privileges, duties and
responsibilities as Trustee, Registrar and Paying Agent under the Senior Indenture, except as
set forth in paragraph 19 hereof.
	 
	3.	 	The Prior Trustee agrees to execute and deliver such further instruments and shall take such
further actions as the Successor Trustee or the Issuer may reasonably request so as to more
fully and certainly vest and confirm in the Successor Trustee all of the rights, title,
interests, capacities, privileges, duties and responsibilities hereby assigned, transferred,
delivered and confirmed to the Successor Trustee, including without limitation, the execution
and delivery of any instruments required to assign all liens in the name of the Successor
Trustee.
	 
	4.	 	Effective as of the Effective Date, the Trustee hereby resigns as the Trustee, Registrar and
Paying Agent and the Issuer appoints the Successor Trustee as successor Trustee, Registrar
and Paying Agent under the Senior Indenture; and the Issuer confirms to the Successor Trustee
all of the rights, title, interest, capacities, privileges, duties and responsibilities of the
Trustee, Registrar and Paying Agent under the Senior Indenture except as set forth in
paragraph 19 hereof.
	 
	5.	 	The Issuer agrees to execute and deliver such further instruments and to take such further
action as the Successor Trustee may reasonably request so as to more fully and certainly vest
and confirm in the Successor Trustee all the rights, title, interests, capacities, privileges,
duties and responsibilities hereby assigned, transferred, delivered and confirmed to the
Successor Trustee.
	 
	6.	 	Effective as of the Effective Date, the Successor Trustee hereby accepts its appointment as
successor Trustee, Registrar and Paying Agent under the Senior Indenture and shall be vested
with all of the rights, title, interests, capacities, privileges, duties and responsibilities
of the Trustee under the Senior Indenture.
	 
	7.	 	The Successor Trustee hereby represents that it is qualified and eligible under the
provisions of Sections 6.8 and 6.9 of the Senior Indenture to be appointed successor Trustee
and hereby accepts the appointment as successor Trustee and agrees that upon the signing of
this Instrument it shall become vested with all the rights, title, interest, capacities,
privileges, duties and responsibilities of the Prior Trustee with like effect as if originally
named as Trustee under the Senior Indenture.
	 
	8.	 	The Successor Trustee shall cause notice of the resignation, appointment and acceptance
effected hereby to be given to the owners of the Securities.

2

 

	9.	 	Effective as of the Effective Date, the Successor Trustee shall serve as Trustee, Registrar
and Paying Agent as set forth in the Senior Indenture at its principal corporate trust office
in New York, NY or such other address as may be specified, where notices and demands to or
upon the Issuer in respect of the Securities may be served.
	 
	10.	 	The Prior Trustee hereby represents and warrants to the Successor Trustee that:

	 	a)	 	To the best of its knowledge no Event of Default and no event which, after notice or
lapse of time or both, would become an Event of Default has occurred and is continuing
under the Senior Indenture.
	 
	 	b)	 	No covenant or condition contained in the Senior Indenture has been waived by the
Prior Trustee or to the best of its knowledge by the holders of the percentage in aggregate
principal amount of the Securities required by the Senior Indenture to effect any
suchwaiver.
	 
	 	c)	 	To the best of its knowledge there is no action, suit or proceeding pending or
threatened against the Prior Trustee before any court or governmental authority arising out
of any action or omission by the Prior Trustee as Trustee under the Senior Indenture.
	 
	 	d)	 	The Prior Trustee has entered into a First Supplemental Indenture dated June 29, 2004
and no other supplement or amendment to the Senior Indenture or any other document executed
by the Prior Trustee in connection with the Securities.
	 
	 	e)	 	As of the Effective Date, the Prior Trustee holds no moneys in any fund or account
established by it as Trustee, Registrar or Paying Agent under the Senior Indenture.

	11.	 	Each of the parties hereto hereby represents and warrants for itself that as of the date
hereof, and the Effective Date:

	 	a)	 	it has power and authority to execute and deliver this Instrument and to perform its
obligations hereunder, and all such action has been duly and validly authorized by all
necessary proceedings on its part; and
	 
	 	b)	 	this Instrument has been duly authorized, executed and delivered by it, and constitutes
a legal, valid and binding agreement enforceable against it in accordance with its terms,
except as the enforceability of this Instrument may be limited by bankruptcy, insolvency or
other similar laws of general application affecting the enforcement of creditor’s rights or
by general principles of equity limiting the availability of equitable remedies.

	12.	 	The parties hereto agree that this Instrument does not constitute an assumption by the
Successor Trustee of any liability of the Prior Trustee arising out of any actions or inaction
by the Prior Trustee under the Senior Indenture.

3

 

	13.	 	The parties hereto agree that as of the Effective Date, all references to the Prior Trustee
as Trustee, Registar and Paying Agent in the Senior Indenture shall be deemed to refer to the
Successor Trustee. From and after the Effective Date, all notices or payments which were
required by the terms of the Senior Indenture and Securities to be given or paid to the Prior
Trustee, as Trustee, Registrar and Paying Agent, shall be given or paid to: U.S. Bank Trust
National Association, 425 Walnut Street Cincinnati, OH 45202.
	 
	14.	 	The removal, appointment and acceptance effected hereby shall become effective as of the
opening of business on the Effective Date.
	 
	15.	 	This Instrument shall be governed by and construed in accordance with the laws of the State
of New York, without regard to conflicts of laws principles thereof.
	 
	16.	 	This Instrument may be executed in any number of counterparts, each of which shall be an
original, but which counterparts shall together constitute but one and the same instrument.
	 
	17.	 	Nothing contained in this Instrument shall in any way affect the obligations or rights of the
Issuer or the Prior Trustee. This Instrument shall be binding upon and inure to the benefit
of the Issuer, the Prior Trustee and the Successor Trustee and their respective successors and
assigns.
	 
	18.	 	All fees paid to the Prior Trustee in advance but unearned for the period from and after the
Effective Date shall be credited to any current fees owed the Prior Trustee with the balance,
if any, remitted to the Issuer and the fees payable by the Issuer on and after the Effective
Date under the Senior Indenture shall henceforth be invoiced by and paid to the Successor
Trustee at such address and account as shall hereafter be provided by the Successor Trustee to
the Issuer.
	 
	19.	 	This Instrument does not constitute a waiver or assignment by the Prior Trustee of any
compensation, reimbursement, expenses or indemnity to which it is or may be entitled pursuant
to the Senior Indenture. The Issuer acknowledges its obligations set forth in Section 6.6 of
the Senior Indenture to indemnify Prior Trustee for, and to hold Prior Trustee harmless
against, any loss, liability, or expense incurred without negligence or willful misconduct on
the part of Prior Trustee and arising out of or in connection with the acceptance or
administration of the trust evidenced by the Senior Indenture (which obligation shall survive
the execution hereof).

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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be duly executed by their
duly authorized officers, all as of the date and year first above written.

	 	 	 	 	 	 	 
	 	 	OHIO CASUALTY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Title:
	 	 

[Issuer Authorization Title]
	 	 
	 
	 	 	 	 	 	 
	 	 	CITIBANK, N.A., as Prior Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Title:
	 	 

[Prior Bank Contact Title]
	 	 
	 
	 	 	 	 	 	 
	 	 	U. S. BANK TRUST NATIONAL ASSOCIATION, as Successor Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Title:
	 	 

Vice President
	 	 

5

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