Document:

YUM-3.23.2013-EX10.18.1

YUM! BRANDS, INC.
1999 LONG TERM INCENTIVE PLAN

FORM OF GLOBAL YUM! STOCK APPRECIATION RIGHTS AGREEMENT
AGREEMENT made as of ___ day of _____, 20__, by and between YUM! Brands, Inc., a North Carolina corporation having its principal office at 1441 Gardiner Lane, Louisville, Kentucky 40213, U.S.A. (“YUM!”) and the Participant.  
W I T N E S S E T H:
WHEREAS, the shareholders of YUM! approved the YUM! Brands, Inc. 1999 Long Term Incentive Plan (the “Plan”), for the purposes and subject to the provisions set forth in the Plan;
WHEREAS, pursuant to authority granted to it in said Plan, the Management Planning and Development Committee of the Board of Directors of YUM! (the “Committee”), has granted to the Participant stock appreciation rights (to be known hereinafter as “YUM! Stock Appreciation Rights”) with respect to the number of shares of YUM! common stock as set forth below;
WHEREAS, YUM! Stock Appreciation Rights granted under the Plan are to be evidenced by an Award Agreement in such form and containing such terms and conditions as the Committee shall determine;
WHEREAS, capitalized terms used but not defined in this Global YUM! Stock Appreciation Rights Agreement shall have the meaning set forth in the Plan;
NOW, THEREFORE, it is mutually agreed as follows:
1.Grant.  In consideration of the Participant remaining in the employ of YUM!, or one of its divisions or direct or indirect Subsidiaries (collectively the “Company”), YUM! hereby grants to the Participant, as of _________, 20__ (the “Grant Date”), on the terms and conditions set forth in this Global YUM! Stock Appreciation Rights Agreement, including any country-specific terms set forth in the attached appendix (the “Appendix” and together with the Global YUM! Stock Appreciation Rights Agreement, the “Agreement”) and the Plan, stock appreciation rights with respect to an aggregate number of shares of the Company's common stock, with no par value, set forth in the Participant's letter from YUM!'s Chief People Officer (the “Covered Shares”), with an Exercise Price of $_____ per share, which was the Closing Value (as defined below) of YUM! common stock on the Grant Date.  The right to receive the appreciation on each such share in accordance with this Agreement is referred to herein as a “YUM! Stock Appreciation Right”.

2.Exercisability.  

(a)Provided the Participant remains continuously employed by the Company through the applicable vesting date and subject to the terms and conditions of this Agreement including, without limitation, Section 4, the YUM! Stock Appreciation Right shall vest and become exercisable (i) with respect to one-fourth (1/4) of the Covered Shares on the one-year anniversary of the Grant Date (i.e.,__________, 20__, which is referred to as the “Initial Vesting Date”), and (ii) after the Initial Vesting Date, with respect to an additional one-fourth (1/4) of the Covered Shares at each of (1) the two-year anniversary of the Grant Date, (2) the three-year anniversary of the Grant Date, and (3) the four-year anniversary of the Grant Date, respectively.

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(b)YUM! Stock Appreciation Rights must be exercised no later than 4PM Eastern Standard Time (“EST”), _________, 20___.  The time during which YUM! Stock Appreciation Rights are exercisable is referred to as the “YUM! Stock Appreciation Right Term.”  If the expiration date falls on a New York Stock Exchange market holiday or weekend, 4PM EST will mean the business day prior to the expiration date.

(c)Once exercisable and until the end of the YUM! Stock Appreciation Term or such earlier date of the termination of the YUM! Stock Appreciation Right as set forth in Section 4, all or a portion of the exercisable YUM! Stock Appreciation Rights may be exercised at any time under procedures that the Committee shall establish from time to time, including, without limitation, procedures regarding the frequency of exercise and the minimum number of YUM! Stock Appreciation Rights which may be exercised at any time.  Fractional YUM! Stock Appreciation Rights may not be exercised.  No omission to exercise a YUM! Stock Appreciation Right shall result in the lapse of any other YUM! Stock Appreciation Right granted hereunder until the forfeiture or expiration of such YUM! Stock Appreciation Right.  The YUM! Stock Appreciation Rights shall terminate and expire no later than the end of the YUM! Stock Appreciation Right Term. 

3.Exercise. Subject to the terms and conditions set forth herein, YUM! Stock Appreciation Rights may be exercised by giving notice of exercise to Merrill Lynch, the stock plan administrator (or any other stock plan administrator or vendor designated by YUM!) in the manner specified from time to time by YUM! or the stock plan administrator.  Upon the exercise of the YUM! Stock Appreciation Right with respect to a share of Stock, the Participant shall receive an amount from the Company which is equal to the excess of the market price of a share of Stock at the time of exercise over the Exercise Price of one share of Stock.  Such amount will be paid to the Participant, in shares of Stock (based on the market price of such shares at the date of exercise), and in cash with respect to any fractional shares or in a combination thereof, subject to satisfaction of all Tax-Related Items (as defined in Section 6 below).

4.Effect of Termination of Employment, Death, Retirement, and Total Disability.  

(a)The Participant shall have a period of 90 days after termination of active employment with the Company (as determined in accordance with Section 7(h) below) to exercise such vested or previously exercisable YUM! Stock Appreciation Rights as of the Participant's last day of active employment, but such exercise period shall not extend beyond the end of the YUM! Stock Appreciation Right Term. After the 90-day period, the YUM! Stock Appreciation Rights shall automatically expire and no YUM! Stock Appreciation Right may be exercised; provided, however, that if such termination occurs by reason of the Participant's death, Retirement (as defined in Section 25 below) or Total Disability (as defined in Section 25 below), then all YUM! Stock Appreciation Rights which are otherwise exercisable on the Participant's last day of active employment (or become exercisable on the Participant's date of termination) may be exercised by the Participant's designated beneficiary (or, if none, his or her legal representative), in the event of Participant's death, or by the Participant, in the event of Retirement or Total Disability, during the YUM! Stock Appreciation Right Term, in accordance with this Agreement. 

(b)In the event the Participant's employment with the Company is terminated by reason of Retirement or Death, the YUM! Stock Appreciation Right will pro rata vest on a monthly basis such that a portion of Participant's otherwise unvested YUM! Stock Appreciation Right will vest based upon the time the Participant was employed during the vesting period up to the last day of active employment (as determined in accordance with Section 7(h) below).  The vested YUM! Stock Appreciation Right may be exercised during the YUM! Stock Appreciation Right Term in accordance with this Agreement. 

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(c)In the event the Participant's employment with the Company is involuntarily terminated without cause and solely as a result of (i) a disposition (or similar transaction) with respect to an identifiable Company business or segment (“Business”), and in accordance with the terms of the transaction, the Participant and a substantial portion of the other employees of the Business continue in employment with such Business or commence employment with its acquiror, (ii) the elimination of the Participant's position within the Company, (iii) the selection of the Participant for work force reduction (whether voluntary or involuntary), or (iv) other termination by the Company other than for cause, the YUM! Stock Appreciation Right will pro rata vest on a monthly basis such that a portion of the Participant's otherwise unvested YUM! Stock Appreciation Right will vest based on the time the Participant was employed during the vesting period up to the last day of active employment (as determined in accordance with Section 7(h) below). The Participant shall have a period of 90 days after termination of active employment to exercise such vested or previously exercisable YUM! Stock Appreciation Rights, but such exercise period shall not extend beyond the end of the YUM! Stock Appreciation Right Term.

5.Misconduct and Repayment upon Restatement. 

(a)In the event the Committee determines in its sole discretion that the Participant has (i) used for profit or disclosed to unauthorized persons, confidential information or trade secrets of the Company, (ii) breached any contract with or violated any fiduciary obligation to the Company, or (iii) engaged in any conduct which is injurious to the Company including diverting employees of the Company to leave the Company without the Company's prior consent, then YUM! may terminate all of the Participant's outstanding YUM! Stock Appreciation Rights and the Participant shall forfeit all rights to any unexercised YUM! Stock Appreciation Rights granted hereunder. 

(b)The Committee may cancel, rescind, suspend, withhold or otherwise limit or restrict the YUM! Stock Appreciation Rights if there is a material restatement of the Company's financial statements that is completely or partially caused by misconduct by an executive officer of the Company, and the Participant would unfairly profit if the cancellation, rescission, suspension, withholding, or limitation did not occur, as determined by the Committee; provided that the Committee's notification of the rescission is made no later than one year after the restated financial statements are issued. 

(c)If there is a material restatement of the Company's financial statements that is completely or partially caused by misconduct by an executive officer of the Company, any exercise of the Stock Appreciation Right occurring within 12 months after the restated year (or other restated period) may be rescinded by the Committee, if the Committee concludes that the repayment is necessary to prevent the Participant from unfairly benefiting from an exercise following the restatement, provided that the rescission under this Section (d) shall be effective only if all of the following apply:

		
	(1)
	The Committee notifies the Participant of the rescission no later than one year after the restated financial statements are issued, and

		
	(2)
	The Committee reasonably determines that, prior to the time the YUM! Stock Appreciation Right was exercised, such Participant both (i) knew or should have known of the inaccuracy of the financial statements that were restated, and (ii) knew or should have known that the inaccuracy was caused by misconduct.  

In the event of any such rescission, the Participant (regardless of whether then employed) shall pay to the Company the amount of any gain realized as a result of the rescinded exercise (determined as of the time of exercise), in such manner and on such terms and conditions as may be required by the Company, 

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provided that the Company shall be entitled to set-off against the amount of any such gain any amount owed to the Participant by the Company.  
(d)If the Optionee is an executive officer of the Company, and there is a material restatement of the Company's financial statements and such material restatement was caused by the Optionee's misconduct, the Committee shall cancel the Participant's YUM! Stock Appreciation Right Award (to the extent permitted under applicable law).  Further, any exercise of the YUM! Stock Appreciation Right occurring within 12 months after the restated year (or other restated period) shall be rescinded by the Committee (to the extent permitted under applicable law), provided that the rescission shall be effective only if the Committee notifies the Participant of the rescission no later than one year after the restated financial statements are issued.  In the event of any such rescission, the Participant (regardless of whether then employed) shall pay to the Company the amount of any gain realized as a result of the rescinded exercise (determined as of the time of exercise), in such manner and on such terms and conditions as may be required by the Company, provided that the Company shall be entitled to set-off against the amount of any such gain any amount owed to the Participant by the Company.

(e)This Agreement is a voluntary agreement, and each Participant who has accepted the Agreement has chosen to do so voluntarily.  The Participant understands that all YUM! Stock Appreciation Rights provided under the Agreement and all amounts paid to the individual under the Agreement are provided as an advance that is contingent on the Company's financial statements not being subject to a material restatement.  As a condition of the Agreement, the Participant specifically agrees that the Committee may cancel, rescind, suspend, withhold or otherwise limit or restrict the YUM! Stock Appreciation Rights for any individual party to such an agreement due to a material restatement of the Company's financial statements, as provided in this Section 5 including all subsections (a) through (f).  In the event that amounts have been paid to the Participant pursuant to the Agreement and the Committee determines that the Participant must repay an amount to the Company as a result of the Committee's cancellation, rescission, suspension, withholding or other limitation or restriction of rights, the Participant agrees, as a condition of being awarded such rights, to make such repayments.  

(f)The Board may reduce the amount to be recouped under the foregoing provisions of this Section 5 based on such factors as the Board determines in its sole discretion to be relevant.  Such factors may include, without limitation, the extent to which the gain is determined to be attributable to events prior to the restated year (or other period), and whether the Participant continued to hold the Stock acquired upon the exercise of the YUM! Stock Appreciation Rights during a period in which the value of the Stock declined.

(g)For purpose of this Section 5, (i) the term “misconduct” means fraudulent or illegal conduct or omission that is knowing or intentional; (ii) no conduct or omission shall be deemed “knowing” by a Participant unless done, or omitted to be done, by the Participant not in good faith and without reasonable belief that the Participant's action or omission was in the best interest of the Company; and (iii) a buy out of the YUM! Stock Appreciation Right in accordance with Section 11 shall be treated as the exercise of the Stock Appreciation Right.  Sections (b) through (e) above shall apply only to Awards granted after December 31, 2008.

6.Responsibility for Taxes.  Regardless of any action YUM! or the Participant's employer (if different) (the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related items related to the Participant's participation in the Plan that are legally applicable to the Participant (“Tax-Related Items”), the Participant acknowledges that the ultimate liability for all Tax-Related Items is and remains his or her responsibility and that such liability may exceed the amount actually withheld by YUM! or the Employer.  The Participant further acknowledges that YUM! and/

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or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the YUM! Stock Appreciation Right, including the grant, vesting or exercise of the YUM! Stock Appreciation Right, the subsequent sale of shares acquired under the Plan and the receipt of any dividends; and (2) do not commit and are under no obligation to structure the terms of the grant or any aspect of the YUM! Stock Appreciation Right to reduce or eliminate the Participant's liability for Tax-Related Items or achieve any particular tax result.  Further, if the Participant becomes subject to tax and/or social security contributions in more than one jurisdiction between the Grant Date and the date of any relevant taxable, tax and/or social security contribution withholding event, as applicable, the Participant acknowledges that YUM! and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to any relevant taxable, tax and/or social security contribution withholding event, the Participant shall pay or make adequate arrangements satisfactory to YUM! and/or the Employer to satisfy all Tax-Related Items.  In this regard, the Participant authorizes YUM! and/or the Employer, at their sole discretion, to satisfy the obligations with respect to Tax-Related Items by one or a combination of the following: (i) withholding from the Participant's wages or other cash compensation paid to him or her by YUM! and/or the Employer; or (ii) withholding from the proceeds of the sale of shares acquired upon exercise of the YUM! Stock Appreciation Right, either through a voluntary sale or through a mandatory sale arranged by YUM! (on the Participant's behalf pursuant to this authorization); or (iii) withholding in shares to be issued upon exercise of the YUM! Stock Appreciation Right.  To avoid negative accounting treatment, the Company will withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates.  If the obligation for Tax-Related Items is satisfied by withholding in shares, for tax purposes, the Participant will be deemed to have been issued the full number of shares subject to the exercised YUM! Stock Appreciation Right, notwithstanding that a number of shares are held back solely for the purpose of paying the Tax-Related Items due as a result of any aspect of the Participant's participation in the Plan.  
Finally, the Participant shall pay to YUM! or the Employer any amount of Tax-Related Items that YUM! or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan or the Participant's acquisition of shares upon exercise of the YUM! Stock Appreciation Right that cannot be satisfied by the means previously described.  YUM! may refuse to honor the exercise and refuse to issue or deliver the shares or the proceeds of the sale of the shares to the Participant if the Participant fails to comply with Participant's obligations in connection with the Tax-Related Items.
7.Nature of Grant.  In accepting the YUM! Stock Appreciation Right, the Participant acknowledges, understands and agrees that:

		
	(a)
	the Plan is established voluntarily by YUM! and is discretionary in nature; 

		
	(b)
	all decisions with respect to future stock appreciation right grants, if any, will be at the sole discretion of YUM!;

		
	(c)
	the Participant is voluntarily participating in the Plan;

		
	(d)
	the YUM! Stock Appreciation Right and any shares acquired under the Plan are not part of normal or expected compensation or salary;

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	(e)
	the YUM! Stock Appreciation Right grant and the Participant's participation in the Plan shall not be interpreted to form an employment contract or relationship with YUM! or the Employer or any Subsidiary or affiliate of YUM!;

		
	(f)
	the future value of the underlying shares is unknown and cannot be predicted with certainty;

		
	(g)
	if the underlying shares do not increase in value, the YUM! Stock Appreciation Right will have no value;

		
	(h)
	in the event of involuntary termination of Participant's employment (whether or not in breach of local labor laws), the Participant's right to receive the YUM! Stock Appreciation Right and vest in the YUM! Stock Appreciation Right under the Plan, if any, will terminate effective as of the date that Participant is no longer actively employed and will not be extended by any notice period mandated under local law (e.g., active employment would not include a period of “garden leave” or similar period pursuant to local law); furthermore, in the event of involuntary termination of employment (whether or not in breach of local labor laws), the Participant's right to exercise the YUM! Stock Appreciation Right after termination of employment, if any, will be measured by the date of termination of Participant's active employment and will not be extended by any notice period mandated under local law.  The Committee shall have the exclusive discretion to determine when the Participant is no longer actively employed for purposes of his or her YUM! Stock Appreciation Right grant;

		
	(i)
	for Participants who reside outside the U.S., the following additional provisions shall apply:

		
	(i)
	the YUM! Stock Appreciation Right and any shares acquired under the Plan are not intended to replace any pension rights or compensation;

		
	(ii)
	the YUM! Stock Appreciation Right and the shares acquired under the Plan are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to YUM! or to the Employer and are outside the scope of Participant's employment contract, if any; such items shall not be included in or part of any calculation of any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for YUM! or the Employer; and

		
	(iii)
	no claim or entitlement to compensation or damages shall arise from forfeiture of the YUM! Stock Appreciation Right resulting from termination of the Participant's employment by YUM! or the Employer (whether or not in breach of local labor laws) and in consideration of the grant of the YUM! Stock Appreciation Right to which the Participant is otherwise not entitled, the Participant irrevocably agrees never to institute any claim against the Company, waives his or her ability, if any, to bring any such claim and releases the Company from any such claim if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Participant shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claims.

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8.No Advice Regarding Grant.  YUM! is not providing any tax, legal or financial advice, nor is YUM! making any recommendations regarding the Participant's participation in the Plan, or his or her acquisition or sale of the underlying shares.  The Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding the Participant's participation in the Plan before taking any action related to the Plan.

9.Adjustment for Change in Common Stock.  In the event of any change in the outstanding shares of YUM! common stock by reason of any stock split, stock dividend, recapitalization, merger, consolidation, combination or exchange of shares or similar corporate change, the number of shares which the Participant may purchase pursuant to the YUM! Stock Appreciation Rights and the Exercise Price at which the Participant may purchase such shares shall be adjusted appropriately in the Committee's discretion.

10.Nontransferability.  These YUM! Stock Appreciation Rights are personal to the Participant and, during his or her lifetime, may be exercised only by the Participant.  The YUM! Stock Appreciation Rights shall not be transferable or assignable, other than by will or the laws of descent and distribution, and any such purported transfer or assignment shall be null and void without the express consent of the Committee.

11.Buy-Out of YUM! Stock Appreciation Right Gains.  At any time after any YUM! Stock Appreciation Right becomes exercisable, the Committee shall have the right, in its sole discretion and without the consent of the Participant, to cancel such YUM! Stock Appreciation Right and to pay to the Participant the difference between the Exercise Price of the YUM! Stock Appreciation Right and the Fair Market Value of the shares covered by the YUM! Stock Appreciation Right as of the date the Committee provides written notice (the “Buy Out Notice”) of its intention to exercise such right.  Payments of such buy out amounts pursuant to this provision shall be effected by YUM! as promptly as possible after the date of the Buy Out Notice and may be made in cash or in shares of YUM! common stock, or partly in cash and partly in YUM! common stock as the Committee deems advisable.  To the extent payment is made in shares of YUM! common stock, the number of shares shall be determined by dividing the amount of payment to be made by the Fair Market Value of a share at the date of the Buy Out Notice.  In no event shall YUM! be required to deliver a fractional share of YUM! common stock in satisfaction of this buy out provision.  Payments of any such buy out amounts shall be made net of any Tax-Related Items.

12.Change in Control.  Notwithstanding anything in this Agreement to the contrary (including Section 5 above), if the Participant is employed on the date of a Change in Control (as defined in the Plan), and the Participant's employment is involuntarily terminated (other than by the Company for cause) on or within two years following the Change in Control, the YUM! Stock Appreciation Rights shall become fully and immediately exercisable.  If the employment of the Participant is terminated on or within two years following a Change in Control, all YUM! Stock Appreciation Rights shall continue to be exercisable at any time within three years after the date of such termination of employment, but in no event after the end of the YUM! Stock Appreciation Right Term.

13.Notices.  Any notice to be given to YUM! under the terms of this Agreement shall be addressed to YUM! at Louisville, Kentucky  40213, U.S.A., Attention: Vice President, Compensation and Benefits, or such other address (including any email address) as YUM! may hereafter designate to the Participant.  Any such notice shall be deemed to have been given when personally delivered, addressed as aforesaid, or when enclosed in a properly sealed envelope or wrapper, addressed as aforesaid, and deposited, postage prepaid, with the federal or other official postal service for the Participant's country.

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14.Binding Effect.  

(a)This Agreement shall be binding upon and inure to the benefit of any assignee or successor in interest to YUM!, whether by merger, consolidation or the sale of all or substantially all of YUM!'s assets.  YUM! will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of YUM! to expressly assume and agree to perform this Agreement in the same manner and to the same extent that YUM! would be required to perform if no such succession had taken place.
(b)This Agreement shall be binding upon and inure to the benefit of the Participant or his or her legal representative and any person to whom the YUM! Stock Appreciation Rights may be transferred by will, the applicable laws of descent and distribution or consent of the Committee.

15.Receipt of Prospectus.  The Participant hereby acknowledges that he or she has received a copy of YUM!'s Prospectus relating to the YUM! Stock Appreciation Rights, the Covered Shares and the Plan, and that he or she fully understands his or her rights under the Plan.

16.Data Protection. This Section 16 applies if the Participant resides outside the U.S.  By entering into this Agreement, the Participant:

(a)hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of his or her personal data as described in this Agreement and any other grant materials, by and among, as applicable, the Employer, YUM! and any Subsidiary or affiliate of YUM!, for the exclusive purpose of implementing, administering and managing the Participant's participation in the Plan;

(b)acknowledges that YUM! and the Employer may hold certain personal information about him or her, including, but not limited to, his or her name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, details of all YUM! Stock Appreciation Rights or any other entitlement to Stock outstanding in the Participant's favor, for the purpose of implementing, administering and managing the Plan (“Data”); 

(c)acknowledges and agrees that Data may be transferred to Merrill Lynch or such other service provider as may be selected by YUM!, which is assisting with the implementation, administration and management of the Plan (presently or in the future), that these recipients may be located in the Participant's country of residence or elsewhere (e.g., the United States), and that the recipient's country may have different data privacy laws and protections to those of the Participant's country. The Participant understands that he or she may request a list with the names and addresses of any potential recipients of Data by contacting his or her local human resources representative; and

(d)authorizes the Employer, YUM!, Merrill Lynch and any other possible recipients which may assist YUM! (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Participant's participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Participant may elect to deposit any shares acquired under the Plan. The Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan. The Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local 

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human resources representative. The Participant understands, however, that refusing or withdrawing his or her consent may affect his ability to participate in the Plan.  For more information on the consequences of the Participant's refusal to consent or withdrawal of consent, the Participant understands that he or she may contact his or her local human resources representative.

17.Plan Controls.  The YUM! Stock Appreciation Rights and the terms and conditions set forth herein are subject in all respects to the terms and conditions of the Plan and any Operating Guidelines or other policies or regulations which govern administration of the Plan, which shall be controlling.  YUM! reserves its right to amend or terminate the Plan at any time without the consent of the Participant, provided, however, that YUM! Stock Appreciation Rights outstanding under the Plan at the time of such amendment or termination shall not be adversely affected thereby, as set forth in Section 7 of the Plan.  All interpretations or determinations of the Committee shall be final, binding and conclusive upon the Participant and his or her legal representatives on any question arising hereunder or under the Plan, the Operating Guidelines or other policies or regulations which govern administration of the Plan.    

18.Rights to Future Grants; Compliance with Law.  By entering into this Agreement, the Participant acknowledges and agrees that the Award and acceptance of the YUM! Stock Appreciation Right pursuant to this Agreement is voluntary and occasional does not entitle the Participant to future grants of stock appreciation rights or other awards in the future under the Plan or any other plan even if stock appreciation rights have been granted repeatedly in the past.  The Participant further agrees to seek all necessary approval under, make all required notifications under and comply with all laws, rules and regulations applicable to the ownership of YUM! Stock Appreciation Rights and the exercise of YUM! Stock Appreciation Rights, including, without limitation, currency and exchange laws, rules and regulations.  The Participant shall have no rights as a shareholder of YUM! until the YUM! Stock Appreciation Right is exercised and shares have been issued to the Participant.

19.Governing Law & Venue.  The Participant's participation in the Plan and this Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina, without giving effect to the principles of conflicts of laws thereof.

For purposes of litigating any dispute that arises under this grant, the Participant's participation in the Plan or this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of Kentucky and agree that such litigation shall be conducted in the courts of Jefferson County, Kentucky, or the federal courts for the United States for the Western District of Kentucky, where this grant is made and/or to be performed.
20.Language.  If the Participant has received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

21.Electronic Delivery.  The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means.  The Participant hereby consents to receive such documents by electronic delivery and to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

22.Severability.  The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

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23.Imposition of Other Requirements.  The Company reserves the right to impose other requirements on the Participant's participation in the Plan and on any Stock acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local laws or to facilitate the administration of the Plan, and to require me to accept the terms of any additional agreements or undertakings that may be necessary to accomplish the foregoing.

24.Appendix. Notwithstanding any provisions herein, the Participant's participation in the Plan shall be subject to any special terms and conditions set forth in the Appendix for his or her country (attached hereto).  Moreover, if the Participant relocates to one of the countries included in the Appendix, the special terms and conditions for such country will apply to the Participant, to the extent YUM! determines that the application of such terms and conditions is necessary or advisable in order to comply with local law or facilitate the administration of the Plan.

25.Definitions.  As used in this Agreement, the following terms shall have the meanings set forth below:

(a) “Closing Value” of a share of YUM! Common Stock shall mean an amount equal to the closing sales price of a share of YUM! common stock as reported on the composite tape for securities listed on The New York Stock Exchange, on the date in question (or, if no sales of common stock were made on said Exchange on such date, on the next preceding day on which sales were made on such Exchange), rounded to two decimal places.

(b) “Retirement” shall have the meaning used in the YUM! Retirement Plan, as then in effect, whether it occurs on the Participant's Normal Retirement Date or Early Retirement Date, or in the event the Retirement Plan does not apply to the Participant, “Retirement” shall mean termination of employment by the Participant on or after the Participant's attainment of age 55 and 10 years of service or age 65 and 5 years of service.  Notwithstanding the definition of Retirement set forth immediately above, if YUM! receives an opinion of counsel that there has been a legal judgment and/or legal development in the Participant's jurisdiction that would likely result in the favorable retirement treatment that applies to this grant under the Plan being deemed unlawful and/or discriminatory, then the Committee will not apply the favorable retirement treatment at the time of the Participant's termination of employment and the YUM! Stock Appreciation Right shall automatically expire upon, and no YUM! Stock Appreciation Right may be exercised after, the termination of the Participant's employment with the Company.

(c) “Total Disability” shall mean total disability of the Participant as determined by the Committee, upon the basis of such evidence as the Committee deems necessary and advisable.

By electronically accepting the grant of the YUM! Stock Appreciation Right and participating in the Plan, the Participant agrees to be bound by the terms and conditions in the Plan and this Agreement.
YUM! BRANDS, INC.

By        __________________________________
Anne P. Byerlein
YUM! Brands, Inc., Chief People Officer

GLOBAL SAR AGREEMENT (25% Over 4 Years)
                    10                                                        10Exhibit 10.18

 

SECOND AMENDED AND RESTATED

EXECUTIVE EMPLOYMENT AGREEMENT

 

 

 

THIS AGREEMENT is made as of the 16th day of November, 2011,  among Riverview Financial Corporation (“Corporation”), with principal offices at 3rd and Market Streets Halifax, PA 17032, Riverview National Bank (“Bank”) with principal offices at 101 Lincoln Street, Marysville, Pennsylvania, 17053, and KIRK D. FOX, a Pennsylvania resident residing at 1575 Shippen Dam Road, Millersburg, Pennsylvania (hereinafter referred to as “EXECUTIVE”).

 

WITNESSETH:

 

WHEREAS. the Bank is the wholly owned subsidiary of the Corporation;

 

WHEREAS, the Executive is the Chief Executive Officer of the Bank;

 

WHEREAS, the parties entered into an Amended and Restated Executive Employment Agreement which was effective upon the consolidation of First Perry Bancorp, Inc. and HNB Bancorp into the Corporation;

 

WHEREAS, the parties desire to amend and restate the Executive’s employment agreement to incorporate recent Internal Revenue Code of 1986, as amended (“Code”) Section 409A guidance; and

 

NOW THEREFORE, in consideration of the mutual covenants set forth below and other valuable consideration and intending to be legally bound, the parties agree as follows:

 

I.  TERM OF EMPLOYMENT

 

1.                                    The Bank hereby employs the Executive as Chief Executive Officer as set forth below, and the Executive hereby accepts this employment and agrees to render such services to the Bank on the terms and conditions as set forth in this Agreement.  This Agreement shall be for a three (3) year period (the “Employment Period”) beginning      November 16, 2011     , and if not previously terminated pursuant to the terms of this Agreement, shall end three years later (the “Initial Term”).  The employment Period shall be extended automatically for one (1) additional year on the anniversary date of this Agreement (“Renewal Date”) and then on each anniversary of the Renewal Date of this Agreement thereafter, unless the Bank or the Executive gives contrary written notice to the other ninety (90) days prior to the anniversary date so that upon such anniversary of the Renewal Date if notice had not been previously given as provided in this Section 1.1, the Employment Period shall continue for a three (3) year period thereafter. References in the Agreement to “Employment Period” shall refer to the Initial Term of this Agreement and any extensions to the Initial Term. It is the intention of the parties that this Agreement be “Evergreen” unless (i) either party gives written notice to the other party of his or its intention not to renew this Agreement as provided above or (ii) this Agreement is terminated pursuant to Section V of this Agreement.

 

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2.                                    During the term of this Agreement the Executive shall perform such executive services for the Bank as are consistent with his title and as are assigned to him by the Bank’s Board of Directors.

 

3.                                    During the term of this Agreement, the Executive shall devote his best efforts, including such portion of his time and effort to the affairs and business of the Bank as he has customarily provided to this date.

 

4.                                    The services of the Executive shall be rendered principally in Pennsylvania, but he shall do such traveling on behalf of the Bank as may be reasonably required.

 

II.  COMPENSATION

 

The Bank will compensate the Executive for the Executive’s services during the term of the Agreement at a minimum Annual Base Salary of $                                     per year, payable at the same times as salaries are payable to other executive employees. The Bank may from time to time increase the Executive’s Annual Base Salary, and any and all such increases shall be deemed to constitute amendments to this Section to reflect the increased amounts.

 

III.  PARTICIPATION IN RETIREMENT AND MEDICAL PLANS,
 LIFE INSURANCE AND DISABILITY

 

1.                                    The Executive shall be entitled to participate in any employee benefit plan of the Bank relating to pension, profit-sharing or other retirement benefits and health or medical coverage or reimbursement plans that the Bank may adopt for the benefit of its employees.

 

2.                                    In the event the Executive suffers from a Disability as defined in Section III.3, he shall nevertheless continue to receive an amount equal to and no greater than 100% of his annual base salary, less amounts payable under any disability plan of the Bank, for the first three months of his disability. Thereafter, he shall only be entitled to any amount provided for in the Bank’s long-term disability policy in effect at the time of the payments determined therein.

 

3.                                    For purposes of this Agreement, “Disability” means the Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months. The Executive will be deemed disabled if the Social Security Administration has determined that he is disabled or if a carrier of any group disability insurance policy provided by the Bank or made available by the Bank to its employees and covering the Executive determines that he is disabled provided that the policy’s definition of disability complies with the definition of disability under Code Section 409A.

 

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IV.  ADDITIONAL COMPENSATION AND BENEFITS

 

1.                                    During the term of the Agreement, the Executive will be entitled to participate in and receive the benefits of any stock option, profit sharing, or other plan, benefit or privilege given to employees and executives of the Bank or its subsidiaries and affiliates which may come into existence hereafter, to the extent commensurate with his duties and responsibilities, as fixed by the Bank’s Board of Directors or any committee of such Board or of the Bank selected for such purpose.  To the extent the Executive is otherwise eligible and qualifies, he shall participate in and receive such benefits or privileges.  The Bank shall not make any changes in such plans, benefits or privileges which would adversely affect the Executive’s rights or benefits,  unless such change occurs pursuant to a program applicable to all executive officers of the Bank and does not result in a proportionately greater adverse change in the rights or benefits to the Executive as compared with any other executive officer of the Bank. Nothing paid to the Executive under any plan or arrangement presently in effect or made available in the future shall be deemed to be in lieu of the salary payable to the Executive pursuant to Section II.

 

2.                                    For services performed by the Executive under this Agreement, the Bank has established a bonus program for the Executive which is attached hereto as Exhibit A.  The payment of any such bonuses shall not reduce or otherwise affect any other obligation of the Bank to the Executive provided for in this Agreement.

 

V.  TERMINATION

 

1.                                    In the event the Executive’s employment is terminated, the Executive’s right to compensation and other benefits under this agreement shall be as set forth hereinafter in this Section V.  In the event the Executive is terminated in a manner which violates the provisions of this Agreement, as determined by a court of competent jurisdiction, the Bank shall reimburse the Executive for all reasonable costs, including attorney’s fees in challenging such termination.  Such reimbursement shall be in addition to all rights to which the Executive is otherwise entitled under this Agreement.

 

2.                                    (a)  If within two years of a Change in Control of the Bank, as defined in 2(b), and without the Executive’s express written consent, there shall be:

 

(i)                                  an involuntary termination of the Executive without Cause as defined in Section V.7;

 

(ii)                              an assignment to the Executive of duties inconsistent with the Executive’s positions, duties, responsibilities and status with the Bank immediately prior to a Change in Control;

 

(iii)                          a change in the Executive’s reporting responsibilities, titles or offices in effect . immediately prior to a Change in . Control. of the  Bank, including any removal of the Executive from, or any failure to re-elect the Executive to any of

 

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such positions, except in connection with a termination for disability or retirement;

 

(iv)                          a reduction by the Bank in the Executive’s annual salary in effect immediately prior to a Change in Control or as the same may be increased from time to time; or

 

(v)                              the failure of the Bank to continue in effect any bonus, benefit or compensation plan, life insurance plan, health and accident plan or disability plan in which the Executive is participating at the time of a Change in Control of the Bank, or the taking of any action by the Bank which would adversely affect the Executive’s participation in or materially reduce the Executive’s benefits under any of such plans;

 

then at the option of the Executive, the Executive shall within ninety (90) days of the occurrence of any of the foregoing events, provide notice to the Bank of the existence of the condition and provide the Bank thirty (30) days in which to cure such condition.  In the event that the Bank does not cure the condition within thirty (30) days of such notice, the Executive may resign from employment for Good Reason by delivering written notice (“Notice of Termination”) to the Bank.

 

(b)  As used in this Agreement,  “Change in Control” shall mean the occurrence of any of the following, provided the event constitutes a change in control within the meaning of Code Section 409A and the rules, regulations, and guidance promulgated thereunder:

 

(i)(a)  a merger, consolidation or division involving the Bank or its parent company, (b) a sale, exchange, transfer or other disposition of substantially all of the assets of the Bank, or (c) a purchase by the Bank of substantially all of the assets of other entity, unless such merger, consolidation, sale, purchase or disposition is approved in advance by a majority of the members of the Board of Directors and a majority of the members of the Board of Directors of the legal entity resulting from or existing after any such transaction and of the Board of Directors of such entity’s parent corporation, if any, are former members of the Board of Directors of the Bank; or

 

(ii)                              any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”)), other than the Bank or any “person” who on the date hereof is a director or officer of the Bank is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Bank or its parent company representing thirty five (35%) percent or more of the combined voting power of the Bank’s or its parent company’s then outstanding securities; or

 

(iii)                          during any period of one (1) year during the term of the Executive’s employment under this Agreement, individuals who at the beginning of such period constitute the Board of Directors of the Bank cease for any reason to

 

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constitute at least a majority thereof, unless the election of each director who was not a director at the beginning of such period has been approved in advance by directors representing at least two-thirds of the directors then in office who were directors at the beginning of the period.

 

3.                                    In the event that the Executive delivers a Notice of Termination (as defined in Section V.2 of this Agreement) to the Bank, the Executive shall be entitled to receive the compensation and benefits set forth below:

 

If a “Change in Control” (as defined in Section 2(b) of this Agreement) has also occurred, the Bank shall pay the Executive an amount equal to 3.0 times the Executive’s Annual Compensation minus applicable taxes and withholdings, payable in twenty-four (24) equal monthly installments beginning within thirty (30) days of the  Executive’s separation of service as defined in Code Section 409A. For purposes of this paragraph, Annual Compensation shall be defined as the Executive’s Annual Base Salary plus the highest bonus received within the previous two years plus the amount which the Bank pays for employee benefits (including automobile allowance) for the Executive for a one year period. In addition, the Bank shall transfer and deliver the title to the Bank automobile which the Executive uses at the time of the Change in Control into the Executive’s name, such that the automobile shall upon the Change in Control become the property of the Executive.

 

In the event the payment described herein, when added to all other amounts or benefits provided to or on behalf of the Executive in connection with his termination of employment, would result in the imposition of an excise tax under Section 4999 of the Code, the Bank will pay to the Executive an additional cash payment (“Gross-up Payment”) in an amount such that the after-tax proceeds of such Gross-up Payment (including any income tax or Excise Tax on such Gross-up Payment) will be equal to the amount of the Excise Tax.

 

4.                                    If the Executive’s employment with the Bank is terminated by the Bank for any reason other than Cause as defined in Section V.7, then the Executive shall be entitled to an amount equal to 3.0 times the Executive’s Annual Compensation minus applicable taxes and withholdings payable in twenty-four (24) equal monthly installments beginning within thirty (30) days of the Executive’s separation of service as defined in Code Section 409A. For purposes of this paragraph, Annual Compensation shall be defined as the Executive’s Annual Base Salary plus the highest bonus received within the previous two years plus the amount which the Bank pays for employee benefits (including automobile allowance) for the Executive for a one year period.  In addition, the Bank shall transfer and deliver the title to the Bank automobile which the Executive uses at the time of the termination into the Executive’s name, such that the automobile shall upon the termination become the property of the Executive.

 

5.                                    Any termination of the Executive’s employment by the Bank or by the Executive shall be communicated by written notice of termination to the other party by means of United States certified mail, return receipt requested, pursuant to Section V.3 of this Agreement. For purposes of this Agreement, .a “notice of termination” shall (i) indicate the specific termination provision in the Agreement relied upon; (ii) set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the  Executive’s  employment  under

 

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the provision so indicated; and (iii) specify a date of termination, which shall not be less than thirty nor more than ninety days after such notice of termination.

 

6.                                    The Executive shall not be required to mitigate the amount of any payment provided under this Agreement by seeking employment or otherwise. The amount of payment or the benefit provided under this agreement shall not be reduced by any compensation earned by the Executive as a result of employment by another employer or by reason of the Executive’s receipt of or right to receive any retirement or other benefit after the date of termination of employment.

 

7.                                    Termination for Cause.  The Board of Directors of the Bank may terminate the Executive’s employment at any time for cause.  For purposes of this agreement “Cause”  includes,

 

(a)  the Executive’s willful failure to perform or to comply with any term or provision of this Agreement after written notice and a failure to cure within thirty (30) days of such notice; or

 

(b)  the Executive’s willful failure to perform or to comply fully with any lawful directive of the Bank’s Board of Directors or of any duly constituted committee thereof after written notice and a failure to cure within thirty (30) days of such notice; or

 

(c)  the Executive’s removal from office or permanently prohibited from participating in the conduct of the Bank’s affairs by a final order issued by an appropriate federal banking agency pursuant to Section 8(e) or 8(g) of the Federal Deposit Insurance Act or by the Comptroller of the Currency pursuant to federal law.

 

8.                                    In the event that the Executive is terminated for “Cause” as defined in Section V.7, all obligations of the Bank under this Agreement shall terminate.

 

9.                                    In the event that this Agreement is not renewed under Section I and Executive is terminated within one year of the expiration of the Employment Period, then such termination shall be considered a termination without cause and the provisions of paragraph V.4 shall apply.

 

VI.  MISCELLANEOUS

 

1.                                    Notwithstanding any other provision contained in this agreement, the payment or obligation to pay monies or granting of any rights or privileges to the Executive as provided in this Agreement shall not be in lieu or derogation of the rights and privileges that the Executive now has under any plan or benefit presently outstanding.

 

2.                                    This Agreement may not be modified, changed, amended, extended, or altered except in writing signed by the Executive or by his duly authorized representative, and by a duly authorized officer of the Bank.

 

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3.                                    All notices given or required to be given shall be in writing, sent by United States certified mail, return receipt requested, postage prepaid, to the Executive (or to the Executive’s spouse or estate upon the Executive’s death) at the Executive’s last known address, and to the Bank at its principal office.  All such notices shall be effective when deposited in the mail in the manner specified in this Section VI.3.  Either party by written notice may change or designate the place for receipt of all such notices.

 

4.                                    This Agreement amends and supersedes all previous employment agreements between the Executive, the Corporation, and the Bank or their predecessors.

 

VII.  SUCCESSORS

 

1.                                    This Agreement shall inure to the benefit of and be binding upon the Executive, and, to the extent applicable, his heirs, assigns, executors, and personal representatives and the Bank, its successors, and assigns, including, without limitation, any person, partnership, or corporation which may acquire all or substantially all of the Bank’s assets and business, or with or into which the Bank may be consolidated or merged. This provision shall apply in the event of any subsequent merger, consolidation, or transfer.

 

2.                                    This Agreement is personal to each of the parties and neither party may assign or delegate any of its rights or obligations under this Agreement without the prior written consent of the other party.

 

VIII.  APPLICABLE LAW

 

This Agreement shall be governed in all respects and be interpreted by and under the laws of the Commonwealth of Pennsylvania, except to the extent that such law may be preempted by applicable federal law, in which event this Agreement shall be governed and interpreted by and under federal law.

 

IX.                          SEVERABILITY

 

If any provision in this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions nevertheless shall continue in full force and effect.

 

X.                                ARBITRATION

 

Each party agrees that all disputes, disagreements and questions of interpretation concerning this Agreement (except the question of the Executive’s disability which is governed in Section III), are to be submitted for resolution, in Marysville, Pennsylvania. to the American Arbitration Association (the “Association”) in accordance with the Association’s National Rules for the Resolution of Employment Disputes or other applicable rules then in effect (“Rules”).

 

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The Bank or the Executive may initiate an arbitration proceeding at any time by giving notice to the other in accordance with the Rules. The Bank and the Executive may, as a matter of right, mutually agree on the appointment of a particular arbitrator from the Association’s pool. The arbitrator shall not be bound by the rules of evidence and procedure of the courts of the Commonwealth of Pennsylvania but shall be bound by the substantive law applicable to this Agreement.  The decision of the arbitrator, absent fraud, duress, incompetence or gross and obvious error of fact, shall be final and binding upon the parties and shall be enforceable in courts of proper jurisdiction. Following written notice of a request for arbitration, the Bank and the Executive shall be entitled to an injunction restraining all further proceedings in any pending or subsequently filed litigation concerning this Agreement.

 

XI.  CODE SECTION 409A

 

1.  If when the Executive’s employment terminates, the Executive is a “specified employee,” as defined in Code Section 409A(a)(2)(B)(i), then despite any provision of this Agreement or other plan or agreement to the contrary, the Executive will not be entitled to the payments until the earliest of: (a) the date that is at least six months after the Executive’s separation from service as defined in Code Section 409A for reasons other than the Executive’s death, (b) the date of the Executive’s death, or (c) any earlier date that does not result in additional tax or interest to the Executive under Code Section 409A. As promptly as possible after the end of the period during which payments are delayed under this provision, the entire amount of the delayed payments shall be paid to the Executive in a single lump sum with any remaining payments to commence in accordance with the terms of this Agreement or other applicable plan or agreement.

 

2.   Any payments made pursuant to this Agreement, to the extent of payments made from the date of termination through March 15th of the calendar year following such date, are intended to constitute separate payments for purposes of Treas. Reg. §1.409A-2(b)(2) and thus payable pursuant to the “short-term deferral” rule set forth in Treas. Reg. §1.409A-1(b)(4); to the extent such payments are made following said March 15th, they are intended to constitute separate payments for purposes of Treas. Reg. §1.409A-2(b)(2) made upon an involuntary termination from service and payable pursuant to Treas. Reg. §1.409A-1(b)(9)(iii), to the maximum extent permitted by said provision.

 

3.  The parties hereto intend that any and all post-employment compensation under this Agreement satisfy the requirements of Section 409A or an exception or exclusion therefrom to avoid the imposition of any accelerated or additional taxes pursuant to Section 409A.  Any terms not specifically defined shall have the meaning as set forth in Section 409A.

 

4.  Notwithstanding the foregoing, no payment shall be made pursuant to Section VI unless such termination of employment is a “separation of service” as defined in Code Section 409A.

 

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IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the day and year first above written.

 

	
Attest:
    	
 
    	
Riverview Financial Corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Joseph D. Kerwin
    	
 
    	
By:
    	
/s/ David W. Hoover
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Riverview National Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Joseph D. Kerwin
    	
 
    	
By: 
    	
/s/ David W. Hoover
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Witness:
    	
 
    	
Executive
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Robert M. Garst
    	
 
    	
By:
    	
/s/ Kirk D. Fox
    
	
 
    	
 
    	
 
    	
Kirk D. Fox
    

 

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