Document:

Exhibit

PARK NATIONAL CORPORATION
2013 LONG-TERM INCENTIVE PLAN

Performance-Based Restricted Stock Unit Award Agreement
This Performance-Based Restricted Stock Unit Award Agreement (this “Agreement”) is made effective as of _______________, 20__ (the “Grant Date”) by and between Park National Corporation (the “Company”) and ___________________________________ (the “Participant” or “you”).  Capitalized terms not defined in this Agreement have the meanings given to them in the Plan (as defined below).
		
	1.
	Grant of Performance-Based Restricted Stock Units

The Company hereby grants to you an award of _____ Performance-Based Restricted Stock Units (the “PBRSUs” or the “Maximum Award”), subject to the terms and conditions described in the Park National Corporation 2013 Long-Term Incentive Plan (the “Plan”) and this Agreement.
		
	2.
	Restrictions on Vesting and Distribution

Your PBRSUs will be earned and settled or, in the alternative, forfeited depending on whether the applicable terms and conditions set forth in this Agreement have been met.  For purposes of this Agreement, the “Performance Period” means the period beginning on January 1, 201_ and ending on December 31, 201_, and the “Performance Date” means the last day of the Performance Period.  Except as otherwise provided in Section 3 of this Agreement:
		
	(A)
	Performance-Based Criteria for Vesting:  

		
	(i)
	All PBRSUs granted to you pursuant to this Agreement will be forfeited on the Performance Date if the Company’s consolidated net income for each fiscal year during the Performance Period has not equaled or exceeded the aggregate amount of:  (a) all cash dividends declared and paid during such fiscal year; plus (b) 10% of the amount determined under Section 2(A)(i)(a) of this Agreement, in each case as certified by the Committee; and

		
	(ii)
	A percentage of the Maximum Award/PBRSUs as set forth in the table below (interpolated on a straight line basis for percentiles between those specifically identified in such table) will be earned on the Performance Date based on the Company’s cumulative return on average assets for the Performance Period as compared to the cumulative return on average assets results for the Performance Period for the $3 billion to $10 billion Peer Group (the “Peer Group”), in each case as determined and certified by the Committee (the date of such determination and certification by the Committee being the “Certification Date” for purposes of this Agreement):  

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	Cumulative Return on Average Assets of the Company as compared to Cumulative Return on Average Assets Results of Peer Group
	Percentage of Maximum Award/Number 
PBRSUs Earned

	Less than the 50th percentile of Peer Group
	0%

	Equal to the 50th percentile of Peer Group 
[Represents the Minimum/Target Award which may be earned]
	66-2/3% 
[___ PRBSUs]

	Equal to or greater than the 80th percentile of Peer Group [Represents Maximum Award which may be earned]
	100% 
[___ PBRSUs]

		
	(B)
	Service-Based Vesting Requirements:  

		
	(i)
	On the Certification Date, one-half of any PBRSUs that were earned on the Performance Date, pursuant to the criteria set forth in Section 2(A) of this Agreement, will vest if you are still employed by the Company or one of its Affiliates on such Certification Date; and

		
	(ii)
	On the first anniversary of the Certification Date, one-half of any PBRSUs that were earned on the Performance Date, pursuant to the criteria set forth in Section 2(A) of this Agreement, will vest if you are still employed by the Company or one of its Affiliates on such first anniversary of the Certification Date.

		
	3.
	Effect of Termination of Employment

		
	(A)
	Termination of Employment Due to Death, Disability or Retirement:  For purposes of this Agreement, “Retirement” means “normal retirement” or “early retirement,” as each term is defined in the Park National Corporation Deferred Benefit Pension Plan.

		
	(i)
	During Performance Period.  If the Participant dies or terminates employment with the Company and each of its Affiliates due to Disability or Retirement at any time during the Performance Period, if the applicable performance-based criteria for vesting specified in Section 2(A) of this Agreement have been met, a pro-rated portion of the PBRSUs granted to the Participant pursuant to this Agreement will vest on the Performance Date, which pro-rated portion will be equal to the product of:  (a) the number of PBRSUs that would have been earned on the Performance Date based on the actual level of achievement for the Performance Period with respect to the performance-based criteria for vesting specified in Section 2(A) of this Agreement; multiplied by (b) the quotient of the number of full calendar months which have lapsed between the Grant Date and the date of the Participant’s death or the date of the Participant’s actual termination of employment with the 

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Company and each of its Affiliates due to Disability or Retirement, as appropriate, divided by the number of months in the Performance Period.  
		
	(ii)
	After Performance Period.  If the Participant dies or terminates employment with the Company and each of its Affiliates due to Disability or Retirement after the Performance Period has ended but before the service-based vesting requirements specified for the PBRSUs in Section 2(B) of this Agreement have been satisfied, all unvested PBRSUs granted to the Participant pursuant to this Agreement which remain outstanding as of the date of the Participant’s death or termination of employment with the Company and each of its Affiliates due to Disability or Retirement will immediately vest.

		
	(iii)
	The PBRSUs which vest pursuant to this Section 3(A) will be settled in the form contemplated in Section 5, which settlement will be effective as contemplated in Section 5.

		
	(B)
	Termination of Employment for Cause or for Any Reason Other than Death, Disability or Retirement:  If the Participant is terminated for Cause or the Participant’s employment with the Company and each of its Affiliates terminates for any reason other than due to the Participant’s death, Disability or Retirement, all unvested PBRSUs granted to the Participant pursuant to this Agreement will be immediately forfeited.

		
	4.
	Effect of Change in Control

Notwithstanding the provisions of Section 2(A) and Section 2(B) of this Agreement, in the event of a Change in Control, the Participant will immediately vest in all unvested PBRSUs as though the cumulative return on average assets of the Company as compared to the cumulative return on average assets results of the Peer Group had been achieved at the level of achievement (i.e., the percentile of the Peer Group) which would have been achieved if the Performance Period for purposes of Section 2(A) of this Agreement had begun on January 1, 201_ and ended on December 31 of the fiscal year most recently completed prior to the Change in Control; provided, however, that the other performance-based criteria for vesting set forth in Section 2(A) of this Agreement must have been satisfied as of the date of the Change in Control.  The Committee shall determine and certify the level of achievement for purposes of Section 4(A).  The PBRSUs which vest pursuant to this Section 4 will be settled in the form contemplated in Section 5, which settlement will be effective as of the date of the Change in Control.
		
	5.
	Settlement of the Performance-Based Restricted Stock Units

If all applicable terms and conditions of this Agreement have been satisfied, subject to the provisions of Section 4 and Section 6(C) of this Agreement, each PBRSU which has vested will be settled in the form of one Common Share within 60 days following the date all vesting requirements with respect to the PBRSU have been satisfied; provided, however, that in lieu of a fractional Common Share, the Participant will receive a cash payment equal 

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to the Fair Market Value of such fractional Common Share as of the date on which all vesting requirements with respect to the PBRSU have been satisfied.
		
	6.
	Other Rules Affecting the Performance-Based Restricted Stock Units

		
	(A)
	No Voting Rights Before Vesting.   In no event will the Participant have any voting rights with respect to the Common Shares underlying the PBRSUs granted pursuant to this Agreement prior to the settlement of such PBRSUs.

		
	(B)
	Dividend Equivalent Rights.  If a cash dividend is declared and paid with respect to the Common Shares underlying the PBRSUs granted pursuant to this Agreement, the Participant will be deemed to have been credited with a cash amount equal to the product of (i) the number of PBRSUs that have not been settled or forfeited as of both the dividend declaration date and the dividend payment date, multiplied by (ii) the amount of the cash dividend declared and paid with respect to each outstanding Common Share of the Company.  Such deemed credited amount of cash (the “Dividend Credit Amount”) will be subject to the same terms and conditions, including all vesting requirements set forth in this Agreement, as the related PBRSUs and such Dividend Credit Amount will vest and, subject to the provisions of Section 6(C) of this Agreement, be settled in the form of payment of the Dividend Credit Amount in cash if, when and to the extent the related PBRSUs vest and are settled.  In the event a PBRSU is forfeited, the related Dividend Credit Amount will also be immediately forfeited.

		
	(C)
	Tax Withholding.  The Company or an Affiliate, as applicable, has the power and right to deduct, withhold or collect any amount required by law or regulation to be withheld with respect to any taxable event arising with respect to the PBRSUs and any related Dividend Credit Amount as permitted by the Plan.  Unless otherwise specifically permitted by the Committee, the applicable withholding requirement will be satisfied with respect to the PBRSUs (but not with respect to the related Dividend Credit Amount unless agreed to by the Committee and the Participant) by having the Company or an Affiliate, as applicable, withhold Common Shares having a Fair Market Value on the date the tax is to be determined equal to the minimum statutory total tax that could be imposed on the transaction; provided that such Common Shares would otherwise be distributable in respect of the related PBRSUs at the time of the withholding and the Participant has a vested right to distribution of such Common Shares at such time.

		
	(D)
	Limitations on Assignment or Transfer of Performance-Based Restricted Stock Units.  The PBRSUs granted pursuant to this Agreement may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, except by will or the laws of descent and distribution; provided, however, that the Committee may allow you to place your PBRSUs and any right you may have to payment of the related Dividend Credit Amount into a trust established for your benefit or the benefit of your family.

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	7.
	Restrictions on Resale or Other Similar Disposition of Common Shares Received Upon Settlement of the Performance-Based Restricted Stock Units

		
	(A)
	The Participant hereby acknowledges and agrees that, subject to the provisions of Section 6(C) of this Agreement, none of the Common Shares received upon settlement of the PBRSUs may be sold, transferred, assigned or otherwise similarly disposed of by the Participant to any person for a period of five years after the date of settlement; provided, however, that this restriction will not apply in the event of the settlement of the PBRSUs following the death, Disability or Retirement of the Participant or following a Change in Control.  In addition, if following the settlement of the PBRSUs, the Participant subsequently terminates employment with the Company and each of its Affiliates by reason of death, Disability or Retirement, the restrictions of this Section 7 will immediately cease to apply.

		
	(B)
	The Participant acknowledges and agrees that the Company will cause each share certificate evidencing, or other form of evidence of ownership of, the Common Shares received upon settlement of the PBRSUs to bear, to the extent practicable, an appropriate legend reflecting the terms of this Section 7, which legend may be in the following or any other appropriate form:  

“Restrictions on the right to transfer the common shares evidenced by this certificate (the “Common Shares”) are set forth in a written Performance-Based Restricted Stock Unit Award Agreement, dated ___________, 20__, to which Park National Corporation (the “Company”) and ___________________________ [Name of Participant] are parties.  The Company will mail to the recordholder of the Common Shares a copy of said Performance-Based Restricted Stock Unit Award Agreement, without charge, within five days after receipt of a written request therefor.
		
	8.
	Miscellaneous

		
	(A)
	Amendment.  This Agreement may be amended by a written agreement signed by both parties to this Agreement; provided, however, that the Company may amend this Agreement to the extent necessary to comply with any applicable law or regulation without your consent or any additional consideration, even if any such amendment eliminates, restricts or reduces your rights under this Agreement.

		
	(B)
	Other Terms and Conditions.  Your PBRSUs are subject to the terms and conditions described in this Agreement and the Plan, which is incorporated by reference into and made a part of this Agreement.  No agreement or representations, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement or the Plan.  In the event of a conflict between the terms of the Plan and the terms of this Agreement, the terms of the Plan will govern.  The 

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Committee has sole responsibility of interpreting the Plan and this Agreement, and its determination of the meaning of any provision in the Plan or this Agreement shall be binding.
		
	(C)
	Captions.  The captions contained in this Agreement are included only for convenience of reference and do not define, limit, explain or modify this Agreement or its interpretation, construction or meaning and are no way to be construed as a part of this Agreement.

		
	(D)
	Severability.  In the event that any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.

		
	(E)
	Successors and Assigns.  This Agreement shall be binding upon all successors and assigns of the Company.

		
	(F)
	Signature in Counterparts.  This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

[Remainder of page intentionally left blank; signature page follows]

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IN WITNESS WHEREOF, the Participant has executed this Agreement, and the Company has caused this Agreement to be executed by its duly authorized officer, to be effective as of the Grant Date.
	
		
	Company:

PARK NATIONAL CORPORATION, 
an Ohio corporation
	Participant:

	 
	 

	 
	 

	                  
	                  

	By:                   
	[Name of Participant]

	 
	 

	Title:                   
	                  

	 
	Street Address

	 
	 

	 
	                  

	 
	City, State, and Zip Code

	 
	 

	 
	 

	Date:                   
	Date:                   

11/29/2016 26038102 

-7-dtea_Ex10_1

		

			

		

		

			 

		

		

			 

		

		
			Re:Agreement with DAVIDsTEA, Inc. (the “Company”)
		

		
			 
		

		
			Dear Luis:
		

		
			Reference is hereby made to the Amended and Restated Executive Employment Agreement between the Company and you dated March 30, 2015 (the “Employment Agreement”), the Equity Participation Agreement dated as of February 22, 2013 (the “2013 Option Agreement”)  issued under the Company’s Amended and Restated Equity Incentive Plan dated April 2, 2012, as amended February 24, 2014 (the “2012 Option Plan”), and the Equity Participation Agreements dated as of January 14, 2015 (the “2015 Option Agreement”) and March 31, 2015 (the “2015 RSU Agreement”) issued under the Company’s 2015 Omnibus Equity Incentive Plan (the “2015 Plan”) (the 2013 Option Agreement, the 2015 Option Agreement and the 2015 RSU Agreement are referred to collectively as the “Equity Agreements”), the 2012 Option Plan and the 2015 Option Plan are referred to collectively as the “Option Plans”, and the Employment Agreement together with the Equity Agreements are referred to as the “Existing Agreements”). 
		

		
			1.Section 2.1 of the Employment Agreement, regarding the “Term,” is hereby amended read as follows:
		

		
			“The Agreement will be effective as of the Amendment Date and will terminate on the earlier of (1) July 31, 2017, and (2) a termination of employment pursuant to Article 4 of this Agreement. The parties may mutually agree to extend the term of the Agreement, and a failure to so extend shall be deemed a termination without Cause at July 31, 2017 for all purposes of Article 4 herein.” 
		

		
			2.The first sentence of Section 3.1 of the Employment Agreement, regarding “Base Salary,” is hereby amended in its entirety to read as follows:
		

		
			“The annual base salary (the “Base Salary”) of the Executive shall be $355,000 (subject to increase and not decrease).”
		

		
			 
		

		
			3.The second sentence of Section 4.3 of the Employment Agreement, regarding “Termination of by the Corporation without Cause,” is hereby amended in its entirety to read as follows:
		

		
			 
		

		
			“In such event, subject to Section 4.8 and Section 7.7 below and subject to the Corporation receiving from the Executive a resignation from all positions then held, the Corporation shall pay to the Executive in addition to the Basic Payments, the following payments (the “Severance Payments”) (a) twelve months’ Base Salary (i.e., $355,000 or such increased amount determined pursuant to Section 2.1 herein), (b) an amount equal to the average annual cash performance bonus paid to the Executive for the two fiscal years ending in each of 2014 and 2015, which is $208,353, and (c) an amount determined by multiplying the Executive’s target annual cash performance bonus for fiscal year 2017, 

		 

		

			 

		

 

which is 40% of his Base Salary (i.e., $355,000 or such increased amount determined pursuant to Section 2.1 herein), by a fraction, the numerator of which is number of days in such year that that the executive was employed by the Corporation, and the denominator of which is 365 (for avoidance of doubt, if the Executive’s employment terminates on July 31, 2017, the pro-rated  percentage will be 50%).
		

		
			 
		

		
			4.Section 3.3 of the Employment Agreement, regarding “Long Term Incentives.” shall be amended by adding the following sentences to the end thereof:
		

		
			 
		

		
			“No later than February 3, 2017, the Company shall grant to the Executive, pursuant to the 2015 Option Plan, an equity grant (the “2017 Equity Grant”) consisting of the following: (1) that number of restricted stock units that is equal to $88,750 divided by the fair market value (as determined under the 2015 Plan) of a share of the Company’s common stock on the date of grant, and (2) a stock option to acquire that number of shares of Company common stock that is equal to $88,750 divided by the fair market value of a share of the Company’s common stock on the date of grant, with a per share exercise price equal to such fair market value on the date of grant.  Such grants shall be on the same terms and conditions as the awards granted to Executive in February 2016, except that the option exercise period following termination of employment with respect to the 2017 Equity Grant shall be 12 months.  In the event the Executive’s employment terminates on July 31, 2017 (subject to continued employment through such date), or the Executive’s employment is earlier terminated by the Corporation without Cause or by the Executive for Good Reason, all of the unvested restricted stock units and stock options provided in the 2017 Equity Grant shall become fully vested on such termination date.  In the event that the 2017 Equity Grant is not made prior to the consummation of a Change in Control as defined under the 2015 Option Plan (subject to the Executive’s employment on the date of the Change in Control), or an earlier termination of the Executive’s employment by the Company without Cause or by the Executive for Good Reason, subject to section 4.8 herein, the Board shall, in lieu of such 2017 Equity Grant, pay to the Executive the amount of $177,500 in a single lump sum cash payment within 30 days following the earlier of such termination of employment or the Change in Control.”
		

		
			 
		

		
			5.Section 4.9 of the Employment Agreement, regarding “Return of Property,” shall be amended by adding the following sentence to the end thereof.
		

		
			 
		

		
			“Notwithstanding the foregoing, upon Executive’s termination other than for Cause or without Good Reason, Executive shall be entitled to retain his laptop and cellphone, provided that prior to such termination date the Executive shall work with the Company to remove therefrom all confidential and other business information of the Company, except that Executive may retain his list of contacts (provided that such retention shall not be a waiver of any restricted covenants to which the Executive is subject).
		

		
			 
		

		
			6..The section entitled “Vesting” on Schedule I of each of the 2013 Option Agreement and 2015 Option Agreement are hereby amended in their entirety, each to read as follows: 
		

		
			 
		

		
			

		 

 

		

			

		

		

			 

		

		

			 

		

		

		
			“Vesting: 25% of the Options shall vest on the first anniversary of the date of the Employment Agreement and the remaining 75% shall vest in equal monthly installment over the 36-month period following the first anniversary of the Employment Agreement; provided that, in the event the Awardholder’s employment terminates on July 31, 2017 (subject to continued employment through such date), or the Awardholder’s employment is earlier terminated by the Corporation without Cause or by the Awardholder for Good Reason, all of the unvested Options shall become fully vested on such termination date.”
		

		
			 
		

		
			7.The following sentence is hereby added to the end of Section 2(a) of the 2015 RSU Agreement, to read as follows:
		

		
			“Notwithstanding anything herein to the contrary, in the event the Awardholder’s employment terminates on July 31, 2017 (subject to continued employment through such date) or Awardholder’s employment is earlier terminated by the Corporation without Cause or by the Awardholder for Good Reason, the unvested Restricted Stock Units shall become fully vested on such termination date.”
		

		
			 
		

		
			8. Legal Fees.  The Corporation shall reimburse the Executive for legal fees related to his attorney’s review of this Agreement in an aggregate amount not to exceed $4,000.00.
		

		
			9.Existing Agreements.  Except as specifically amended herein, the Existing Agreements shall remain in full force and effect in accordance with their terms. 
		

		
			The amendments shall become effective as of December 7, 2016.  
		

		
			Sincerely yours,
		

		
			 
		

		
			DAVIDsTEA INC.
		

		
			(S) Maurice Tousson 
		

		
			Per: Maurice Tousson
		

		
			Chairman of the Board and of the Human Resources and Compensation Committee 
		

		
			 
		

		
			The undersigned has read and understands and agrees to the terms of the agreement set forth in this letter. The undersigned acknowledges that he has been given the opportunity to obtain independent legal advice.
		

		
			 
		

		
			 
		

		
			December 7, 2016(s) Luis Borgen
		

		
			DateLuis Borgen

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