Document:

Exhibit

Exhibit 4.3(d)                                                                                                         Execution version

FOURTH AMENDMENT TO REVOLVING CREDIT NOTE

		
	Cincinnati, Ohio
	December 17, 2015 (the “Effective Date”)

On or as of December 18, 2012, PEOPLES BANCORP INC., an Ohio corporation (“Borrower”), executed and delivered a Revolving Credit Note to U.S. BANK NATIONAL ASSOCIATION, a national banking association ("Lender"), in the maximum principal amount of $5,000,000 (as previously, now or hereafter amended, the “Note”) in connection with and pursuant to the terms and conditions set forth in a certain Loan Agreement by and between Borrower and Lender dated as of December 18, 2012 (as previously, now or hereafter amended, the “Loan Agreement”).  Pursuant to an amendment to the Note dated August 4, 2014, the maximum principal amount of the Note was increased to $10,000,000.  Borrower has requested that the maturity date of the Note be extended to December 15, 2016 and that the principal amount of the Note be increased to $15,000,000.  Lender has agreed to such requests.  Borrower and Lender desire to again amend the Note.

		
	1.
	Amendment.  By this Fourth Amendment to Revolving Credit Note (the “Amendment”), the Note hereby is amended as follows:

		
	1.1
	The maturity date of the Note is extended to December 15, 2016. Any references in the Note or the Loan Agreement to the Revolving Credit Loan Maturity Date shall mean December 15, 2016.

		
	1.2
	The principal amount of the Note is increased as of the date of this Amendment from $10,000,000 to $15,000,000.  All references in the Note to $10,000,000 are changed to $15,000,000.  The term “Available Amount” as defined in the Note shall effective as of the date of this Amendment mean $15,000,000.

		
	2.
	General.

2.1    Capitalized terms used herein and not otherwise defined will be given the definitions set forth in the Loan Agreement and the Note.

2.2    Borrower represents and warrants that Borrower has no claims, counterclaims, setoffs, actions or causes of actions, damages or liabilities of any kind or nature whatsoever whether at law or in equity, in contract or in tort, whether now accrued or hereafter maturing (collectively, “Claims”) against Lender, its direct or indirect parent corporation or any direct or indirect affiliates of such parent corporation, or any of the foregoing’s respective directors, officers, employees, agents, attorneys and legal representatives, or the heirs, administrators, successors or assigns of any of them (collectively, “Lender Parties”) that directly or indirectly arise out of, are based upon or are in any manner connected with any Prior Related Event.  As an inducement to Lender to enter into this Amendment, Borrower on behalf of itself, and all of its successors and assigns hereby knowingly and voluntarily releases and discharges all Lender Parties from any and all Claims, whether known or unknown, that directly or indirectly arise out of, are based upon or are in any manner connected with any Prior Related Event.  As used herein, the term “Prior Related Event” means any transaction, event, circumstance, action, failure to act, occurrence of any sort or type, whether known or unknown, which occurred, existed, was taken, permitted or begun at any time prior to the Effective Date (as 

defined above) or occurred, existed, was taken, was permitted or begun in accordance with, pursuant to or by virtue of any of the terms of the Note, the Loan Agreement or any documents executed in connection with the Note or the Loan Agreement or which was related to or connected in any manner, directly or indirectly to the extension of credit represented by the Note or the Loan Agreement.

2.3    Except as extended hereby, the Note shall remain in full force and effect and is hereby ratified and confirmed as the obligations of Borrower.  Nothing contained herein shall affect or impair any rights, remedies, or powers of Lender under the Note or the Loan Agreement, nor shall anything herein act as a release, or an agreement to release, any Collateral previously pledged to Lender to secure Borrower’s Obligations to Lender.  The execution and delivery of this Amendment shall not constitute a novation of the loan evidenced by the Note.

2.4    Nothing contained herein nor any prior written or oral representations by Lender shall be construed as obligating Lender to grant any further extensions of the maturity date of the Note, it being the express agreement of the parties that the Note will be paid, in full, on or the Revolving Credit Loan Maturity Date, as amended hereby, and no later.  Time is of the essence.

2.5    Borrower agrees to execute and deliver, or cause to be executed and delivered, any other documents or instruments deemed necessary by Lender to perfect or continue the perfection of any security interest.

2.6    Lender agrees that Borrower may terminate the Revolving Credit Loan evidenced by the Note at any time, without the payment of any early termination fee by Borrower, upon the provision of written notice to Lender by Borrower of Borrower’s election to terminate the Revolving Credit Loan and by the indefeasible payment in full of all principal and accrued interest outstanding on the Note and all other sums due Lender by Borrower under the Loan Agreement.

2.7    Borrower reaffirms the waiver of jury trial provision contained the Note.

PEOPLES BANCORP INC.

By: s/s Charles W. Sulerzyski                                                Name: Charles W. Sulerzyski
Title: President and Chief Executive Officer

ACCEPTED:

U.S. BANK NATIONAL ASSOCIATION

By: s/s Brad Clark                        
Print Name: Brad Clark
Title: Vice PresidentExhibit

EXHIBIT 10.17

PEOPLES BANCORP INC. ANNUAL REPORT ON FORM 10-K
FOR FISCAL YEAR ENDED DECEMBER 31, 2015

SUMMARY OF BASE SALARIES FOR EXECUTIVE OFFICERS 
OF PEOPLES BANCORP INC.

The base salaries of executive officers of Peoples Bancorp Inc. (“Peoples”) are determined by evaluating the most recent comparative peer data and the role and responsibilities of their positions.  Individual salary increases are reviewed annually and are based on Peoples' overall performance and the executive's attainment of specific individual business objectives during the preceding year.

The following table details the base salaries to be paid by Peoples and its subsidiaries to Charles W. Sulerzyski, President and Chief Executive Officer of Peoples, and the four other most highly compensated executive officers of Peoples for the fiscal year ending December 31, 2016:

	
					
	Name
	Position/Title
	Base Salary

	Charles W. Sulerzyski
	President and Chief Executive Officer
	$
	500,000
	

	 
	 
	 

	John C. Rogers
	Executive Vice President, Chief Financial Officer and Treasurer
	300,000
	

	 
	 
	 

	Daniel K. McGill
	Executive Vice President, Chief Commercial Banking Officer
	250,000
	

	 
	 
	 

	Carol A. Schneeberger
	Executive Vice President, Chief Administrative Officer
	233,000
	

	 
	 
	 

	Timothy H. Kirtley
	Executive Vice President, Chief Credit Officer
	221,500Exhibit

EXHIBIT 10.18

PEOPLES BANCORP INC. ANNUAL REPORT ON FORM 10-K 
FOR FISCAL YEAR ENDED DECEMBER 31, 2015

Summary of Compensation for 
Directors of Peoples Bancorp Inc. 

The Compensation Committee believes the combination of cash and equity-based compensation (in the form of common shares) in its director compensation model promotes independent decision-making on the part of directors as the common shares have immediate value, unlike stock options or similar forms of equity-based awards.  In 2015, the directors, other than Mr. Sulerzyski, received a quarterly fee of $3,800 for their services, paid in the form of the number of common shares with an equivalent fair market value at the time of payment.  In addition, directors, other than Mr. Sulerzyski, received compensation of $1,250 for each in-person Board meeting attended, paid $750 in cash and $500 in the form of the number of common shares with an equivalent fair market value at the time of payment, with the common share payments being paid quarterly.
Directors were also compensated for each committee meeting they attended: (i) the fee paid to members of the Governance and Nominating Committee was $300 for each committee meeting attended; and (ii) the fee paid to members of the Compensation Committee, members of the Audit Committee, and members of the Risk Committee was $600 for each committee meeting attended.  In addition to the per meeting fees, the Chair of the Compensation Committee, the Chair of the Audit Committee, and the Chair of the Risk Committee each received a quarterly cash fee of $1,250.  The Chairman of the Board received a quarterly cash fee of $5,000.
All directors of Peoples are also directors of Peoples Bank.  Directors receive compensation for their service as Peoples Bank directors in addition to the compensation received for their service as directors of Peoples.  Each director of Peoples received the following cash compensation for his or her service as a director of Peoples Bank: (i) a $500 fee paid for each regular meeting attended; (ii) a $300 fee paid to members of the Information Technology Committee and to members of the Asset Liability Management and Investment Committee for each committee meeting attended; (iii) a $600 fee paid to members of the Loan Committee for each committee meeting attended; and (iv) a $300 quarterly retainer paid to members of the Trust Committee.
Mr. Sulerzyski received no compensation as a director of Peoples or Peoples Bank during 2015.
Directors who travel a distance of 50 miles or more to attend a Board or Board committee meeting of Peoples or Peoples Bank receive a $150 travel fee.  A single travel fee of $150 is paid for multiple meetings occurring on the same day.  Directors who stay overnight to attend a meeting are reimbursed for the actual cost of their overnight accommodations.  Directors who travel a distance of 500 miles or more (round trip) to attend a Board or Committee meeting are reimbursed for the actual cost of reasonable travel expenses including coach class airfare, car rental, and other usual and customary travel expenses in lieu of the $150 fee.  Peoples believes these fees and reimbursements are reasonable and partially offset travel expenses incurred by those directors living outside the Marietta, Ohio area, where Board and Board committee meetings are typically held.
Additionally, the Compensation Committee recommended in 2015, and the Board voted to approve an annual grant of restricted common shares to non-employee directors, awarded in the Board’s discretion on an annual basis.  In 2009, the Board had discontinued the historic annual grant of restricted common shares due to Peoples' financial performance and the decline in Peoples' stock price.  The Board reinstated the grant in 2013.  The Board believes the continuous and sustained return by Peoples to more historic levels of performance warranted the reinstatement of the previous practice of considering annual grants of restricted common shares to the directors.  Additionally, the Board recognizes the need for director compensation sufficient to attract and retain capable and engaged directors for Peoples.  Each future grant of equity-based awards to directors will require approval of the full Board.  
Each of the Peoples directors, other than Charles W. Sulerzyski, received a grant of 300 restricted common shares on May 4, 2015.  The restricted common shares had a time-based vesting requirement and vested six months after the grant date, as the individuals continued to serve as a director of Peoples.

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