Document:

EXHIBIT
4.1

     

    SERIES
[A/B] COMMON SHARE WARRANT

    

    PARK
NATIONAL CORPORATION

     

    
      	
              Warrant
      Shares: _______

            	
              Initial
      Exercise Date: December __,
    2010     

            
	 
      	 
      
	
              Warrant
      Number: _________

            	 
      

    

     

    THIS
SERIES [A/B] COMMON SHARE WARRANT (the “Warrant”) certifies
that, for value received, _____________ (the “Holder”) is entitled,
upon the terms and subject to the limitations on exercise and the conditions
hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise
Date”) and on or prior to the close of business on _________________1 (the “Termination Date”)
but not thereafter, to subscribe for and purchase from Park National
Corporation, an Ohio corporation (the “Company”), up to
______ Common Shares (the “Warrant
Shares”).  The purchase price of one Common Share under this
Warrant shall be equal to the Exercise Price, as defined in Section
2(b).

     

    Section
1.             Definitions.  Capitalized
terms used and not otherwise defined herein shall have the meanings set forth in
that certain Securities Purchase Agreement (the “Purchase Agreement”),
dated as of December __, 2010, between the Company and the Holder.

     

    Section
2.             Exercise.

     

    (a)          Exercise of
Warrant.  Exercise of the purchase rights represented by this
Warrant may be made, in whole or in part, at any time or times on or after the
Initial Exercise Date and on or before the Termination Date
by:  (i) delivery to the Company (or such other office or agency
of the Company as the Company may designate by notice in writing to the
registered Holder at the last address of the Holder appearing on the books of
the Company) of a duly executed facsimile copy of the Notice of Exercise form
annexed hereto; and (ii) within three (3) Trading Days after the date said
Notice of Exercise is delivered to the Company, payment to the Company of the
aggregate Exercise Price in respect of the Warrant Shares thereby purchased by
wire transfer or cashier’s check drawn on a United States bank or, if available,
pursuant to the cashless exercise procedure specified in Section 2(c)
below.  Notwithstanding anything herein to the contrary, the Holder
shall not be required to physically surrender this Warrant to the Company until
the Holder has purchased all of the Warrant Shares available hereunder and the
Warrant has been exercised in full, in which case, the Holder shall surrender
this Warrant to the Company for cancellation within three (3) Trading Days of
the date the final Notice of Exercise is delivered to the
Company.  Partial exercises of this Warrant resulting in purchases of
a portion of the total number of Warrant Shares available hereunder shall have
the effect of lowering the outstanding number of Warrant Shares purchasable
hereunder in an amount equal to the applicable number of Warrant Shares
purchased.  The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such
purchases.  Absent manifest error, the records of the Company shall be
conclusive as to the number of Warrant Shares issuable upon exercise and binding
on the Company, the Holder and any assignee.  The Company shall
deliver any objection to any Notice of Exercise form within two (2) Business
Days of receipt of such Notice of Exercise.  In the event of any
dispute or discrepancy, the Company’s records shall govern.  The Holder and any assignee, by
acceptance of this Warrant, acknowledge and agree that, by reason of the
provisions of this Section 2(a), following the purchase of a portion of the
Warrant Shares hereunder, the number of Warrant Shares available for purchase
hereunder at any given time may be less than the amount stated on the face
hereof.

     

      
        

      

    

    1 As to
the Series A Warrants, the six-month anniversary of the date of the
Purchase Agreement; and as to the Series B Warrants, the one-year
anniversary of the date of the Purchase Agreement.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)           Exercise
Price.  The exercise price per Common Share of the Common
Shares under this Warrant shall be $76.41 subject to adjustment
hereunder (the “Exercise
Price”).

     

    (c)           Cashless
Exercise.  If at the time of exercise hereof both (i) there is
no effective registration statement registering, or the prospectus contained
therein is not available for the issuance of the Warrant Shares to the Holder
and (ii) all of the Warrant Shares are not then registered for resale by Holder
into the market at market prices from time to time on an effective registration
statement for use on a continuous basis (or the prospectus contained therein is
not available for use), then this Warrant may also be exercised, in whole or in
part, at such time by means of a “cashless exercise” in which the Holder shall
be entitled to receive a certificate for the number of Warrant Shares equal to
the quotient obtained by dividing [(A-B) (X)] by (A), where:

     

    
      
        
          
            
              	
                      (A)

                    	
                      =
      the VWAP on the Trading Day immediately preceding the date on which Holder
      elects to exercise this Warrant by means of a “cashless exercise,” as set
      forth in the applicable Notice of Exercise;

                    
	 	 
	
                      (B)

                    	
                      =
      the Exercise Price of this Warrant, as adjusted hereunder;
    and

                    
	 	 
	
                      (X)

                    	
                      =
      the number of Warrant Shares that would be issuable upon exercise of this
      Warrant in accordance with the terms of this Warrant if such exercise were
      by means of a cash exercise rather than a cashless
    exercise.

                    

            

          

        

      

    

    

    “VWAP” means, for any
date, the price determined by the first of the following clauses that applies:
(i) if the Common Shares are then listed or quoted on a Trading Market, the
daily volume weighted average price of the Common Shares for such date (or the
nearest preceding date) on the Trading Market on which the Common Shares are
then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from
9:30 a.m. (New York City time) to 4:02 p.m. (New York City time), (ii) if
the Common Shares are then quoted on the OTC Bulletin Board, the volume weighted
average price of the Common Shares for such date (or the nearest preceding date)
on the OTC Bulletin Board, (iii) if the Common Shares are not then listed
or quoted on a Trading Market or the OTC Bulletin Board and if prices for the
Common Shares are then reported in the “Pink Sheets” published by Pink OTC
Markets Inc. (or a similar organization or agency succeeding to its functions of
reporting prices), the most recent bid price per Common Share of the Common
Shares so reported, or (iv) in all other cases, the fair market value of a
Common Share as determined by an independent appraiser selected in good faith by
the Company and reasonably acceptable to the Holders of a majority in interest
of the Securities then outstanding, the fees and expenses of which shall be paid
by the Company. 

    
      
         

      

      
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    (d)          Mechanics of
Exercise.

     

    i.      Delivery of Certificates
Upon Exercise.  Certificates for Common Shares purchased
hereunder shall be transmitted by the Transfer Agent to the Holder by crediting
the account of the Holder’s prime broker with The Depository Trust Company
through its Deposit Withdrawal Agent Commission (“DWAC”) system if the
Company is then a participant in such system and either (A) there is an
effective registration statement permitting the issuance of the Warrant Shares
to the Holder or (B) this Warrant is being exercised via cashless exercise,
and otherwise by physical delivery to the address specified by the Holder in the
Notice of Exercise by the date that is three (3) Trading Days after the latest
of (x) the delivery to the Company of the Notice of Exercise form and
receipt of the DWAC request from the Holder’s prime broker (if applicable), (y)
surrender of this Warrant (if required) and (z) payment of the aggregate
Exercise Price as set forth above (including by cashless exercise, if permitted)
(such date, the “Warrant Share Delivery
Date”).  This Warrant shall be deemed to have been exercised on
the first date on which all of the foregoing specified in clauses (x), (y) and
(z) shall have been delivered to the Company.  The Warrant Shares
shall be deemed to have been issued, and the Holder or any other Person so
designated to be named therein shall be deemed to have become a holder of record
of such Warrant Shares for all purposes, as of the date the Warrant has been
properly exercised, with payment to the Company of the Exercise Price (or by
cashless exercise, if permitted) and all taxes required to be paid by the
Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such
Warrant Shares, having been paid.

     

    ii.      Delivery of New Warrants
Upon Exercise.  If this Warrant shall have been exercised in
part, the Company shall, at the request of a Holder and upon surrender of this
Warrant certificate, at the time of delivery of the certificate or certificates
representing Warrant Shares, deliver to Holder a new Warrant evidencing the
rights of Holder to purchase the unpurchased Warrant Shares called for by this
Warrant, which new Warrant shall in all other respects be identical with this
Warrant.

    
      
         

      

      
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    iii.    Rescission
Rights.  If the Company fails to cause the Transfer Agent to
transmit to the Holder a certificate or the certificates representing the
Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date,
then, the Holder will have the right to rescind such exercise.

     

    iv.    Compensation for Buy-In on
Failure to Timely Deliver Certificates Upon Exercise.  In
addition to any other rights available to the Holder, if the Company fails to
cause the Transfer Agent to transmit to the Holder a certificate or the
certificates representing the Warrant Shares in the  manner provided
by Section 2(d)(i) by the Warrant Share Delivery Date, and if after such
date the Holder is required by its broker to purchase (in an open market
transaction or otherwise) or the Holder’s brokerage firm otherwise purchases,
Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant
Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the
Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the
Holder’s total purchase price (including brokerage commissions, if any) for the
Common Shares so purchased exceeds (y) the amount obtained by multiplying (1)
the number of Warrant Shares that the Company was required to deliver to the
Holder in connection with the exercise at issue by (2) the price at which the
sell order giving rise to such purchase obligation was executed, and (B) at the
option of the Holder, either reinstate the portion of the Warrant and equivalent
number of Warrant Shares for which such exercise was not honored (in which case
such exercise shall be deemed rescinded) or deliver to the Holder the number of
Common Shares that would have been issued had the Company timely complied with
its exercise and delivery obligations hereunder.  For example, if the
Holder purchases Common Shares having a total purchase price of $11,000 to cover
a Buy-In with respect to an attempted exercise of Common Shares with an
aggregate sale price giving rise to such purchase obligation of $10,000, under
clause (A) of the immediately preceding sentence the Company shall be required
to pay the Holder $1,000.  Notwithstanding the foregoing, the Company
shall not be required to make the payments set forth herein in the case of
uncertificated Warrant Shares if the Holder fails to timely file a request with
The Depository Trust Company to receive such uncertificated Warrant
Shares.  The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy-In and, upon
request of the Company, evidence reasonably satisfactory to the Company of the
amount of such loss.  Nothing herein shall limit a Holder’s right to
pursue any other remedies available to it hereunder, at law or in equity
including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver
certificates representing Common Shares upon exercise of the Warrant as required
pursuant to the terms hereof.

    
      
         

      

      
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    v.      No Fractional Common Shares
or Scrip.  No fractional Common Shares or scrip representing
fractional Common Shares shall be issued upon the exercise of this
Warrant.  As to any fraction of a Common Share which the Holder would
otherwise be entitled to purchase upon such exercise, the Company shall, at its
election, either pay a cash adjustment in respect of such final fraction in an
amount equal to such fraction multiplied by the Exercise Price or round up to
the next whole Common Share.

     

    vi.      Charges, Taxes and
Expenses.  Issuance of certificates for Warrant Shares shall be
made without charge to the Holder for any issue or transfer tax or other
incidental expense in respect of the issuance of such certificate, all of which
taxes and expenses shall be paid by the Company, and such certificates shall be
issued in the name of the Holder or in such name or names as may be directed by
the Holder; provided, however, that in the
event certificates for Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be
accompanied by the Assignment Form attached hereto duly executed by the Holder
and the Company may require, as a condition thereto, the payment of a sum
sufficient to reimburse it for any transfer tax incidental thereto.

     

    vii.     Closing of
Books.  The Company will not close its shareholder books or
records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof.

    
      
         

      

      
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    (e)           Holder’s Exercise
Limitations.  The Company shall not effect any exercise of this
Warrant, and a Holder shall not have the right to exercise any portion of this
Warrant, pursuant to Section 2 or otherwise, to the extent that after giving
effect to such issuance after exercise as set forth on the applicable Notice of
Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s
Affiliates), would beneficially own in excess of the Beneficial Ownership
Limitation (as defined below).  For purposes of the foregoing sentence, the
number of Common Shares beneficially owned by the Holder and its Affiliates
shall include the number of Common Shares issuable upon exercise of this Warrant
with respect to which such determination is being made, but shall exclude the
number of Common Shares which would be issuable upon (i) exercise of the
remaining, nonexercised portion of this Warrant beneficially owned by the Holder
or any of its Affiliates and (ii) exercise or conversion of the unexercised or
nonconverted portion of any other securities of the Company (including, without
limitation, any other Common Share Equivalents) subject to a limitation on
conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates.  Except as set forth in the
preceding sentence, for purposes of this Section 2(e), beneficial ownership
shall be calculated in accordance with Section 13(d) of the Exchange Act and the
rules and regulations promulgated thereunder, it being acknowledged by the
Holder that the Company is not representing to the Holder that such calculation
is in compliance with Section 13(d) of the Exchange Act and the Holder is solely
responsible for any schedules required to be filed in accordance
therewith.   To the extent that the limitation contained in this
Section 2(e) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any
Affiliates) and of which portion of this Warrant is exercisable shall be in the
sole discretion of the Holder, and the submission of a Notice of Exercise shall
be deemed to be the Holder’s determination of whether this Warrant is
exercisable (in relation to other securities owned by the Holder together with
any Affiliates) and of which portion of this Warrant is exercisable, in each
case subject to the Beneficial Ownership Limitation, and the Company shall have
no obligation to verify or confirm the accuracy of such determination and shall
have no liability for exercises of the Warrant that are in noncompliance with
the Beneficial Ownership Limitation.  In addition, a determination as
to any group status as contemplated above shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder.  For purposes of this Section 2(e), in determining the
number of outstanding Common Shares, a Holder may rely on the number of
outstanding Common Shares as reflected in (A) the Company’s most recent periodic
or annual report filed with the Commission, as the case may be, (B) a more
recent public announcement by the Company or (C) a more recent written notice by
the Company or the Transfer Agent setting forth the number of Common Shares
outstanding.  Upon the written or oral request of a Holder, the
Company shall within two (2) Trading Days confirm orally and in writing to the
Holder the number of Common Shares then outstanding as established by (A), (B)
or (C) above, as applicable.  In any case, the number of outstanding Common
Shares shall be determined after giving effect to the conversion or exercise of
securities of the Company, including this Warrant, by the Holder or its
Affiliates since the date as of which such number of outstanding Common Shares
was reported.  The “Beneficial Ownership
Limitation” shall be 4.99% of the number of Common
Shares outstanding immediately after giving effect to the issuance of Common
Shares issuable upon exercise of this Warrant.  The Holder, upon not
less than 61 days’ prior notice to the Company, may increase or decrease the
Beneficial Ownership Limitation provisions of this Section 2(e), provided that
the Beneficial Ownership Limitation in no event exceeds 4.99% of the number of Common
Shares outstanding immediately after giving effect to the issuance of Common
Shares upon exercise of this Warrant held by the Holder and the provisions of
this Section 2(e) shall continue to apply.  Any such increase or
decrease will not be effective until the 61st day
after such notice is delivered to the Company and shall only be effective with
respect to such Holder.  The provisions of this paragraph shall be
construed and implemented in a manner otherwise than in strict conformity with
the terms of this Section 2(e) to correct this paragraph (or any portion hereof)
which may be defective or inconsistent with the intended Beneficial Ownership
Limitation herein contained or to make changes or supplements necessary or
desirable to properly give effect to such limitation. The limitations contained
in this paragraph shall apply to a successor holder of this
Warrant.  For the avoidance of doubt, no additional consideration,
cash or otherwise, will be payable by the Company or the Holder as a result of
any adjustment pursuant to this Section 2(e).

    
      
         

      

      
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    Section
3.             Certain
Adjustments.

     

    (a)           Stock Dividends and
Splits. If the Company, at any time while this Warrant is outstanding:
(i) pays a share dividend or otherwise makes a distribution or distributions, in
each case payable in its Common Shares, to all holders of Common Shares (and not
to the Holders) (excluding, for avoidance of doubt, any Common Shares issued by
the Company upon exercise of this Warrant), (ii) subdivides outstanding Common
Shares into a larger number of Common Shares, or (iii) combines (including by
way of reverse stock split) outstanding Common Shares into a smaller number of
Common Shares, then in each case the Exercise Price shall be multiplied by a
fraction of which the numerator shall be the number of Common Shares (excluding
treasury shares, if any) outstanding at 5:00 p.m. (New York City time) on
the Trading Day immediately before such event, and of which the denominator
shall be the number of Common Shares that would be outstanding immediately
after, and solely as a result of, such event, and the number of Common Shares
issuable upon exercise of this Warrant shall be proportionately adjusted such
that the aggregate Exercise Price of this Warrant shall remain
unchanged.  Any adjustment made pursuant to this Section 3(a) shall
become effective immediately prior to 9:00 a.m. (New York City time) on the
Ex-Dividend Date for such dividend or distribution or the effective date of such
subdivision or combination, as the case may be.  “Ex-Dividend Date”
means, when used with respect to any dividend, distribution or issuance, the
first date on which the Common Shares trade on the Trading Market, regular way,
without the right to receive the relevant dividend, distribution or
issuance.

     

    (b)           [RESERVED]

     

    (c)           [RESERVED]

     

    (d)           Pro Rata
Distributions.  If the Company, at any time while this Warrant
is outstanding, shall distribute to all holders of Common Shares (and not to the
Holders) evidences of its indebtedness or assets (excluding (i) any
dividend or distribution of Common Shares (which shall be subject to
Section 3(a)), (ii) any issuance of rights or warrants to subscribe
for or purchase Common Shares, (iii) any dividend or distribution of cash
(which shall be subject to Section 3(e)), and (iv) any dividend or
distribution in connection with a Fundamental Transaction (which shall be
subject to Section 3(f)), then in each such case the Exercise Price shall
be adjusted by multiplying the Exercise Price in effect immediately prior to the
record date fixed for determination of shareholders entitled to receive such
distribution by a fraction, of which the numerator shall be the VWAP on the
Trading Date immediately preceding the Ex-Dividend Date for such distribution,
and of which the denominator shall be such VWAP less the fair market value, on
the Ex-Dividend Date for such distribution, of the portion of such assets or
evidence of indebtedness or the portion of such subscription or purchase rights,
in each case applicable to one Common Share as determined by the Board of
Directors in good faith.  The adjustments shall be described in a
statement provided to the Holder, which shall set out the portion of assets or
evidences of indebtedness or the portion of such subscription or purchase
rights, in either case applicable to one outstanding Common
Share.  Such adjustment shall become effective immediately prior to
9:00 a.m. (New York City time) on the Ex-Dividend Date for such
distribution.

    
      
         

      

      
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    (e)           Cash
Dividends.  If the Company, at any time while this Warrant is
outstanding, pays a dividend or otherwise makes a distribution or distributions,
in each case consisting exclusively of cash, to all holders of Common Shares
(and not to the Holders) (excluding (i) any dividend or distribution in
connection with a Fundamental Transaction (which shall be the subject of
Section 3(f)) and regular cash dividends to the extent that such dividends
do not exceed $0.94 per Common Share in any fiscal quarter (the “Dividend Threshold
Amount”), then the Exercise Price shall be multiplied by a fraction, of
which the numerator shall be the VWAP on the Trading Day immediately preceding
the Ex-Dividend Date for such distribution, and of which the denominator shall
be such VWAP less (i) in the case of a regularly scheduled quarterly
dividend, the amount in cash per Common Share of the distribution exceeding the
Dividend Threshold Amount or (ii) in the case of a dividend that is not a
regularly scheduled quarterly dividend, the amount in cash per Common Share of
the distribution.  Such adjustment shall become effective immediately
prior to 9:00 a.m. (New York City time) on the Ex-Dividend Date for such
distribution.

     

    (f)           Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the
Company, directly or indirectly, in one or more related transactions effects any
merger or consolidation of the Company with or into another Person and the
Company is not the surviving corporation, (ii) the Company, directly or
indirectly, effects any sale, lease, license, assignment, transfer, conveyance
or other disposition of all or substantially all of its assets in one or a
series of related transactions, (iii) any, direct or indirect, purchase offer,
tender offer or exchange offer (whether by the Company or another Person) is
completed pursuant to which holders of Common Shares are permitted to sell,
tender or exchange their Common Shares for other securities, cash or property
and has been accepted by the holders of 50% or more of the outstanding Common
Shares, (iv) the Company, directly or indirectly, in one or more related
transactions effects any reclassification, reorganization or recapitalization of
the Common Shares or any compulsory share exchange pursuant to which the Common
Shares are effectively converted into or exchanged for other securities, cash or
property, (v) the Company, directly or indirectly, in one or more related
transactions consummates a stock or share purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with another Person whereby such other Person
acquires more than 50% of the outstanding Common Shares (not including any
Common Shares held by the other Person or other Persons making or party to, or
associated or affiliated with the other Persons making or party to, such stock
or share purchase agreement or other business combination) (each a “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the
Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such
Fundamental Transaction, at the option of the Holder (without regard to any
limitation in Section 2(d) on the exercise of this Warrant), the number of
shares of common stock of the successor or acquiring corporation or of the
Company, if it is the surviving corporation, and any additional consideration
(the “Alternate
Consideration”) receivable as a result of such Fundamental Transaction by
a holder of the number of Common Shares for which this Warrant is exercisable
immediately prior to such Fundamental Transaction (without regard to any
limitation in Section 2(d) on the exercise of this Warrant).  For
purposes of any such exercise, the determination of the Exercise Price shall be
appropriately adjusted to apply to such Alternate Consideration based on the
amount of Alternate Consideration issuable in respect of one Common Share in
such Fundamental Transaction, and the Company shall apportion the Exercise Price
among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration.  If
holders of Common Shares are given any choice as to the securities, cash or
property to be received in a Fundamental Transaction, then the Holder shall be
given the same choice as to the Alternate Consideration it receives upon any
exercise of this Warrant following such Fundamental
Transaction.

    
      
         

      

      
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    (g)           Calculations. All
calculations under this Section 3 shall be made to the nearest cent or the
nearest 1/100th of a Common Share, as the case may be. For purposes of this
Section 3, the number of Common Shares deemed to be issued and outstanding as of
a given date shall be the sum of the number of Common Shares (excluding treasury
shares, if any) issued and outstanding.

     

    (h)           Notice to
Holder.

     

    i.      Adjustment to Exercise
Price. Whenever the Exercise Price is adjusted pursuant to any provision
of this Section 3, the Company shall promptly mail to the Holder a notice
setting forth the Exercise Price after such adjustment and setting forth a brief
statement of the facts requiring such adjustment.

     

    ii.      Notice to Allow Exercise by
Holder. If during the term in which this Warrant may be exercised by the
Holder (A) the Company shall declare a dividend (or any other distribution in
whatever form) on the Common Shares (other than a regular cash dividend that
does not exceed the Dividend Threshold Amount), (B) the Company shall declare a
special nonrecurring cash dividend on or a redemption of the Common Shares, (C)
the Company shall authorize the granting to all holders of the Common Shares
rights or warrants to subscribe for or purchase any shares of capital stock of
any class or of any rights, (D) the approval of any shareholders of the Company
shall be required in connection with any reclassification of the Common Shares,
any consolidation or merger to which the Company is a party, any sale or
transfer of all or substantially all of the assets of the Company, or any
compulsory share exchange whereby the Common Shares are converted into other
securities, cash or property, or (E) the Company shall authorize the voluntary
or involuntary dissolution, liquidation or winding up of the affairs of the
Company, then, in each case, the Company shall cause to be mailed to the Holder
at its last address as it shall appear upon the Warrant Register of the Company,
at least 20 calendar days prior to the applicable record or effective date
hereinafter specified, a notice stating (x) the date on which a record is to be
taken for the purpose of such dividend, distribution, redemption, rights or
warrants, or if a record is not to be taken, the date as of which the holders of
the Common Shares of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which
such reclassification, consolidation, merger, sale, transfer or share exchange
is expected to become effective or close, and the date as of which it is
expected that holders of the Common Shares of record shall be entitled to
exchange their Common Shares for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share
exchange; provided that the failure to mail such notice or any defect therein or
in the mailing thereof shall not affect the validity of the corporate action
required to be specified in such notice.  To the extent that any
notice provided hereunder constitutes, or contains, material, non-public
information regarding the Company or any of the Subsidiaries, the Company shall
simultaneously disclose such information in compliance with applicable
securities laws.  The Holder shall remain entitled to exercise this
Warrant during the period commencing on the date of such notice to the effective
date of the event triggering such notice except as may otherwise be expressly
set forth herein.

    
      
         

      

      
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    Section
4.              Transfer of
Warrant.

     

    (a)           Transferability.  Subject
to compliance with applicable securities laws, this Warrant and all rights
hereunder are transferable, in whole, upon surrender of this Warrant at the
principal office of the Company or its designated agent, together with a written
assignment of this Warrant substantially in the form attached hereto duly
executed by the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer.  Upon such
surrender and, if required, such payment, the Company shall execute and deliver
a new Warrant or Warrants in the name of the assignee or assignees, as
applicable, and in the denomination or denominations specified in such
instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall
promptly be cancelled.  The Warrant, if properly assigned in
accordance herewith, may be exercised by a new holder for the purchase of
Warrant Shares without having a new Warrant issued.

     

    (b)           New Warrants. This
Warrant may be divided or combined with other Warrants upon presentation hereof
at the aforesaid office of the Company, together with a written notice
specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney.  Subject to compliance
with Section 4(a), as to any transfer which may be involved in such division or
combination, the Company shall execute and deliver a new Warrant or Warrants in
exchange for the Warrant or Warrants to be divided or combined in accordance
with such notice. All Warrants issued on transfers or exchanges shall include
reference to the initial issuance date set forth on the first page of this
Warrant and shall be identical with this Warrant except as to the number of
Warrant Shares issuable pursuant thereto and the Warrant number.

     

    (c)           Warrant Register. The
Company shall register this Warrant, upon records to be maintained by the
Company for that purpose (the “Warrant Register”),
in the name of the record Holder hereof from time to time.  The
Company may deem and treat the registered Holder of this Warrant as the absolute
owner hereof for the purpose of any exercise hereof or any distribution to the
Holder, and for all other purposes, absent actual written notice to the
contrary.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    (d)          Understandings or
Arrangements. Such Holder is acquiring this Warrant as principal for its
own account and has no direct or indirect arrangement or understandings with any
other Persons to distribute or regarding the distribution of such Warrant (this
representation and warranty not limiting such Holder’s right to sell the Warrant
pursuant to the Registration Statement or otherwise in compliance with
applicable federal and state securities laws.) Such Holder is acquiring this
Warrant hereunder in the ordinary course of its business.

     

    Section
5.              Miscellaneous.

     

    (a)           No Rights as Shareholder
Until Exercise.  This Warrant does not entitle the Holder to
any voting rights, dividends or other rights as a shareholder of the Company
prior to the exercise hereof as set forth in Section 2(d)(i).

     

    (b)           Loss, Theft, Destruction or
Mutilation of Warrant. The Company covenants that upon receipt by the
Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant or any share certificate relating to
the Warrant Shares, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it, and upon surrender and cancellation of
such Warrant or share certificate, if mutilated, the Company will make and
deliver a new Warrant or share certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or share certificate. Applicants for a
replacement Warrant under such circumstances shall also comply with such other
reasonable regulations and procedures and pay such other reasonable charges as
the Company may prescribe.

     

    (c)           Saturdays, Sundays,
Holidays, etc.  If the last or appointed day for the taking of
any action or the expiration of any right required or granted herein shall not
be a Business Day, then, such action may be taken or such right may be exercised
on the next succeeding Business Day.

     

    (d)           Authorized Common
Shares.

     

    The
Company covenants that, during the period the Warrant is outstanding, it will
reserve from its Common Shares held in treasury a sufficient number of Common
Shares to provide for the issuance of the Warrant Shares upon the exercise of
any purchase rights under this Warrant.  The Company further covenants
that its issuance of this Warrant shall constitute full authority to its
officers who are charged with the duty of executing share certificates to
execute and issue the necessary certificates for the Warrant Shares upon the
exercise of the purchase rights under this Warrant.  The Company will
take all such reasonable action as may be necessary to assure that such Warrant
Shares may be issued as provided herein without violation of any applicable law
or regulation, or of any requirements of the Trading Market upon which the
Common Shares may be listed.  The Company covenants that all Warrant
Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this
Warrant and payment for such Warrant Shares in accordance herewith, be duly
authorized, validly issued, fully paid and nonassessable and free from all
taxes, liens and charges created by the Company in respect of the issue thereof
(other than taxes in respect of any transfer occurring contemporaneously with
such issue).

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    Except
and to the extent as waived or consented to by the Holder, the Company shall not
by any action, including, without limitation, amending its Articles of
Incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all
such terms and in the taking of all such actions as may be necessary or
appropriate to protect the rights of Holder as set forth in this Warrant against
impairment.  Without limiting the generality of the foregoing, the
Company will (i) not increase the par value of any Warrant Shares above the
amount payable therefor upon such exercise immediately prior to such increase in
par value, (ii) take all such action as may be necessary or appropriate in order
that the Company may validly and legally issue fully paid and nonassessable
Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof, as may be,
necessary to enable the Company to perform its obligations under this
Warrant.

     

    Before
taking any action which would result in an adjustment in the number of Warrant
Shares for which this Warrant is exercisable or in the Exercise Price, the
Company shall obtain all such authorizations or exemptions thereof, or consents
thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof.

     

    (e)           Jurisdiction. All
questions concerning the construction, validity, enforcement and interpretation
of this Warrant shall be determined in accordance with the provisions of the
Purchase Agreement.

     

    (f)           Restrictions.  The
Holder acknowledges that the Warrant Shares acquired upon the exercise of this
Warrant, if not registered, and the Holder does not utilize cashless exercise,
will have restrictions upon resale imposed by state and federal securities
laws.

     

    (g)           Nonwaiver and
Expenses.  No course of dealing or any delay or failure to
exercise any right hereunder on the part of Holder shall operate as a waiver of
such right or otherwise prejudice Holder’s rights, powers or
remedies.  Without limiting any other provision of this Warrant or the
Purchase Agreement, if the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the
Holder, the Company shall pay to Holder such amounts as shall be sufficient to
cover any costs and expenses including, but not limited to, reasonable
attorneys’ fees, including those of appellate proceedings, incurred by Holder in
collecting any amounts due pursuant hereto or in otherwise enforcing any of its
rights, powers or remedies hereunder.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    (h)           Notices.  Any
notice, request or other document required or permitted to be given or delivered
to the Holder by the Company shall be delivered in accordance with the notice
provisions of the Purchase Agreement.

     

    (i)           Limitation of
Liability.  No provision hereof, in the absence of any
affirmative action by Holder to exercise this Warrant to purchase Warrant
Shares, and no enumeration herein of the rights or privileges of Holder, shall
give rise to any liability of Holder for the purchase price of any Common Shares
or as a shareholder of the Company, whether such liability is asserted by the
Company or by creditors of the Company.

     

    (j)           Remedies.  The
Holder, in addition to being entitled to exercise all rights granted by law,
including recovery of damages, will be entitled to specific performance of its
rights under this Warrant.  The Company agrees that monetary damages
would not be adequate compensation for any loss incurred by reason of a breach
by it of the provisions of this Warrant and hereby agrees to waive and not to
assert the defense in any action for specific performance that a remedy at law
would be adequate.

     

    (k)           Successors and
Assigns.  Subject to applicable securities laws, this Warrant
and the rights and obligations evidenced hereby shall inure to the benefit of
and be binding upon the successors and permitted assigns of the Company and the
successors and permitted assigns of Holder.  The provisions of this
Warrant are intended to be for the benefit of any Holder from time to time of
this Warrant and shall be enforceable by the Holder or holder of Warrant
Shares.

     

    (l)           Amendment.  This
Warrant may be modified or amended or the provisions hereof waived with the
written consent of the Company and Holders holding Warrants at least equal to
50% of the Warrant Shares issuable upon exercise of all then outstanding
Warrants.

     

    (m)          Severability.  Wherever
possible, each provision of this Warrant shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this
Warrant shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provisions or the remaining provisions of
this Warrant.

     

    (n)           Headings.  The
headings used in this Warrant are for the convenience of reference only and
shall not, for any purpose, be deemed a part of this Warrant.

    

    ********************

    

    (Signature
Page Follows)

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its
officer thereunto duly authorized as of the date first above
indicated.

    

    
      
        
          	
                  PARK
      NATIONAL CORPORATION

                
	 
      	 
      
	
                  By:

                	
                   

                
	 	

                  Name:

                
	 	

                  Title:

                

        

      

    

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    

    NOTICE
OF EXERCISE

    

    TO:           PARK
NATIONAL CORPORATION

    

    (1) The
undersigned hereby elects to purchase ________ Warrant Shares of the Company
pursuant to the terms of the attached Warrant (only if exercised in full), and
tenders herewith payment of the exercise price in full, together with all
applicable transfer taxes, if any.

     

    (2) Payment
shall take the form of (check applicable box):

     

    o in lawful money of the
United States; or

     

    o [if permitted] the
cancellation of such number of Warrant Shares as is necessary, in accordance
with the formula set forth in Subsection 2(c), to exercise this Warrant with
respect to the maximum number of Warrant Shares purchasable pursuant to the
cashless exercise procedure set forth in Subsection 2(c).

     

    (3) Please
issue a certificate or certificates representing said Warrant Shares in the name
of the undersigned or in such other name as is specified below:

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	   	
                                      

                                  	 

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    The
Warrant Shares shall be delivered to the following DWAC Account
Number:

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  	
                                          Account Number:

                                        	
                                            

                                        	 
	
                                          Account Name:

                                        	
                                            

                                        	 
	
                                          DTC Number

                                        	
                                            

                                        	 

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    or by
physical delivery of a certificate to:

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    	  	
                                              

                                          	 
	 	
                                              

                                          	 
	 	
                                              

                                          	 

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    (4) The undersigned is an “accredited
investor” as defined in Regulation D promulgated under the Securities Act of
1933, as amended.

    

    [SIGNATURE
OF HOLDER]

    

    
      
        
          	
                  Name of Investing Entity:

                	  

        

      

      
        
          	
                  Signature of Authorized Signatory of Investing Entity:

                	  

        

      

      
        
          	
                  Name of Authorized Signatory:

                	  

        

      

      
        
          	
                  Title of Authorized Signatory:

                	  

        

      

      
        
          	
                  Date:

                	 
      

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    ASSIGNMENT
FORM

    

    (To
assign the foregoing Warrant, execute

    this form
and supply required information.

    Do not
use this form to exercise the Warrant.)

    

    FOR VALUE
RECEIVED, all of the foregoing Warrant, or that portion of the foregoing Warrant
covering [________] Warrant Shares, and all rights evidenced thereby are hereby
assigned to

    

    _______________________________________________
whose address is

    

    _______________________________________________________________.

    

    _______________________________________________________________

    

    Dated:  ______________,
_______

    

    
      
        
          	
                  Holder’s Signature:

                	
                  _____________________________

                
	  	  
	
                  Holder’s Address:

                	
                  _____________________________

                
	  	  
	 
      	

                  _____________________________ 
      

                

        

      

    

    

    
      
        	
                Signature Guaranteed:

              	__________________________________________________________

      

    

    

    NOTE:  The
signature to this Assignment Form must correspond with the name as it appears on
the face of the Warrant, without alteration or enlargement or any change
whatsoever, and must be guaranteed by a bank or trust
company.  Officers of corporations and those acting in a fiduciary or
other representative capacity must  file proper evidence of authority
to assign the foregoing Warrant.Unassociated Document

    
      
        	
                

              	
                Exhibit
      10.1        

              

      

    

    

    December
7, 2010

    CONFIDENTIAL

    

    Mr. C.
Daniel DeLawder

    Chairman
& Chief Executive Officer

    Park
National Corporation

    50 North
Third Street

    PO Box
3500

    Newark,
OH 43058-3500

    

    Dear Mr.
DeLawder:

    

    This
letter (the “Agreement”)
constitutes the agreement between Rodman & Renshaw, LLC (“Rodman” or the “Placement Agent”) and
Park National Corporation (the “Company”), that
Rodman shall serve as the exclusive placement agent for the Company, on a
“reasonable best efforts” basis, in connection with the proposed placement (the
“Placement”) of
registered securities of the Company, consisting of common shares, without par
value (the “Common
Shares”), of the Company, warrants to purchase Common Shares (the “Warrants”) and the
Common Shares issuable upon exercise of the Warrants (together with the Common
Shares and the Warrants, the “Securities”).  The
terms of such Placement and the Securities shall be mutually agreed upon by the
Company and the purchasers (each, a “Purchaser” and
collectively, the “Purchasers”) and
Rodman shall not, and nothing herein implies that Rodman would, have the power
or authority to bind the Company or any Purchaser and the Company shall not, and
nothing herein implies that the Company would, have an obligation to issue any
Securities or complete the Placement.  This Agreement and the
documents executed and delivered by the Company and the Purchasers in connection
with the Placement shall be collectively referred to herein as the “Transaction
Documents.”  The date of the closing of the Placement shall be
referred to herein as the “Closing
Date.”  The Company expressly acknowledges and agrees that
Rodman’s obligations hereunder are on a reasonable best efforts basis only and
that the execution of this Agreement does not constitute a commitment by Rodman
to purchase the Securities and does not ensure the successful placement of the
Securities or any portion.

    

    SECTION
1.          COMPENSATION AND OTHER
FEES.

    

    (A)           As
compensation for the services provided by Rodman hereunder, the Company agrees
to pay to Rodman a cash fee payable immediately upon (but only in the event of)
the closing of the Placement and equal to 3% of the aggregate gross proceeds
raised in the Placement.  Additionally, a cash fee payable within 48
hours after (but only in the event of) the receipt by the Company of any
proceeds from the exercise of the Warrants sold in the Placement to Purchasers
and otherwise in compliance with Financial Industry Regulatory Authority (“FINRA”) Rule 5110
equal to 3% of the aggregate cash exercise price received by the Company upon
such exercise, if any (the “Warrant Solicitation
Fee”).

    

    (B)           The
Company also agrees to provide Rodman with a non-accountable expense allowance
equal to 1% of the aggregate gross proceeds raised in the Placement, but in no
event more than $40,000.  Such reimbursement shall be payable
immediately upon (but only in the event of) the closing of the
Placement.

    

    Rodman
& Renshaw, LLC  1251 Avenue of the Americas, 20th Floor,
New York, NY 10020

    Tel: 212 356 0500  Fax: 212 581 5690 
www.rodm.com  Member: FINRA,
SIPC

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    SECTION
2.          REGISTRATION
STATEMENT.

    

    The
Company represents and warrants to, and agrees with, the Placement Agent
that:

     

    (A)           The
Company has filed with the Securities and Exchange Commission (the “Commission”) a
registration statement on Form S-3 (Registration File No. 333-159454) under the
Securities Act of 1933, as amended (the “Securities Act”),
which became effective on May 22, 2009, for the registration under the
Securities Act of Common Shares and warrants to purchase Common Shares. At the
time of such filing, the Company met the requirements of Form S-3 under the
Securities Act.  Such registration statement meets the requirements
set forth in Rule 415(a)(1)(x) under the Securities Act and complies with said
Rule.  The Company will file with the Commission pursuant to Rule
424(b) under the Securities Act, and the rules and regulations (the “Securities Act Rules and
Regulations”) of the Commission promulgated under the Securities Act, a
supplement to the form of prospectus included in such registration statement
relating to the placement of the Securities and the plan of distribution
thereof. Such registration statement, including the exhibits thereto, as amended
at the date of this Agreement, is hereinafter called the “Registration
Statement”; such prospectus in the form in which it appears in the
Registration Statement is hereinafter called the “Base Prospectus”; and
the supplemented form of prospectus, in the form in which it will be filed with
the Commission pursuant to Rule 424(b) (including the Base Prospectus as so
supplemented) is hereinafter called the “Prospectus
Supplement.” Any reference in this Agreement to the Registration
Statement, the Base Prospectus or the Prospectus Supplement shall be deemed to
refer to and include the documents incorporated by reference therein (the “Incorporated
Documents”) pursuant to Item 12 of Form S-3 which were filed under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), on or
before the date of this Agreement, or the filing date of the Base Prospectus or
the Prospectus Supplement, as the case may be; and any reference in this
Agreement to the terms “amend,” “amendment” or “supplement” with respect to the
Registration Statement, the Base Prospectus or the Prospectus Supplement shall
be deemed to refer to and include the filing of any document under the Exchange
Act after the date of this Agreement, or the filing date of the Base Prospectus
or the Prospectus Supplement, as the case may be, deemed to be incorporated
therein by reference. All references in this Agreement to financial statements
and schedules and other information that is “contained,” “included,”
“described,” “referenced,” “set forth” or “stated” in the Registration
Statement, the Base Prospectus or the Prospectus Supplement (and all other
references of like import) shall be deemed to mean and include all such
financial statements and schedules and other information that is or is deemed to
be incorporated by reference in the Registration Statement, the Base Prospectus
or the Prospectus Supplement, as the case may be.  No stop order
suspending the effectiveness of the Registration Statement or the use of the
Base Prospectus or the Prospectus Supplement has been issued, and no proceeding
for any such purpose is pending or has been initiated or, to the Company’s
knowledge, is threatened by the Commission.  For purposes of this
Agreement, “free
writing prospectus” has the meaning set forth in Rule 405 under the
Securities Act and the “Time of Sale
Prospectus” means the preliminary prospectus, if any, together with the
free writing prospectuses, if any, used in connection with the Placement,
including any documents incorporated by reference therein.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (B)           The
Registration Statement (and any further documents to be filed with the
Commission in connection with the Placement) contains or will contain, as
applicable, all exhibits and schedules as required by the Securities Act. Each
of the Registration Statement and any post-effective amendment thereto, at the
time it became or becomes effective, complied or will comply, as applicable, in
all material respects with the Securities Act and the Securities Act Rules and
Regulations and the Exchange Act and the rules and regulations (the “Exchange Act Rules and
Regulations”) of the Commission promulgated under the Exchange Act and
did not and, as amended or supplemented, if applicable, will not, contain any
untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein not
misleading.  The Base Prospectus, the Time
of Sale Prospectus, if any, and the Prospectus Supplement, each as of its
respective date, complied or will comply in all material respects with the
Securities Act and the Exchange Act and the applicable Securities Act or
Exchange Act Rules and Regulations.  Each of the Base Prospectus, the Time
of Sale Prospectus, if any, and the Prospectus Supplement, as amended or
supplemented, did not and will not contain as of the date thereof any untrue
statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in light of the circumstances under which they
were made, not misleading. The Incorporated Documents, when they were filed with
the Commission, conformed in all material respects to the requirements of the
Exchange Act and the applicable Exchange Act Rules and Regulations, and none of
such documents, when they were filed with the Commission, contained any untrue
statement of a material fact or omitted to state a material fact necessary to
make the statements therein (with respect to Incorporated Documents incorporated
by reference in the Base Prospectus or the Prospectus Supplement), in light of
the circumstances under which they were made not misleading; and any further
documents so filed and incorporated by reference in the Base Prospectus, the Time
of Sale Prospectus, if any, or the Prospectus Supplement, when such documents
are filed with the Commission, will conform in all material respects to the
requirements of the Exchange Act and the Exchange Act Rules and Regulations, as
applicable, and will not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading. No post-effective
amendment to the Registration Statement reflecting any facts or events arising
after the date thereof which represent, individually or in the aggregate, a
fundamental change in the information set forth therein is required to be filed
with the Commission.  There are no documents required to be filed with
the Commission in connection with the transaction contemplated hereby that (x)
have not been filed as required pursuant to the Securities Act or (y) will not
be filed within the requisite time period. There are no contracts or other
documents required to be described in the Base Prospectus, the Time
of Sale Prospectus, if any, or the Prospectus Supplement, or to be filed as
exhibits or schedules to the Registration Statement, that have not been
described or filed as required.  Notwithstanding anything to the
contrary contained herein, the Company makes no representation or warranty as to
information contained in or omitted from the Registration Statement, the Base
Prospectus,
the Time of Sale Prospectus, if any, the Prospectus Supplement or any
free writing prospectus, including any amendments or supplements thereto, in
reliance upon, and in conformity with, information furnished in writing to the
Company by or on behalf of Rodman expressly for use in or preparation
thereof.

     

    (C)           The
Company is eligible to use free writing prospectuses in connection with the
Placement pursuant to Rules 164 and 433 under the Securities Act.  Any
free writing prospectus that the Company is required to file pursuant to Rule
433(d) under the Securities Act has been, or will be, filed with the Commission
in accordance with the requirements of the Securities Act and the applicable
Securities Act Rules and Regulations.  Each free writing prospectus
that the Company has filed, or is required to file, pursuant to Rule 433(d)
under the Securities Act or that was prepared by or behalf of or used by the
Company, in each case in connection with the Placement, complies or will comply
in all material respects with the requirements of the Securities Act and the
applicable Securities Act Rules and Regulations.  The Company will
not, without the prior consent of the Placement Agent, prepare, use or refer to,
any free writing prospectus in connection with the Placement.

     

    (D)           The
Company has delivered or made available, or will as promptly as practicable
deliver or make available, to the Placement Agent complete conformed copies of
the Registration Statement and of each consent and certificate of experts, as
applicable, filed as a part thereof, and conformed copies of the Registration
Statement (without exhibits), the Base Prospectus , the Time
of Sale Prospectus, if any, and the Prospectus Supplement, as amended or
supplemented, in such quantities and at such places as the Placement Agent
reasonably requests.  Neither the Company nor any of its directors and
officers has distributed and none of them will distribute, prior to the Closing
Date, any offering material in connection with the offering and sale of the
Common Shares other than the Base Prospectus, the Time
of Sale Prospectus, if any, the Prospectus Supplement, the Registration
Statement, copies of the documents incorporated by reference therein and any
other materials permitted by the Securities Act.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    SECTION
3.          REPRESENTATIONS AND
WARRANTIES. Except as set forth under the corresponding section of the
Disclosure Schedules, which Disclosure Schedules shall be deemed a part hereof
and shall qualify any representation otherwise made herein to the extent of the
disclosure contained in the corresponding section of the Disclosure Schedules,
the Company hereby makes the representations and warranties set forth below to
the Placement Agent.

     

    (A)           Organization and
Qualification.  All of the direct and indirect significant
subsidiaries (as defined in Rule 1-02(w) of Regulation S-X) (individually, a
“Subsidiary”)
of the Company are set forth in the SEC Reports (as defined in Subsection 3(G)
below).  Except as set forth in the SEC Reports, the Company owns,
directly or indirectly, all of the capital stock or other equity interests of
each Subsidiary free and clear of any “Liens” (which for
purposes of this Agreement shall mean a lien, charge, security interest,
encumbrance, right of first refusal, preemptive right or other restriction),
and, except as set forth in the SEC Reports, all the issued and outstanding
shares of capital stock of each Subsidiary, where applicable, are validly issued
and are fully paid, non-assessable and free of preemptive and similar rights to
subscribe for or purchase securities.  The Company and each of the
Subsidiaries is an entity duly incorporated or otherwise organized, validly
existing and in good standing under the laws of the jurisdiction of its
incorporation or organization (as applicable), with the requisite power and
authority to own and use its properties and assets and to carry on its business
as currently conducted.  Neither the Company nor any Subsidiary is in
violation or default of any of the provisions of its respective certificate or
articles of incorporation, bylaws, regulations or other organizational or
charter documents.  Each of the Company and the Subsidiaries is duly
qualified to conduct business and is in good standing as a foreign corporation
or other entity in each jurisdiction in which the nature of the business
conducted or property owned by it makes such qualification necessary, except
where the failure to be so qualified or in good standing, as the case may be,
would not reasonably be expected to result in (i) a material adverse effect on
the legality, validity or enforceability of any Transaction Document, (ii) a
material adverse effect on the results of operations, assets, business or
condition (financial or otherwise) of the Company and the Subsidiaries, taken as
a whole, or (iii) a material adverse effect on the Company’s ability to perform
in any material respect on a timely basis its obligations under any Transaction
Document (any of (i), (ii) or (iii), a “Material Adverse
Effect”) and no “Proceeding” (which
for purposes of this Agreement shall mean any action, claim, suit, investigation
or proceeding (including, without limitation, an investigation or partial
proceeding, such as a deposition, whether commenced or threatened)) has been
instituted in any such jurisdiction revoking, limiting or curtailing or seeking
to revoke, limit or curtail such power and authority or
qualification.

    

    (B)           Authorization;
Enforcement.  The Company has the requisite corporate power and
authority to enter into and to consummate the transactions contemplated by each
of the Transaction Documents and otherwise to carry out its obligations
hereunder and thereunder.  The execution and delivery of each of the
Transaction Documents by the Company and the consummation by it of the
transactions contemplated thereby have been duly authorized by all necessary
action on the part of the Company and no further action is required by the
Company, the Company’s board of directors or the Company’s shareholders in
connection therewith other than in connection with the “Required Approvals”
(as defined in Subsection 3(D) below).  Each Transaction Document to
which the Company is a party has been (or upon delivery will have been) duly
executed by the Company and, when delivered in accordance with the terms hereof
and thereof, will constitute the valid and binding obligation of the Company
enforceable against the Company in accordance with its terms except (i) as
limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting
enforcement of creditors’ rights generally; (ii) as limited by laws relating to
the availability of specific performance, injunctive relief or other equitable
remedies; and (iii) insofar as indemnification and contribution provisions may
be limited by applicable law.

    
      
         

      

      
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    (C)           No
Conflicts.  The execution and delivery by the Company of the
Transaction Documents to which it is a party and the performance by the Company
of its obligations under the Transaction Documents to which it is a party, the
issuance and sale of the Securities by the Company and the consummation by the
Company of the other transactions contemplated by this Agreement and by the
Transaction Documents to which the Company is a party do not and will not (i)
conflict with or violate any provision of the Company’s or any Subsidiary’s
certificate or articles of incorporation, bylaws, regulations or other
organizational or charter documents, or (ii) conflict with, or constitute a
default (or an event that with notice or lapse of time or both would become a
default) under, or give to others any rights of termination, amendment,
acceleration or cancellation (with or without notice, lapse of time or both) of,
any agreement, credit facility, debt or other instrument (evidencing a Company
or Subsidiary debt or otherwise) or other understanding to which the Company or
any Subsidiary is a party or by which any property or asset of the Company or
any Subsidiary is bound or affected, or result in the creation of any Lien upon
any of the properties or assets of the Company or any Subsidiary or (iii)
subject to the Required Approvals, conflict with or result in a violation of any
law, rule, regulation, order, judgment, injunction, decree or other restriction
of any court or governmental authority to which the Company or a Subsidiary is
subject (including federal and state securities laws and regulations), or by
which any property or asset of the Company or a Subsidiary is bound or affected;
except in the case of each of clauses (ii) and (iii), such as would not have or
reasonably be expected to result in a Material Adverse Effect.

    

    (D)           Filings, Consents and
Approvals.  The Company is not required to obtain any consent,
waiver, authorization or order of, give any notice to, or make any filing or
registration with, any court or other federal, state, local or other
governmental authority or other “Person” (defined as
an individual or corporation, partnership, trust, incorporated or unincorporated
association, joint venture, limited liability company, joint stock company,
government (or an agency or subdivision thereof) or other entity of any kind,
including, without limitation, any Trading Market) in connection with the
execution, delivery and performance by the Company of the Transaction Documents,
other than: (i) the filings required pursuant to Section 4.2 of the Securities
Purchase Agreement(s) to be entered into by the Company with the Purchasers;
(ii) the filing with the Commission of the Prospectus Supplement; (iii)
application(s) to NYSE Amex (the “Trading Market”) for
the listing of the Securities for trading thereon in the time and manner
required thereby; (iv) such filings as are required to be made under applicable
state securities laws; and (v) such consents, waivers, authorizations or orders,
or such filings, as have been obtained or made (collectively, the “Required
Approvals”).

    

    (E)           Issuance of the Securities;
Registration.  The Common Shares and the Warrants are duly
authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and
nonassessable, free and clear of all Liens imposed by the
Company.  The Warrant Shares, when issued in accordance with the terms
of the Warrants, will be validly issued, fully paid and nonassessable, free and
clear of all Liens imposed by the Company.  The Company has reserved
from its duly authorized capital stock the maximum number of Common Shares
issuable pursuant to the Transaction Documents.  The Registration
Statement was declared effective under the Securities Act on May 22, 2009
(the “Effective
Date”) and no stop order preventing or suspending the effectiveness of
the Registration Statement or preventing the use of the Base Prospectus has been
issued by the Commission and no proceedings for that purpose have been
instituted or, to the actual knowledge of the Company, are threatened by the
Commission.  The Company, if required by applicable Securities Act
Rules and Regulations, proposes to file the Prospectus Supplement with the
Commission pursuant to Rule 424(b).  At the time the Registration
Statement and any amendments thereto became effective, at the date of this
Agreement and at the Closing Date, the Registration Statement and any amendments
thereto conformed and will conform in all material respects to the requirements
of the Securities Act and did not and will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading; and the Base
Prospectus and any amendments or supplements thereto, at the time the Base
Prospectus or any amendment or supplement thereto was issued and at the Closing
Date, conformed and will conform in all material respects to the requirements of
the Securities Act and did not and will not contain an untrue statement of a
material fact or omit to state a material fact necessary in order to make the
statements therein, in light of the circumstances under which they were made,
not misleading.  

    
      
         

      

      
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    (F)           Capitalization.  The
capitalization of the Company is as set forth in the Company’s most recent Form
10-Q.  As of the date of this Agreement, the Company has not issued
any capital stock since it filed its most recently filed periodic report under
the Exchange Act, other than pursuant to the exercise of employee stock options
under the Company’s stock option plans and the issuance of Common Shares
pursuant to the Company’s Stock Plan for Non-Employee Directors of Park National
Corporation and Subsidiaries.  In addition, Common Shares are to be
acquired under the terms of the Park National Corporation Dividend Reinvestment
Plan (the “Park DRIP”) for the accounts of participants in the Park DRIP and
under the terms of the Park National Corporation Employees Stock Ownership Plan
(the “Park KSOP”) for the accounts of participants in the Park KSOP, which
Common Shares will be purchased on the open market at current market prices by
or at the direction of a registered broker-dealer acting as an independent stock
purchasing agent for the Park DRIP or for the Park KSOP, as
appropriate.  No Person has any right of first refusal, preemptive
right, right of participation, or any similar right to participate in the
transactions contemplated by the Transaction Documents.  Except as a
result of the purchase and sale of the Securities and except as disclosed in the
SEC Reports, pursuant to equity compensation plans or agreements filed as
exhibits to the SEC Reports or pursuant to the Park DRIP or the Park KSOP, there
are no outstanding options, warrants, script rights to subscribe to, calls or
commitments of any character whatsoever relating to, or securities, rights or
obligations convertible into or exercisable or exchangeable for, or giving any
Person any right to subscribe for or acquire, any Common Shares, or contracts,
commitments, understandings or arrangements by which the Company or any
Subsidiary is or may become bound to issue additional Common Shares, in each
case issued by the Company.  The issuance and sale of the Securities
will not obligate the Company to issue Common Shares or other securities to any
Person (other than the Purchasers) and will not result in a right of any holder
of Company securities to adjust the exercise, conversion, exchange or reset
price under any of such securities. All of the outstanding shares of capital
stock of the Company are validly issued, fully paid and nonassessable, have been
issued in compliance with all federal and state securities laws, and none of
such outstanding shares was issued in violation of any preemptive rights or
similar rights to subscribe for or purchase securities.  No further
approval or authorization of any shareholder, the Board of Directors of the
Company or others is required for the issuance and sale of the
Securities.  There are no shareholders agreements, voting agreements
or other similar agreements with respect to the Company’s capital stock to which
the Company is a party or, to the actual knowledge of the Company, between or
among any of the Company’s shareholders.

    

    (G)           SEC Reports; Financial
Statements.  The Company has complied in all material respects
with requirements to file all reports, schedules, forms, statements and other
documents required to be filed by the Company under the Securities Act and the
Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two
years preceding the date hereof (or such shorter period as the Company was
required by law or regulation to file such material) (the foregoing materials,
including the exhibits thereto and documents incorporated by reference therein,
being collectively referred to herein as the “SEC Reports”) on a
timely basis or has received a valid extension of such time of filing and has
filed any such SEC Reports prior to the expiration of any such
extension.  As of their respective dates, the SEC Reports complied in
all material respects with the requirements of the Securities Act and the
Securities Act Rules and Regulations or the Exchange Act and the Exchange Act
Rules and Regulations, as applicable, and none of the SEC Reports, when filed,
contained any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading.  The financial statements of the Company included in the
SEC Reports comply in all material respects with applicable accounting
requirements and the rules and regulations of the Commission with respect
thereto as in effect at the time of filing.  Such financial statements
have been prepared in accordance with United States generally accepted
accounting principles applied on a consistent basis during the periods involved
(“GAAP”),
except as may be otherwise specified in such financial statements or the notes
thereto and except that unaudited financial statements may not contain all
footnotes required by GAAP, and fairly present in all material respects the
financial position of the Company and its consolidated Subsidiaries as of and
for the dates thereof and the results of operations and cash flows for the
periods then ended, subject, in the case of unaudited statements, to normal,
immaterial, year-end audit adjustments.

     

    
      
         

      

      
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    (H)           Material Changes;
Undisclosed Events, Liabilities or Developments.  Since the
date of the latest audited financial statements included within the SEC Reports,
except as specifically disclosed in a subsequent SEC Report filed prior to the
date hereof, (i) there has been no event, occurrence or development that has had
or that would reasonably be expected to result in a Material Adverse Effect,
(ii) the Company has not incurred any material liabilities (contingent or
otherwise) other than (A) trade payables and accrued expenses incurred in the
ordinary course of business consistent with past practice and (B) liabilities
not required to be reflected in the Company’s financial statements pursuant to
GAAP or required to be disclosed in filings made with the Commission, (iii) the
Company has not materially altered its method of accounting, (iv) the Company
has not declared or made any dividend or distribution of cash or other property
to its shareholders or purchased, redeemed or made any agreements to purchase or
redeem any shares of its capital stock and (v) the Company has not issued any
equity securities to any officer, director or “Affiliate” (defined
as any Person that, directly or indirectly through one or more intermediaries,
controls or is controlled by or is under common control with a Person, as such
terms are used in and construed under Rule 405 under the Securities Act), except
pursuant to existing Company stock option or compensation plans or the Park
DRIP.  Except for the issuance of the Securities contemplated by this
Agreement or as set forth in the SEC Reports, no event, liability or development
has occurred or exists with respect to the Company or its Subsidiaries or their
respective businesses, properties, operations or financial condition, that would
be required to be disclosed by the Company under applicable securities laws at
the time this representation is made that has not been publicly disclosed one
(1) Trading Day prior to the date that this representation is made.

    

    (I)      
     Litigation.  There
is no action, suit, inquiry, notice of violation, Proceeding or investigation
pending or, to the actual knowledge of the Company, threatened against or
affecting the Company, any Subsidiary or any of their respective properties
before or by any court, arbitrator, governmental or administrative agency or
regulatory authority (federal, state, county, local or foreign) (collectively,
an “Action”)
which (i) adversely affects or challenges the legality, validity or
enforceability of any of the Transaction Documents or the Securities or (ii)
would reasonably be expected to result in a Material Adverse Effect if there
were an unfavorable decision. Neither the Company nor any Subsidiary, nor any
director or officer thereof, is or has been the subject of any Action involving
a claim of violation of or liability under federal or state securities laws or a
claim of breach of fiduciary duty.  There has not been, and to the
knowledge of the Company, there is not pending or contemplated, any
investigation by the Commission involving the Company or any current or former
director or officer of the Company.  The Commission has not issued any
stop order or other order suspending the effectiveness of any registration
statement filed by the Company or any Subsidiary under the Exchange Act or the
Securities Act

    

    (J)      
     Labor
Relations.  No material labor dispute exists or, to the actual
knowledge of the Company, is imminent with respect to any of the employees of
the Company which could reasonably be expected to result in a Material Adverse
Effect.

    

    (K)           Compliance.  Neither
the Company nor any Subsidiary: (i) is in default under or in violation of (and
no event has occurred that has not been waived that, with notice or lapse of
time or both, would result in a default by the Company or any Subsidiary under),
nor has the Company or any Subsidiary received notice of a claim that it is in
default under or that it is in violation of, any indenture, loan or credit
agreement or any other agreement or instrument to which it is a party or by
which it or any of its properties is bound (whether or not such default or
violation has been waived), (ii) is in violation of any judgment, decree or
order of any court, arbitrator or governmental body, or (iii) is or has been in
violation of any statute, rule or regulation of any governmental authority,
including without limitation all foreign, federal, state and local laws
applicable to its business and all such laws that affect the environment, except
in each case as would not reasonably be expected to result in a Material Adverse
Effect.

    
      
         

      

      
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    (L)           Material
Permits.  The Company and the Subsidiaries possess all
certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct their
respective businesses as described in the SEC Reports, except where the failure
to possess such permits would not reasonably be expected to result in a Material
Adverse Effect (“Material Permits”),
and neither the Company nor any Subsidiary has received any notice of
proceedings relating to the revocation or modification of any Material Permit,
except where such potential revocation or modification would not reasonably be
expected to result in a Material Adverse Effect.

    

    (M)          Sarbanes-Oxley.  The
Company is and will be in material compliance with all provisions of the
Sarbanes-Oxley Act of 2002 which are applicable to it as of the date hereof and
as of the Closing Date.

    

    (N)           Certain
Fees.  Except as otherwise provided in this Agreement, no
brokerage or finder’s fees or commissions are or will be payable by the Company
to any broker, financial advisor or consultant, finder, placement agent,
investment banker, bank or other Person with respect to the transactions
contemplated by the Transaction Documents.  The Purchasers shall have
no obligation with respect to any fees or with respect to any claims made by or
on behalf of other Persons for fees of a type contemplated in this Section that
may be due in connection with the transactions contemplated by the Transaction
Documents.

    

    (O)          Trading Market
Rules.  The issuance and sale of the Securities hereunder does
not contravene the rules and regulations of the Trading Market.

    

    (P)           Investment Company.
The Company is not, and is not an Affiliate of, and immediately after receipt of
payment for the Securities, will not be or be an Affiliate of, an “investment
company” within the meaning of the Investment Company Act of 1940, as
amended.

    

    (Q)           Registration
Rights.  Except as disclosed in the SEC Reports, no Person has
any right to cause the Company to effect the registration under the Securities
Act of any securities of the Company.

    

    (R)           Listing and Maintenance
Requirements.  The Company’s Common Shares are registered
pursuant to Section 12(b) of the Exchange Act, and the Company has taken no
action designed to, or which to its actual knowledge is likely to have the
effect of, terminating the registration of the Common Shares under the Exchange
Act nor has the Company received any notification that the Commission is
contemplating terminating such registration.  The Company has not, in
the 12 months preceding the date hereof, received notice from any Trading Market
on which the Common Shares is or has been listed or quoted to the effect that
the Company is not in compliance with the material listing or maintenance
requirements of such Trading Market. The Company is in compliance in all
material respects with all such listing and maintenance
requirements.

    

    (S)           Application of Takeover
Protections.  The Company and its Board of Directors have taken
all necessary action, if any, in order to render inapplicable any control share
acquisition, business combination, poison pill (including any distribution under
a rights agreement) or other similar anti-takeover provision under the Company’s
Articles of Incorporation (or similar charter documents) or the laws of its
state of incorporation that is or could become applicable to the Purchasers
solely as a result of the Company’s issuance of the Securities and the
Purchasers’ ownership of the Securities.

    

    (T)           Regulation M
Compliance.  The Company has not, and to its actual knowledge no one
acting on its behalf has, (i) taken, directly or indirectly, any action designed
to cause or to result in the stabilization or manipulation of the price of any
security of the Company to facilitate the sale or resale of any of the
Securities, (ii) sold, bid for, purchased, or paid any compensation for
soliciting purchases of, any of the Securities (other than for the Placement
Agent’s placement of the Securities), or (iii) paid or agreed to pay to any
person any compensation for soliciting another to purchase any other securities
of the Company, other than, in the case of clauses (ii) and (iii), compensation
paid to Rodman in connection with the placement of the Securities and as
disclosed in the SEC Reports.

    
      
         

      

      
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    SECTION
4.          ENGAGEMENT
TERM.  Rodman’s engagement hereunder will be for the period of
30 days. The engagement may be terminated by either the Company or Rodman at any
time upon five days’ written notice and, subject to the delivery and
satisfaction (or waiver) of all closing conditions in connection with the
Placement, will be terminated automatically on the Closing
Date.  Notwithstanding anything to the contrary contained herein, the
provisions in this Agreement concerning confidentiality, indemnification and
contribution will survive any expiration or termination of this
Agreement.  Upon any termination of this Agreement, the Company’s
obligation to pay Rodman any fees actually earned and payable on closing of the
Placement, shall survive any termination of this Agreement, as permitted by
FINRA Rule 5110(f)(2)(D).  Upon any termination of this Agreement, the
Company’s obligation to reimburse Rodman for out-of-pocket accountable expenses
actually incurred by Rodman and reimbursable upon closing of the Placement, will
survive any termination of this Agreement, as permitted by FINRA Rule
5110(f)(2)(D).  Rodman agrees not to use any confidential information
concerning the Company provided to Rodman by the Company for any purposes other
than those contemplated under this Agreement.

    

    SECTION
5.          RODMAN
INFORMATION.  The Company agrees that any information or advice
rendered by Rodman in connection with this engagement is for the confidential
use of the Company only in its evaluation of the Placement and, except as
otherwise required by law or the rules and regulations of the Trading Market,
the Company will not disclose or otherwise refer to the advice or information in
any manner without Rodman’s prior written consent; except that the Company may
file this Agreement as an exhibit to, and disclose Rodman’s role as placement
agreement pursuant to this Agreement in, the Company’s filings with the
Commission.

    

    SECTION
6.          NO THIRD-PARTY
BENEFICIARIES; FIDUCIARY RELATIONSHIP.  This Agreement does not
create, and shall not be construed as creating rights enforceable by any person
or entity not a party hereto, except those entitled thereto by virtue of the
indemnification provisions hereof.  The Company acknowledges and
agrees that Rodman is not and shall not be construed as a fiduciary of the
Company and shall have no duties or liabilities to the equity holders or the
creditors of the Company or any other person (other than the Company) by virtue
of this Agreement or the retention of Rodman hereunder, all of which are hereby
expressly waived.

     

    SECTION
7.          CLOSING
CONDITIONS.  The obligations of the Placement Agent and the
Purchasers, and the closing of the sale of the Securities hereunder are subject
to the accuracy, when made and on the Closing Date (unless as of a specified
date therein), of the representations and warranties on the part of the Company
and its Subsidiaries contained herein, to the accuracy of the statements of the
Company and its Subsidiaries made in any certificates pursuant to the provisions
hereof, to the performance by the Company and its Subsidiaries of their
obligations hereunder required to be performed on or prior to the Closing Date,
and to each of the following additional terms and conditions:

     

    (A)           No
stop order suspending the effectiveness of the Registration Statement shall have
been issued and no proceedings for that purpose shall have been initiated or
threatened by the Commission, and any request for additional information on the
part of the Commission (to be included in the Registration Statement, the Base
Prospectus or the Prospectus Supplement or otherwise) shall have been complied
with to the reasonable satisfaction of the Placement Agent.

    
      
         

      

      
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    (B)           The
Placement Agent shall not have discovered and disclosed to the Company on or
prior to the Closing Date that the Registration Statement, the Base Prospectus
or the Prospectus Supplement or any amendment or supplement thereto contains an
untrue statement of a fact which, in the reasonable opinion of counsel for the
Placement Agent, is material or omits to state any fact which, in the reasonable
opinion of such counsel, is material and is required to be stated therein or is
necessary to make the statements therein, in the case of the Base Prospectus or
the Prospectus Supplement, in light of the circumstances under which they were
made, not misleading.

     

    (C)           All
corporate proceedings and other legal matters incident to the authorization,
form, execution, delivery and validity of each of this Agreement, the
Securities, the Registration Statement, the Base Prospectus and the Prospectus
Supplement and all other legal matters relating to this Agreement and the
transactions contemplated hereby shall be reasonably satisfactory in all
material respects to counsel for the Placement Agent, and the Company shall have
furnished to such counsel all documents and information that they may reasonably
request to enable them to pass upon such matters.

     

    (D)           The
Placement Agent shall have received from outside counsel to the Company such
counsel’s written opinion, addressed to the Placement Agent and the Purchasers
dated as of the Closing Date, in form and substance reasonably satisfactory to
the Placement Agent.

     

    (E)           Neither
the Company nor any of its Subsidiaries shall have sustained since the date of
the latest audited financial statements included or incorporated by reference in
the Base Prospectus, any material loss or interference with its business from
fire, explosion, flood, terrorist act or other calamity, whether or not covered
by insurance, or from any labor dispute or court or governmental action, order
or decree, otherwise than as set forth in or contemplated by the Base Prospectus
and (ii) since such date, there shall not have been any material change in the
capital stock or material increase in the long-term debt of the Company or any
of its Subsidiaries or any material adverse change, or any development involving
a prospective material adverse change, in or affecting the business, general
affairs, management, financial condition, stockholders’ equity or results of
operations of the Company and its Subsidiaries, taken as a whole, otherwise than
as set forth in or contemplated by the Base Prospectus, the effect of which, in
any such case described in clause (i) or (ii), is, in the reasonable and good
faith judgment of the Placement Agent, so material and adverse as to make it
impracticable or inadvisable to proceed with the sale or delivery of the
Securities on the terms and in the manner contemplated by the Base
Prospectus,
the Time of Sale Prospectus, if any, and the Prospectus
Supplement.

     

    (F)           The
Common Shares are registered under the Exchange Act and, as of the Closing Date,
the Common Shares shall be listed and admitted and authorized for trading on the
Trading Market, and reasonably satisfactory evidence of such actions shall have
been provided to the Placement Agent.  The Company shall have taken no
action designed to, or likely to have the effect of, terminating the
registration of the Common Shares under the Exchange Act or delisting or
suspending from trading the Common Shares from the Trading Market, nor has the
Company received any information suggesting that the Commission or the Trading
Market is contemplating terminating such registration or
listing.

    
      
         

      

      
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    (G)           Subsequent
to the execution and delivery of this Agreement, there shall not have occurred
any of the following: (i) trading in securities generally on the New York Stock
Exchange, the Nasdaq Global Select Market or the NYSE Amex or in the
over-the-counter market, or trading in any securities of the Company on any
exchange or in the over-the-counter market, shall have been suspended or minimum
or maximum prices or maximum ranges for prices shall have been established on
any such exchange or such market by the Commission, by such exchange or by any
other regulatory body or governmental authority having jurisdiction, (ii) a
banking moratorium shall have been declared by federal or Ohio, Kentucky,
Alabama, Florida or New York authorities or a material disruption has occurred
in commercial banking or securities settlement or clearance services in the
United States, (iii) the United States shall have become engaged in hostilities
in which it is not currently engaged or the subject of an act of terrorism,
there shall have been an escalation in hostilities involving the United States,
or there shall have been a declaration of a national emergency or war by the
United States, or (iv) there shall have occurred any other calamity or crisis or
any change in general economic, political or financial conditions in the United
States or elsewhere, if the effect of any such event in clause (iii) or (iv)
makes it, in the reasonable and good faith judgment of the Placement Agent,
impracticable or inadvisable to proceed with the sale or delivery of the
Securities on the terms and in the manner contemplated by the Base Prospectus
and the Prospectus Supplement.

     

    (H)           No
action shall have been taken and no statute, rule, regulation or order shall
have been enacted, adopted or issued by any governmental agency or body which
would, as of the Closing Date, prevent the issuance or sale of the Securities or
reasonably be expected to materially and adversely affect the business or
operations of the Company; and no injunction, restraining order or order of any
other nature by any federal or state court of competent jurisdiction shall have
been issued as of the Closing Date which would prevent the issuance or sale of
the Securities or reasonably be expected to materially and adversely affect the
business or operations of the Company.

     

    (I)           The
Company shall have prepared and filed with the Commission a Current Report on
Form 8-K with respect to the Placement, including as an exhibit thereto this
Agreement.

     

    (J)           The
Company shall have entered into one or more securities purchase agreements with
each of the Purchasers and such agreements shall be in full force and effect and
shall contain representations and warranties of the Company as agreed between
the Company and the Purchasers.

     

    (K)           FINRA
shall have raised no objection to the fairness and reasonableness of the terms
and arrangements of this Agreement.  In addition, the Company shall,
if requested by the Placement Agent, make or authorize Placement Agent’s counsel
to make on the Company’s behalf, an Issuer Filing with FINRA pursuant to FINRA
Rule 5110 with respect to the Registration Statement and pay all filing fees
required in connection therewith.

    

    (L)           Prior
to the Closing Date, the Company shall have furnished to the Placement Agent
such further information, certificates and documents as the Placement Agent may
reasonably request.

     

    All
opinions, letters, evidence and certificates mentioned above or elsewhere in
this Agreement shall be deemed to be in compliance with the provisions hereof
only if they are in form and substance reasonably satisfactory to counsel for
the Placement Agent.

    SECTION
8.          INDEMNIFICATION.  (A)  To
the extent permitted by law, the Company will indemnify Rodman and its
affiliates, stockholders, directors, officers, employees and controlling persons
(within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act) against all losses, claims, damages, expenses and liabilities, as
the same are incurred (including the reasonable fees and expenses of counsel),
relating to or arising out of its activities hereunder or pursuant to this
Agreement, except to the extent that any losses, claims, damages, expenses or
liabilities (or actions in respect thereof) are found in a final judgment (not
subject to appeal) by a court of law to have resulted primarily and directly
from Rodman’s material breach of this Agreement or Rodman’s willful misconduct
or gross negligence in performing the services described herein or from
information contained in or omitted from the Registration Statement, the Base
Prospectus,
the Time of Sale Prospectus, if any, or the Prospectus Supplement,
including any amendments or supplements thereto, in reliance upon, and in
connection with, information furnished in writing to the Company by or on behalf
of Rodman expressly for use in or preparation thereof (and Rodman shall repay to
the Company any reimbursements or other amounts paid hereunder to the extent
they are attributable thereto).

    
      
         

      

      
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    (B)           To
the extent permitted by law, Rodman will indemnify the Company and its
affiliates, shareholders, directors, officers, employees and controlling persons
(within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act) against all losses, claims, damages, expenses and liabilities, as
the same are incurred (including the reasonable fees and expenses of counsel),
relating to or arising from information contained in or omitted from the
Registration Statement, the Base Prospectus, the Time
of Sale Prospectus, if any, or the Prospectus Supplement, including any
amendments or supplements thereto, in reliance upon, and in conformity with,
information furnished in writing to the Company by or on behalf of Rodman
expressly for use in or preparation thereof.

    

    (C)           Promptly
after receipt by an indemnified party of notice of any claim or the commencement
of any action or proceeding with respect to which the indemnified party is
entitled to indemnity hereunder, the indemnified party will notify the
indemnifying party in writing of such claim or of the commencement of such
action or proceeding; provided, however, that the failure timely to give such
notice shall affect the rights of an indemnified party hereunder only to the
extent that such failure has a material prejudicial effect on the defenses or
other rights available to the indemnifying party with respect to such claim,
action or proceeding.  At the election of the indemnifying party, the
indemnifying party will assume the defense of such claim, action or proceeding
and will employ counsel reasonably satisfactory to the indemnified party and
will pay the fees and expenses of such counsel.  Notwithstanding the
preceding sentence, the indemnified party will be entitled to employ counsel
separate from counsel for the indemnifying party and from any other party in
such claim, action or proceeding if counsel for the indemnified party reasonably
determines that it would be inappropriate under the applicable rules of
professional responsibility for the same counsel to represent both the
indemnifying party and the indemnified party.  In such event, the
reasonable fees and disbursements of no more than one such separate counsel will
be paid by the indemnifying party.  The indemnifying party will have
the exclusive right to settle the claim, action or proceeding; provided that the
indemnifying party will not settle any such claim, action or proceeding without
the prior written consent of the indemnified party, which will not be
unreasonably withheld or delayed; provided, further, that such consent shall not
be required if the settlement includes a full and unconditional release from all
liability arising or that may arise out of such claim, action  or
proceeding and does not include a statement as to or an admission of fault,
culpability or a failure to act by or on behalf of any indemnified
party.

    

    (D)           The
indemnifying party agrees to notify the indemnified party promptly of the
assertion against it or any other person of any claim or the commencement of any
action or proceeding relating to a transaction contemplated by this
Agreement.

    

    (E)           If
for any reason the foregoing indemnity is unavailable to the indemnified party
or insufficient to hold the indemnified party harmless, then the indemnifying
party shall contribute to the amount paid or payable by the indemnified party as
a result of such losses, claims, damages or liabilities in such proportion as is
appropriate to reflect not only the relative benefits received by the
indemnifying party on the one hand and the indemnified party on the other, but
also the relative fault of the indemnifying party on the one hand and the
indemnified party on the other that resulted in such losses, claims, damages or
liabilities, as well as any relevant equitable considerations.  The
relative benefits received by the Company on the one hand and Rodman on the
other shall be deemed to be the same proportion as the total net proceeds from
the Placement (before deducting expenses) received by the Company bear to the
total compensation received under this Agreement by Rodman.  The
relative fault shall be determined by reference to, among other things, whether
an untrue or alleged untrue statement of a material fact or an omission or
alleged omission to state a material fact relates to information supplied by the
Company on the one hand or Rodman on the other and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission.  The amounts paid or payable by a party in
respect of losses, claims, damages and liabilities referred to above shall be
deemed to include any legal or other fees and expenses incurred in defending any
litigation, proceeding or other action or claim.  Notwithstanding the
provisions hereof, Rodman’s share of the liability hereunder shall not be in
excess of the amount of fees actually received, or to be received, by Rodman
under this Agreement (excluding any amounts received as reimbursement of
expenses incurred by Rodman). No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    

    (F)           These
indemnification provisions shall remain in full force and effect whether or not
the transaction contemplated by this Agreement is completed and shall survive
the termination of this Agreement, and shall be in addition to any liability
that the Company or Rodman might otherwise have to any indemnified party under
this Agreement or otherwise.

    

    SECTION
9.          GOVERNING
LAW.  This Agreement will be governed by, and construed in
accordance with, the laws of the State of New York applicable to agreements made
and to be performed entirely in such State.  This Agreement may not be
assigned by either party without the prior written consent of the other
party.  This Agreement shall be binding upon and inure to the benefit
of the parties hereto, and their respective successors and permitted
assigns.  To the extent permitted by applicable law, any right to
trial by jury with respect to any dispute arising under this Agreement or any
transaction or conduct in connection herewith is waived. Any dispute arising
under this Agreement may be brought into the courts of the State of New York or
into the Federal Court located in New York, New York and, by execution and
delivery of this Agreement, the Company hereby accepts for itself and in respect
of its property, generally and unconditionally, the jurisdiction of aforesaid
courts. Each party hereto hereby irrevocably waives personal service of process
and consents to process being served in any such suit, action or proceeding by
delivering a copy thereof via overnight delivery (with evidence of delivery) to
such party at the address in effect for notices to it under this Agreement and
agrees that such service shall constitute good and sufficient service of process
and notice thereof.  Nothing contained herein shall be deemed to limit
in any way any right to serve process in any manner permitted by law. If either
party shall commence an action or proceeding to enforce any provisions of a
Transaction Document, then the prevailing party in such action or proceeding
shall be reimbursed by the other party for its attorneys’ fees and other costs
and expenses incurred with the investigation, preparation and prosecution of
such action or proceeding.

    

    SECTION
10.        ENTIRE
AGREEMENT/MISC.  This Agreement embodies the entire agreement
and understanding between the parties hereto, and supersedes all prior
agreements and understandings, relating to the subject matter
hereof.  If any provision of this Agreement is determined to be
invalid or unenforceable in any respect, such determination will not affect such
provision in any other respect or any other provision of this Agreement, which
will remain in full force and effect.  This Agreement may not be
amended or otherwise modified or waived except by an instrument in writing
signed by both Rodman and the Company.  The representations,
warranties, agreements and covenants contained herein shall survive the closing
of the Placement and delivery and/or exercise of the Securities, as
applicable.  This Agreement may be executed in two or more
counterparts, all of which when taken together shall be considered one and the
same agreement and shall become effective when counterparts have been signed by
each party and delivered to the other party, it being understood that both
parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or by e-mail delivery of a .pdf format data
file, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force
and effect as if such facsimile or .pdf signature page were an original
thereof.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

    SECTION
11.       NOTICES.  Any
and all notices or other communications or deliveries required or permitted to
be provided hereunder shall be in writing and shall be deemed given and
effective on the earliest of (a) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number specified below
each party’s signature of this Agreement prior to 6:30 p.m. (New York City time)
on a business day, (b) the next business day after the date of transmission, if
such notice or communication is delivered via facsimile at the facsimile number
specified below each party’s signature of this Agreement on a day that is not a
business day or later than 6:30 p.m. (New York City time) on any business day,
(c) the business day following the date of mailing, if sent by U.S. nationally
recognized overnight courier service, or (d) upon actual receipt by the party to
whom such notice is required to be given.  The address for such
notices and communications shall be as set forth below each party’s signature of
this Agreement.

    

    Please
confirm that the foregoing correctly sets forth our agreement by signing and
returning to Rodman a copy of this Agreement.

    

    
      
        
          
            
              
                
                  
                    
                      	
                              Very
      truly yours,

                            
	 
      
	
                              RODMAN
      & RENSHAW, LLC

                            
	 
      	 
      
	
                              By:  
      

                            	
                              /s/
      David Horin  

                            
	 
      	
                              Name:
      David Horin

                            
	 
      	
                              Title:
      Chief Financial Officer

                            
	 
      	 
      
	
                              Address for notice:

                            
	
                              1251
      Avenue of the Americas, 20th Floor

                            
	
                              New
      York, NY, 10020

                            
	
                              Fax:
      (646) 841-1640

                            
	
                              Attention:  General
      Counsel

                            

                    

                  

                

              

            

          

        

      

    

    

    Accepted
and Agreed to as of

    the date
first written above:

    

    
      
        
          	
                  PARK
      NATIONAL CORPORATION

                
	 
      	 
      
	
                  By:  
      

                	/s/
      John W. Kozak
	 
      	
                  Name:
      John W. Kozak

                
	 
      	
                  Title:
      Chief Financial Officer

                

        

      

    

    

    Address for
notice:

    50 North
Third Street

    Newark,
Ohio  43055

    Fax:
(740) 349-3709

    Attention:
Chief Financial Officer

    
      
         

      

      
        14

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