Document:

EX-10.34

 

Exhibit
10.34

STOCK PURCHASE AGREEMENT

     THIS STOCK PURCHASE AGREEMENT (Agreement), dated September 5, 2007, is by and between
Cincinnati Financial Corporation, an Ohio Corporation (Cincinnati Financial), and The Huntington
National Bank, Trustee of the E. Perry Webb Marital Trust, Number 1315022309 originally dated
February 9, 1978 (Trust) and as amended from time to time.

     WHEREAS, the Trust currently owns and desires to sell 193,750 shares (the Stock) of Cincinnati
Financial’s common stock, par value of $2.00 per share (the Common Stock); and

     WHEREAS, the Trust desires to sell to Cincinnati Financial and Cincinnati Financial desires to
purchase from the Trust the Stock upon the terms and conditions hereinafter provided;

     NOW THEREFORE, in consideration of the foregoing, in reliance upon representations and
warranties contained here, and subject to the conditions contained here, the parties hereto,
intending to be legally bound hereby, agree as follows:

ARTICLE I

PURCHASE AND SALE OF SHARES

     Section 1.1 Purchase and Sale of Common Stock. Subject to the terms and conditions
set forth in this Agreement, the Trust hereby agrees to sell, transfer, convey and assign to
Cincinnati Financial, and Cincinnati Financial hereby agrees to purchase from the Trust, the Stock
at a cash purchase price determined in accordance with Section 1.2 below.

     Section 1.2 Purchase Price. The aggregate purchase price (the Purchase Price) which
Cincinnati Financial shall pay to the Trust for the Stock on the Closing Date in accordance with
Section 1.4 below, shall be equal to the product of (a) 193,750 multiplied by (b) the average of
the high and low sales prices of the Common Stock on the NASDAQ National Market on September 6,
2007 and September 7, 2007.

     Section 1.3 Closing. The closing of the purchase and sale of the Stock (the Closing)
shall be at 10:00am Eastern Time at the offices of Cincinnati Financial, 6200 S. Gilmore Road,
Fairfield, Ohio 45014-5141 on 10th day of September, 2007 (the Closing Date);
provided, that the conditions set forth in Article III of this Agreement have been
satisfied or waived; and provided further, that the Closing may occur on such other date or
at such other time or place as the parties may mutually agree in writing in order to satisfy
delivery of the Stock subject to this Agreement as provided in Section 1.4, below.

     1.4 Closing Deliveries. At the Closing, Trustee shall deliver the above referenced
193,750 shares of the Common Stock to Cincinnati Financial or for the

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account of Cincinnati Financial according to delivery instructions provided to Trustee and
Cincinnati Financial shall pay to the Trust the Purchase Price by direct deposit of the Purchase
Price directly into one or more accounts designated by the Trust in writing to Cincinnati
Financial.

ARTICLE II

REPRESENTATIONS AND WARRANTIES

     Section 2.1 Representations of Cincinnati Financial. Cincinnati Financial hereby
represents and warrants to the Trust as follows:

	 	(a)	 	Cincinnati Financial is an Ohio corporation validly subsisting and in good
standing under the laws of the State of Ohio and has all requisite corporate power and
authority to enter into this Agreement and consummate the transaction contemplated
hereby.
	 
	 	(b)	 	Upon execution of this Agreement by Cincinnati Financial, this Agreement will
be duly authorized, executed and delivered by Cincinnati Financial, and will
constitute a valid and binding obligation of Cincinnati Financial, enforceable against
Cincinnati Financial in accordance with its terms, subject to applicable bankruptcy,
reorganization, insolvency, moratorium or similar laws affecting creditors’ rights
generally and general principles of equity.
	 
	 	(c)	 	No authorization, consent or approval of or with any third person, any court,
any public body or any regulatory or other authority is necessary for the consummation
by Cincinnati Financial of the transactions contemplated by this Agreement, except for
those which if not obtained would not materially adversely affect Cincinnati
Financial’s ability to perform its obligations hereunder. The execution, delivery and
performance of this Agreement by Cincinnati Financial will not constitute a breach,
violation or default (or an event which, with notice or lapse of time or both, will
constitute a default) under, or result in the termination or acceleration under, or
result in a creation of any lien or encumbrance upon any of the properties or assets
of Cincinnati Financial under any note, bond, mortgage, indenture, deed of trust,
license, lease, agreement or any other instrument as to which Cincinnati Financial is
a party and by which its properties or assets are bound, except any of such which
would not materially aversely affect Cincinnati Financial’s ability to perform its
obligations hereunder.

     Section 2.2 Representations of the Trust. The Trust hereby represents and warrants
to Cincinnati Financial as follows:

	 	(a)	 	The Trust has the power and authority to enter into this Agreement and to
consummate the transactions contemplated hereby.

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	 	(b)	 	The Trust has good and valid title to the Stock free and clear of any lien,
claim, pledge, security interest or other encumbrance whatsoever.
	 
	 	(c)	 	Upon execution of this Agreement by the Trust, this Agreement will have been
duly and validly executed and delivered by the Trust, and will constitute a valid and
binding obligation of the Trust, enforceable against the Trust in accordance with its
terms, subject to applicable bankruptcy, reorganization, insolvency, moratorium or
similar laws affecting creditors’ rights generally and general principles of equity.
	 
	 	(d)	 	No authorization, consent or approval of or with any third person, any court,
any public body or any authority is necessary for the consummation by the Trust of the
transactions contemplated by this Agreement, except for those which if not obtained
would not materially adversely affect the Trust’s ability to perform its obligations
hereunder. The execution, delivery and performance of this Agreement by the Trust
will not constitute a breach, violation or default (or an event which, with notice or
lapse of time or both, will constitute a default) under, or result in the termination
of, accelerate the performance required by, result in the right of termination or
acceleration under, or result in a creation of any lien or encumbrance upon any of the
properties or assets of the Trust under, any note, bond, mortgage, indenture, deed of
trust, license, lease, agreement or other instrument as to which the Trust is a party
and by which its properties or assets are bound, except for any of such which would
not materially adversely affect the Trust’s ability to perform its obligations
hereunder.
	 
	 	(e)	 	The Trust has entered into this Agreement, and the transactions contemplated
by this Agreement, freely and without any pressure from Cincinnati Financial to sell
the Stock to Cincinnati Financial.

ARTICLE III

CONDITION PRECEDENT

     Cincinnati Financial’s and the Trust’s obligation to consummate the transactions contemplated
by this Agreement are subject to the fulfillment on or prior to the Closing Date of the following
conditions, unless waived by Cincinnati Financial or the Trust, as applicable.

     Section 3.1 Injunction and Litigation. There shall be pending or in effect no
injunction, writ, preliminary restraining order, statute, law, rule, regulation, executive order or
any other order of any nature directing that the transactions contemplated by this Agreement not be
consummated as herein provided or otherwise seeking to restrain or prohibit the transactions
contemplated by this Agreement, or which have the effect of so restraining or prohibiting, and none
of such shall be threatened, and there shall not be any suit, action, investigation, inquiry or
other proceeding instituted, pending or threatened by

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any governmental entity challenging or seeking to make illegal or otherwise directly or indirectly
restrain or prohibit or make materially more costly to Cincinnati Financial or the Trust the
consummation of the transaction contemplated hereby or seeking to obtain material damages in
connection with such transaction.

     Section 3.2 Deliveries. The deliveries contemplated by Section 1.4 shall have been
made.

ARTICLE VI.

MISCELLANEOUS

     Section 4.1 Governing Law. This Agreement shall be construed under and governed by
the laws of the State of Ohio, without regard to the conflicts of laws rules of such state.

     Section 4.2 Further Instruments and Actions. Each party agrees to deliver any
further instruments and to take any further actions that may be responsibly requested by the other,
or counsel for the other, in order to carry out the provisions and purposes of this Agreement.

     Section 4.3 Notices. All notices, requests or other communications to be given
hereunder shall be in writing and shall be delivered personally, sent by registered or certified
mail, postage prepaid, by overnight courier with written confirmation of delivery or by facsimile
transmission with written confirmation of error-free transmission:

     If to Cincinnati Financial:

Cincinnati Financial Corporation

6200 S. Gilmore Road

Fairfield, Ohio 45014-5141

Attn: Lisa A. Love, Esq.

Telephone No.: (513) 870-2288

Facsimile No.: (513) 603-5700

     With a copy to:

Dinsmore & Shohl LLP

1900 Chemed Center

255 East Fifth Street

Cincinnati, Ohio 45202-4720

Attn: Charles F. Hertlein, Jr., Esq.

Telephone No.: (513) 977-8315

Facsimile No.: (513) 977-8327

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If to the Trust:

Robert J. Meredith, Esq.

P.O. Box 1217

Lima, Ohio 45802-1217

Telephone No.: (419) 228-6365

Facsimile No.: (419) 228-5319

     Section 4.4 Headings. The descriptive article and section headings herein are
inserted for convenience of reference only and are not intended to be part of or to affect the
meaning or interpretation of this Agreement.

     Section 4.5 Entire Agreement. This Agreement constitutes the entire agreement
between the parties with respect to the sale and transfer of the Stock, and there are no
agreements, conditions or understandings, either oral or written, between Cincinnati Financial and
the Trust relating to these matters other than those that are contained in this Agreement. This
Agreement may be altered or amended only by a written agreement signed by both Cincinnati Financial
and the Trust.

     Section 4.6 Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same agreement.

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

	 	 	 	 	 
	 	CINCINNATI FINANCIAL CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	Kenneth W. Stecher 	 
	 	 	Title:  	Chief Financial Officer, Executive Vice
President, Secretary and Treasurer 	 
	 

	 	 	 	 	 
	 	THE HUNTINGTON NATIONAL BANK,
TRUSTEE OF E. PERRY WEBB

MARITAL
TRUST, NUMBER 1315022309

 	 
	 	By:  	 	 
	 	 	Name:  	Robert E. Shenk 	 
	 	 	Title:  	Vice President, Trust Officer 	 
	 

5EX-10.1

 

Exhibit 10.1

SECOND AMENDMENT

TO THE

VISION BANK

SALARY CONTINUATION PLAN

DATED JULY 14, 2004

FOR

J. DANIEL SIZEMORE

     This SECOND AMENDMENT is executed and effective this 1st day of                     June___, 2007, by
and between Vision Bank, a state-chartered commercial bank located in Panama City, Florida (the
“Company”), and J. Daniel Sizemore (the “Executive”) as follows:

     The Company and the Executive executed the Salary Continuation Plan on July 14, 2004 effective
as of the first day of April, 2004 and amended the Salary Continuation Plan on June 26, 2006
effective as of the first day of January, 2005 (collectively, the “Agreement”); and

     Pursuant to that certain Agreement and Plan of Merger entered into between Vision Bancshares,
Inc. (the “Holding Company”) and Park National Corporation dated to be effective as of September
14, 2006, the Holding Company merged with and into Park National Corporation effective as of 6:00
p.m., Eastern Standard Time, on March 9, 2007 (the “Merger”); and

     The Merger resulted in a Change of Control of the Holding Company as defined in Section 1.4 of
the Agreement; and

     As a result of the Merger, the Company and the Executive desire to amend the Agreement to (a)
provide that the Change of Control Benefit shall be equal to the Change of Control Benefit set
forth on Schedule A to the Agreement for the Plan Year (as defined in Section 1.17 of the
Agreement) during which the Executive’s Termination of Employment (as defined in Section 1.19 of
the Agreement) occurs and in no event may be less than the Change of Control Benefit set forth on
Exhibit A to this Second Amendment and (b) clarify that the benefit provided to the Executive upon
Termination of Employment following the Merger shall be the greater of (i) the Normal
Retirement Benefit described in Section 2.1 or (ii) the Change of Control Benefit described in
Section 2.5.

     The undersigned hereby amend the Agreement for the purposes recited herein. Therefore, the
following amendment to the Agreement shall be made:

     Section 2.5 of the Agreement shall be restated as follows:

	2.5	 	Change of Control Benefit. Upon a Change of Control followed by the Executive’s
Termination of Employment, the Company shall pay to the Executive the benefit described in
this Section 2.5 in lieu of the benefits described in Sections 2.2 Involuntary Termination
Benefit, 2.3 Voluntary Termination Benefit or 2.4 Disability Benefit.

 

 

	 	 	2.5.1 Amount of Benefit. The annual benefit under this Section 2.5 is the Change of
Control Benefit set forth on Schedule A for the Plan Year during which the Executive’s
Termination of Employment occurs; provided however, that in no event shall such annual
benefit be less than the Change of Control Benefit set forth on the Exhibit A attached to
the Second Amendment to the Agreement. The benefit is determined by vesting the Executive
in one hundred (100%) in the Change of Control Benefit described in this Section 2.5.1.
	 
	 	 	2.5.2 Payment of Benefit. The Company shall pay the annual benefit to the Executive
in twelve (12) equal monthly installments commencing with the month following Normal
Retirement Age. The annual benefit shall be paid to the Executive for fifteen (15) years.
	 
	 	 	2.5.3 Minimum Benefit. The benefit provided to the Executive upon Termination of
Employment following the merger of the Holding Company with and into Park National
Corporation effective as of 6:00 p.m., Eastern Standard Time, on March 9, 2007, shall in no
event be less than the amount described in Section 2.5.1 and; provided further, in the event
the Executive is eligible to receive the Normal Retirement Benefit described in Section 2.1
and such Normal Retirement Benefit is greater than the Change of Control Benefit, then the
Executive shall be paid the Normal Retirement Benefit in accordance with the provisions of
Section 2.1.

     IN WITNESS WHEREOF, the Company and the Executive hereby consent to this Second Amendment.

	 	 	 	 	 	 	 
	Executive:	 	 	 	Vision Bank
	 
	 	 	 	 	 	 
	/s/ J. Daniel Sizemore

	 	 	 	By
	 	/s/ J.W. Ginn
	 

	 	 	 	 	 	 
	J. Daniel Sizemore

	 	 	 	Title
	 	President
	 

	 	 	 	 	 	 

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Exhibit A

Change in Control Benefit

$47,700.00

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Plan Year Reporting

Salary Continuation Plan

Schedule A

Daniel Sizemore

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Birth Date: 1/27/1948	 	 	 	 	 	Change in Control
	Plan Anniversary Date: 4/1/2005	 	 	 	 	 	 
	Normal Retirement: 1/27/2013, Age 65	 	 	 	 	 	Annual
Benefit3
	Normal Retirement Payment: Monthly for 15 years	 	 	 	 	 	Amount Payable at
	 	 	 	 	 	 	 	 	 	 	Normal Retirement Age
	 
	 	 	 	 	 	 	Benefit	 	 	 	 	 	Based On
	Values	 	Age	 	Level2	 	Vesting	 	Benefit
	as of	 	(0)	 	(1)	 	(2)	 	(3)
	 
	Mar 2007
	 	 	59	 	 	 	47,700	 	 	 	100	%	 	 	47,700	 
	 
	Mar 2008 1
	 	 	60	 	 	 	49,131	 	 	 	100	%	 	 	49,131	 
	Mar 2009
	 	 	61	 	 	 	50,605	 	 	 	100	%	 	 	50,605	 
	Mar 2010
	 	 	62	 	 	 	52,123	 	 	 	100	%	 	 	52,123	 
	Mar 2011
	 	 	63	 	 	 	53,687	 	 	 	100	%	 	 	53,687	 
	Mar 2012
	 	 	64	 	 	 	55,297	 	 	 	100	%	 	 	55,297	 
	 
	Jan 2013
	 	 	65	 	 	 	56,956	 	 	 	100	%	 	 	56,956	 
	January 27, 2013
Retirement; February
1, 2013 First Payment
Date

 

			
	1	 	The first line reflects 12 months of data, April 2007 to March 2008.
	 
	2	 	The benefit amount is based on 30% of current compensation. Compensation is based on $159,000
initially, inflating at 3.00% each year to $189,854 at retirement.
	 
	3	 	The annual benefit amount will be distributed in 12 equal monthly payments for a total of 180
monthly payments.
	 
	*	 	IF THERE IS A CONFLICT IN ANY TERMS OR PROVISIONS BETWEEN THIS SCHEDULE A AND THE
AGREEMENT, THE TERMS AND PROVISIONS OF THE AGREEMENT SHALL PREVAIL. IF A TRIGGERING EVENT
OCCURS, REFER TO THE AGREEMENT TO DETERMINE THE ACTUAL BENEFIT AMOUNT BASED ON THE DATE OF THE
EVENT.

Salary
Continuation Plan for Vision Bank — Wewahitchka, FL

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