Document:

PRK-EX10.5-2013.12.31-10K

Exhibit 10.5

Summary of Certain Compensation for
Directors of Park National Corporation

Annual Retainers and Meeting Fees
Annual Retainers Payable in Common Shares
From 2004 to 2012, each director of Park National Corporation (“Park”) who was not an employee of Park or one of Park’s subsidiaries (a “non-employee director”) received, on the date of the regular meeting of the Park Board of Directors held during the fourth fiscal quarter, an annual retainer in the form of common shares awarded under the Park National Corporation Stock Plan for Non-Employee Directors of Park National Corporation and Subsidiaries (the “Directors’ Stock Plan”).  After the Park National Corporation 2013 Long-Term Incentive Plan (the “2013 LTIP”) was approved by Park’s shareholders on April 22, 2013, the Directors’ Stock Plan was terminated and the annual retainer in the form of Park common shares is to be awarded under the 2013 LTIP.  The number of common shares awarded as the annual retainer for the fiscal year ended December 31, 2013 (the “2013 fiscal year”) was 200 common shares.  These common shares were delivered on the date of the regular meeting of the Park Board of Directors held during the fourth quarter of the 2013 fiscal year. 
Each non-employee director of Park also serves on the board of directors of either The Park National Bank (“Park National Bank”) or one of the divisions of Park National Bank, and from 2004 to 2012, received, on the date of the regular meeting of the Park Board of Directors held during the fourth fiscal quarter, an annual retainer in the form of 60 common shares of Park awarded under the Directors’ Stock Plan.  After the 2013 LTIP was approved by Park’s shareholders on April 22, 2013, the full Board of Directors of Park determined that the number of Park common shares to be awarded in the form of annual retainers for the 2013 fiscal year was to be: (a) 150 common shares for members of the board of directors of Park National Bank; and (b) 100 common shares for members of the board of directors of a division of Park National Bank.  These common shares were delivered on the date of the regular meeting of the Park Board of Directors held during the fourth quarter of the 2013 fiscal year.  
Cash Compensation
The following table sets forth the cash compensation paid by Park to Park’s non-employee directors for the 2013 fiscal year, starting April 22, 2013, and to be paid by Park to Park’s non-employee directors for the fiscal year ending December 31, 2014 (the “2014 fiscal year”):
	
			
	Meeting Fees:
	 

	Each meeting of Board of Directors attended (1) 
	$1,200

	Each meeting of Executive Committee attended
	$900

	Each meeting of Audit Committee attended
	$900

	Each meeting of each other Board Committee attended
	$600

	Annual Retainers:
	 

	Annual Retainer for Committee Chairs:
	 

	 
	Audit Committee
	$7,500

	 
	Nominating Committee
	$5,000

	 
	Compensation Committee
	$5,000

	 
	Risk Committee
	$5,000

	Annual Retainer for Other Committee Members:
	 

	 
	Executive Committee
	$5,000

	 
	Audit Committee
	$5,000

	 
	Risk Committee
	$2,500

	 
	Compensation Committee
	$2,500

	 
	Investment Committee
	$2,500

	 
	Nominating Committee
	$2,500

	Lead Director Additional Annual Retainer
	$15,000

(1)    If the date of a meeting of the full Board of Directors is changed from that provided for by resolution of the Board and a Park non-employee director is not able to attend the rescheduled meeting, he or she receives the meeting fee as though he or she attended the meeting.  
Each non-employee of Park also serves on the board of directors of either Park National Bank or one of the divisions of Park National Bank and, in some cases, receives a specified amount of cash for such service as well as fees for attendance at meetings of the board of directors of Park National Bank or the applicable division of Park National Bank (and committees of the respective boards).  
In addition to the annual retainers and meeting fees discussed above, non-employee directors also receive reimbursement of all reasonable travel and other expenses of attending board and committee meetings.
C. Daniel DeLawder, Harry O. Egger, William T. McConnell and David L. Trautman receive no compensation for:  (i) serving as a member of the Board of Directors of Park; (ii) serving as a member of the board of directors of Park National Bank or one of its divisions; or (iii) serving as a member of any committee of the respective boards.  
Other Compensation
William T. McConnell is employed by Park National Bank in a non-executive officer capacity.  In such capacity, he received the amount of $33,000 during the 2013 fiscal year.  Harry O. Egger is employed by the Security National Bank Division of Park National Bank in a non-executive officer capacity.  In such capacity, he received the amount of $33,000 during the 2013 fiscal year.PRK-EX10.6(b)-2013.12.31-10K

Exhibit 10.6(b)

Schedule identifying Non-Employee Directors 
of Park National Corporation covered by form 
of Split-Dollar Agreement,  made and 
  entered into effective as of December 28, 2007  

The following directors of Park National Corporation (“Park”) are covered by Split-Dollar Agreements (the “Split-Dollar Agreements”) as identified below, which Split-Dollar Agreements are identical to the form of Split-Dollar Agreement, to be made and entered into effective as of December 28, 2007, filed as Exhibit 10.2(a) to Park’s Current Report on Form 8-K dated and filed on January 2, 2008 (File No. 1-13006):

	
			
	Name of Director
	Subsidiary of Park which is a Party to
Split-Dollar Agreement
	Date of Split-
Dollar Agreement

	 
	 
	 

	Donna M. Alvarado
	The Park National Bank
	December 28, 2007

	Maureen H. Buchwald
	The Park National Bank (as successor by merger to The First-Knox National Bank of Mount Vernon)
	December 28, 2007

	F. William Englefield IV
	The Park National Bank
	December 28, 2007

	Dr. Charles W. Noble, Sr.
	The Park National Bank
	December 28, 2007

	John J. O’Neill
	The Park National Bank
	December 28, 2007

	Robert E. O’Neill
	The Park National Bank
	December 28, 2007

	Rick R. Taylor
	The Park National Bank (as successor by merger to The Richland Trust Company)
	December 28, 2007

	Leon Zazworsky
	The Park National Bank
	December 28, 2007exhibit10-1hcm5thamend.htm

EXHIBIT 10.1

 

FIFTH AMENDMENT TO

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

THIS FIFTH AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), entered into as of the 20th day of February, 2014, by and between SUMMIT FINANCIAL GROUP, INC., a West Virginia corporation and bank holding company (“Summit”) and H. CHARLES MADDY, III, (“Maddy”).

 

W I T N E S S E T H:

 

WHEREAS, on March 4, 2005, Summit and Maddy entered into that certain Employment Agreement whereby Summit agreed to employ Maddy and Maddy accepted employment as the Chief Executive Officer of Summit (the “Employment Agreement”); and

 

WHEREAS, the original term of the Employment Agreement commenced on March 4, 2005, and extended until March 4, 2008; and

 

WHEREAS, the Board of Directors of Summit or a committee designated by the Board of Directors of Summit is required by the terms of the Employment Agreement to review the Employment Agreement at least annually, and the Board of Directors of Summit may, with the approval of Maddy, extend the term of the Employment Agreement annually for one (1) year periods (so that the actual term of the Employment Agreement will always be between two and three years); and

 

WHEREAS, on December 6, 2005, December 12, 2006, and December 14, 2007, the Compensation and Nominating Committee of the Board of Directors of Summit met to review the Employment Agreement and extended the term of the Employment Agreement for an additional one (1) year term; and

 

WHEREAS, the Employment Agreement was amended and restated on December 9, 2008 (the “Amended and Restated Employment Agreement”) and the term of the Employment Agreement was thereby extended for an additional one (1) year until March 4, 2012.

 

WHEREAS, on February 4, 2010 , the Compensation and Nominating Committee of the Board of Directors of Summit met to review the Amended and Restated Employment Agreement and extended the term of the Amended and Restated Employment Agreement for an additional one (1) year until March 4, 2013; and

 

WHEREAS, on December 14, 2010, the Compensation and Nominating Committee of the Board of Directors met to review the Amended and Restated Employment Agreement and extended the term of the Amended and Restated Employment Agreement for one (1) year, until March 4, 2014.

 

 

  

  

  

 

WHEREAS, on February 16, 2012, the Compensation and Nominating Committee of the Board of Directors met to review the Amended and Restated Employment Agreement and extended the term of the Amended and Restated Employment Agreement for one (1) year, until March 4, 2015;

 

WHEREAS, on February 14, 2013, the Compensation and Nominating Committee of the Board of Directors met to review the Amended and Restated Employment Agreement and extended the term of the Amended and Restated Employment Agreement for one (1) year, until March 4, 2016.

 

WHEREAS, on February 13, 2014, the Compensation and Nominating Committee of the Board of Directors met to review the Amended and Restated Employment Agreement and extended the term of the Amended and Restated Employment Agreement for one (1) year, until March 4, 2017.

 

WHEREAS, Maddy and Summit desire to enter into this Agreement to evidence the extension of the Employment Agreement for an additional one (1) year until March 4, 2017.

 

NOW THEREFORE, for and in consideration of the premises and mutual covenants, agreements and undertakings, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties covenant and agree as follows:

 

1.           Amendment to Employment Agreement.  Effective as of the date of this Agreement, the term of the Employment Agreement shall be until March 4, 2017.

 

2.           Enforceable Documents.  Except as modified herein, all terms and conditions of the Employment Agreement, as the same may be supplemented, modified, amended or extended from time to time, are and shall remain in full force and effect.

 

3.           Authority.  The undersigned are duly authorized by all required action or agreement to enter into this Agreement.

 

4.           Modifications to Agreement.  This Agreement may be amended or modified only by an instrument or document in writing signed by the person or entity against whom enforcement is sought.

 

5.           Governing Law.  This Agreement, and any documents executed in connection herewith or as required hereunder, and the rights and obligations of the undersigned hereto and thereto, shall be governed by, construed and enforced in accordance with the laws of the State of West Virginia.

 

 

  

  

  

 

IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the date first written above.

 

                   SUMMIT FINANCIAL GROUP, INC.

                   By:      /s/ Oscar M. Bean       

 

                   Its:      Chairman                       

 

 

                   /s/  H. Charles Maddy, III      

                    H. Charles Maddy, III

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