Document:

Exhibit 10.1

PARK NATIONAL CORPORATION

50 North Third Street

Post Office Box 3500

Newark, Ohio 43058-3500

(740) 349-8451

www.parknationalcorp.com

C. Daniel DeLawder

Chairman of the Board and Chief Executive Officer

Park National Corporation

50 North Third Street

Newark, Ohio 43055

Dear Dan,

Park National Corporation (the “Company) is a participant in the Capital Purchase Program (the
“CPP”). The CPP is a component program of the Troubled Assets Relief Program (the “TARP”)
established by the United States Department of the Treasury (the “Treasury”) pursuant to the
Emergency Economic Stabilization Act of 2008 (the “EESA”).

Background

The EESA required that the Company establish and comply with certain standards for executive
compensation applicable to its Senior Executive Officers. As a Senior Executive Officer, you and
the Company entered into a letter agreement dated December 19, 2008 (the “Prior Agreement”) in
order to comply with these EESA standards.

The American Recovery and Reinvestment Act of 2009 (the “ARRA”) amended and replaced the executive
compensation provisions of the EESA in their entirety and directed the Secretary of the Treasury to
establish executive compensation and corporate governance standards applicable to TARP Recipients,
including the Company, and makes these standards applicable to both Senior Executive Officers and
certain Most Highly-Compensated Employees. On June 15, 2009, the Secretary of the Treasury
established these standards by promulgating an Interim Final Rule under 31 C.F.R. Part 30 (the
“Interim Final Rule”). The EESA executive compensation standards, as amended and replaced by the
ARRA, and the Interim Final Rule are collectively referred to as the “TARP Compensation Standards”.

Description of TARP Compensation Standards

Among other requirements, the executive compensation and corporate governance standards comprising
the TARP Compensation Standards:

	(1)	 	Require the Company to comply with the requirements of Internal Revenue Code Section
162(m)(5); and

	(2)	 	Prohibit the Company from making any Golden Parachute Payment to its Senior Executive
Officers or any of the five next Most Highly-Compensated Employees; and

	(3)	 	Prohibit the Company from paying or accruing any Bonus Payment to the five Most
Highly-Compensated Employees, except as permitted by the TARP Compensation Standards; and

 

 

 

	(4)	 	Require the Company to “clawback” any Bonus Payment to its Senior Executive Officers or any
of the 20 next Most Highly-Compensated Employees if payment was based on materially inaccurate
financial statements or performance metric criteria; and

	(5)	 	Prohibit the Company from maintaining any Employee Compensation Plan that would encourage the
manipulation of reported earnings to enhance the compensation of any employee; and

	(6)	 	Prohibit the Company from maintaining any SEO Compensation Plan that encourages Senior
Executive Officers to take unnecessary and excessive risks that threaten the value of the
Company; and

	(7)	 	Prohibit the Company from providing Gross-Ups to its Senior Executive Officers or the 20 next
Most Highly-Compensated Employees; and

	(8)	 	Subjects any Bonus Payment paid prior to February 17, 2009 by the Company to its Senior
Executive Officers or the 20 next Most Highly-Compensated Employees to recovery by the
Treasury.

Agreement

As a Senior Executive Officer, this letter evidences your and the Company’s intent to comply with
the TARP Compensation Standards. In consideration of the benefits that the Company received
through its participation in the CPP, by signing this letter, you agree to consent to such
modifications or amendments to the Company’s stock, compensation, bonus, incentive and other
benefit plans, arrangements and agreements (including golden parachute, severance and employment
agreements) in which you are a participant or to which you are a party (collectively, the “Benefit
Plans”) as are necessary to give effect to the TARP Compensation Standards described above and, to
the extent that specific revisions to such Benefit Plans or reimbursement of prior payments to the
Treasury are required to give effect to the TARP Compensation Standards, you agree to negotiate
promptly and in good faith with respect to such revisions or for such reimbursement.

This letter supersedes and replaces the Prior Agreement between you and the Company.

This letter shall remain in effect during the TARP Period and for so long as you remain a Senior
Executive Officer.

Rules of Interpretation

For purposes of this letter:

	(1)	 	The TARP Compensation Standards are intended to, and will be interpreted, administered and
construed to, comply with the requirements of the ARRA, the Interim Final Rule and any other
guidance promulgated by the Treasury (and, to the maximum extent consistent with the
foregoing, to permit operation of the Benefit Plans in accordance with their terms before
giving effect to this letter); and

 

-2-

 

	(2)	 	Capitalized terms not defined herein shall have the meanings ascribed to them in the Interim
Final Rule and shall be interpreted and construed consistent with such Interim Final Rule; and

	(3)	 	Any reference to the Company shall mean the Company and any entity that, along with the
Company, would be considered to be the TARP Recipient determined pursuant to 31 C.F.R. §30.2
where appropriate — including, in particular, The Park National Bank, Vision Bank, Guardian
Financial Services Company and Scope Leasing, Inc.; and

	(4)	 	The determination of whether you are or remain a Senior Executive Officer shall be made
pursuant to 31 C.F.R. §30.3.

Miscellaneous

To the extent not subject to federal law, this letter will be governed by and construed in
accordance with the laws of Ohio. This letter may be executed in two or more counterparts, each of
which will be deemed to be an original and all of which will be deemed to be the same agreement. A
signature transmitted by facsimile will be deemed an original signature.

The Board of Directors of the Company appreciates the concessions you are making and looks forward
to your continued leadership during these financially turbulent times.

Yours sincerely,

PARK NATIONAL CORPORATION

	 	 	 	 	 
	By:

	 	/s/ David L. Trautman	 	 
	 

	 	 

David L. Trautman
	 	 
	 

	 	Title: President and Secretary	 	 

Date: July 20, 2009

*****

Intending to be legally bound, I agree with and accept the foregoing terms on the date set forth
below.

	 	 	 
	/s/ C. Daniel DeLawder
	 	 
	 

C. Daniel DeLawder

	 	 

Date: July 20, 2009

 

-3-Exhibit 10.2

PARK NATIONAL CORPORATION

50 North Third Street

Post Office Box 3500

Newark, Ohio 43058-3500

(740) 349-8451

www.parknationalcorp.com

David L. Trautman

President and Secretary

Park National Corporation

50 North Third Street

Newark, Ohio 43055

Dear David,

Park National Corporation (the “Company”) is a participant in the Capital Purchase Program (the
“CPP”). The CPP is a component program of the Troubled Assets Relief Program (the “TARP”)
established by the United States Department of the Treasury (the “Treasury”) pursuant to the
Emergency Economic Stabilization Act of 2008 (the “EESA”).

Background

The EESA required that the Company establish and comply with certain standards for executive
compensation applicable to its Senior Executive Officers. As a Senior Executive Officer, you and
the Company entered into a letter agreement dated December 19, 2008 (the “Prior Agreement”) in
order to comply with these EESA standards.

The American Recovery and Reinvestment Act of 2009 (the “ARRA”) amended and replaced the executive
compensation provisions of the EESA in their entirety and directed the Secretary of the Treasury to
establish executive compensation and corporate governance standards applicable to TARP Recipients,
including the Company, and makes these standards applicable to both Senior Executive Officers and
certain Most Highly-Compensated Employees. On June 15, 2009, the Secretary of the Treasury
established these standards by promulgating an Interim Final Rule under 31 C.F.R. Part 30 (the
“Interim Final Rule”). The EESA executive compensation standards, as amended and replaced by the
ARRA, and the Interim Final Rule are collectively referred to as the “TARP Compensation Standards”.

Description of TARP Compensation Standards

Among other requirements, the executive compensation and corporate governance standards comprising
the TARP Compensation Standards:

	(1)	 	Require the Company to comply with the requirements of Internal Revenue Code Section
162(m)(5); and

	(2)	 	Prohibit the Company from making any Golden Parachute Payment to its Senior Executive
Officers or any of the five next Most Highly-Compensated Employees; and

	(3)	 	Prohibit the Company from paying or accruing any Bonus Payment to the five Most
Highly-Compensated Employees, except as permitted by the TARP Compensation Standards; and

 

 

	(4)	 	Require the Company to “clawback” any Bonus Payment to its Senior Executive Officers or any
of the 20 next Most Highly-Compensated Employees if payment was based on materially inaccurate
financial statements or performance metric criteria; and

	(5)	 	Prohibit the Company from maintaining any Employee Compensation Plan that would encourage the
manipulation of reported earnings to enhance the compensation of any employee; and

	(6)	 	Prohibit the Company from maintaining any SEO Compensation Plan that encourages Senior
Executive Officers to take unnecessary and excessive risks that threaten the value of the
Company; and

	(7)	 	Prohibit the Company from providing Gross-Ups to its Senior Executive Officers or the 20 next
Most Highly-Compensated Employees; and

	(8)	 	Subjects any Bonus Payment paid prior to February 17, 2009 by the Company to its Senior
Executive Officers or the 20 next Most Highly-Compensated Employees to recovery by the
Treasury.

Agreement

As a Senior Executive Officer, this letter evidences your and the Company’s intent to comply with
the TARP Compensation Standards. In consideration of the benefits that the Company received
through its participation in the CPP, by signing this letter, you agree to consent to such
modifications or amendments to the Company’s stock, compensation, bonus, incentive and other
benefit plans, arrangements and agreements (including golden parachute, severance and employment
agreements) in which you are a participant or to which you are a party (collectively, the “Benefit
Plans”) as are necessary to give effect to the TARP Compensation Standards described above and, to
the extent that specific revisions to such Benefit Plans or reimbursement of prior payments to the
Treasury are required to give effect to the TARP Compensation Standards, you agree to negotiate
promptly and in good faith with respect to such revisions or for such reimbursement.

This letter supersedes and replaces the Prior Agreement between you and the Company.

This letter shall remain in effect during the TARP Period and for so long as you remain a Senior
Executive Officer.

Rules of Interpretation

For purposes of this letter:

	(1)	 	The TARP Compensation Standards are intended to, and will be interpreted, administered and
construed to, comply with the requirements of the ARRA, the Interim Final Rule and any other
guidance promulgated by the Treasury (and, to the maximum extent consistent with the
foregoing, to permit operation of the Benefit Plans in accordance with their terms before
giving effect to this letter); and

 

-2-

 

	(2)	 	Capitalized terms not defined herein shall have the meanings ascribed to them in the Interim
Final Rule and shall be interpreted and construed consistent with such Interim Final Rule; and

	(3)	 	Any reference to the Company shall mean the Company and any entity that, along with the
Company, would be considered to be the TARP Recipient determined pursuant to 31 C.F.R. §30.2
where appropriate — including, in particular, The Park National Bank, Vision Bank, Guardian
Financial Services Company and Scope Leasing, Inc.; and

	(4)	 	The determination of whether you are or remain a Senior Executive Officer shall be made
pursuant to 31 C.F.R. §30.3.

Miscellaneous

To the extent not subject to federal law, this letter will be governed by and construed in
accordance with the laws of Ohio. This letter may be executed in two or more counterparts, each of
which will be deemed to be an original and all of which will be deemed to be the same agreement. A
signature transmitted by facsimile will be deemed an original signature.

The Board of Directors of the Company appreciates the concessions you are making and looks forward
to your continued leadership during these financially turbulent times.

Yours sincerely,

	 	 	 	 	 
	PARK NATIONAL CORPORATION	 	 
	 
	 	 	 	 
	By:

	 	/s/ C. Daniel DeLawder
	 	 
	 

	 	 	 	 
	 

	 	C. Daniel DeLawder

Title: Chairman of the Board and Chief Executive Officer	 	 
	 
	 	 	 	 
	Date: July 20, 2009	 	 

*****

Intending to be legally bound, I agree with and accept the foregoing terms on the date set forth
below.

	 	 	 
	/s/ David L. Trautman
 

David L. Trautman

	 	 

Date: July 20, 2009

 

-3-

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