SEC Contract Filing

Filing Date: 2020-03-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.24
<SEQUENCE>10
<FILENAME>sec10k123119ex1024.htm
<DESCRIPTION>SEVERANCE AGREEMENT AND RELEASE - HART-HARRIS
<TEXT>
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 <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold;"><u>SEVERANCE AGREEMENT AND RELEASE</u></div>
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 <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0); font-size: 12pt;">THIS SEVERANCE AGREEMENT AND RELEASE is by and between Ohio Valley Bank, its successors and assigns (the &#8220;Bank&#8221;), 420 Third Avenue, Gallipolis, OH 45631, and
 Katrinka Hart-Harris, her heirs, executors, administrators, personal or legal representatives, successors and/or assigns (&#8220;Employee&#8221;).&#160; The Bank and Employee agree as follows:</div>
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 <div style="text-indent: 36pt; text-align: justify;"><font style="font-size: 12pt; color: rgb(0, 0, 0);">1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt; color: rgb(0, 0, 0);"><u>Purpose</u>.&#160; The purpose of this Agreement is (i) to facilitate a Reduction in Force which will end the employment relationship between Employee and the Bank, except as provided for in this Agreement; and (ii) to
 fully resolve all potential disputes arising out of the employment relationship or the severance of employment of Employee, without admission of liability or wrongdoing by any party.</font></div>
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 <div style="text-indent: 36pt;"><font style="font-size: 12pt; color: rgb(0, 0, 0);">2.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt; color: rgb(0, 0, 0);"><u>Consideration</u>.&#160; In consideration for Employee entering into this Agreement, the Bank agrees as follows:</font></div>
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 <div style="text-indent: 72pt;"><font style="font-size: 12pt; color: rgb(0, 0, 0);">A.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt; color: rgb(0, 0, 0);">The Bank shall pay Employee pursuant to the schedule set forth in Exhibit A attached.</font></div>
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 <div style="text-indent: 72pt;"><font style="font-size: 12pt; color: rgb(0, 0, 0);">B.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt; color: rgb(0, 0, 0);">The Bank shall cooperate with Employee with respect to COBRA rights, if applicable to Employee, in accordance with federal and state law.</font></div>
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 <div style="text-indent: 72pt; text-align: justify;"><font style="font-size: 12pt;">C.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="color: rgb(0, 0, 0);">The Bank shall not contest Employee&#8217;s application for unemployment compensation, but shall comply with the law in supplying any requested information to the </font>Department of Job and Family Services.</font></div>
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 <div style="text-indent: 36pt; text-align: justify;"><font style="font-size: 12pt; color: rgb(0, 0, 0);">3.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt; color: rgb(0, 0, 0);"><u>Sole Consideration</u>.&#160; Employee acknowledges that any pay or other benefits paid pursuant to this Agreement are paid solely in exchange for promises in this Agreement and are not otherwise available under Bank
 policy, and that Employee has been properly compensated by the Bank for all hours worked and benefits accrued.</font></div>
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 <div style="text-indent: 36pt; text-align: justify;"><font style="font-size: 12pt; color: rgb(0, 0, 0);">4.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="color: rgb(0, 0, 0);"><u>Elimination of Position</u></font><font style="color: rgb(0, 0, 0);">.&#160; Employee acknowledges that effective as of December 31, 2019, Employee&#8217;s position with the Bank will be eliminated.&#160; Effective on
 that date, Employee shall not be entitled to any further compensation, remuneration or other benefits from the Bank other than as specifically set forth in this Agreement, </font>Employee&#8217;s last work day will be November 27, 2019, and on that
 date,<font style="color: rgb(192, 0, 0);">&#160;</font><font style="color: rgb(0, 0, 0);">will immediately return all Bank property in Employee&#8217;s possession, including but not limited to laptops, keys, security devices, equipment, documents, data, or
 information.&#160; Employee also agrees not to retain any copies, duplicates, or summaries of these materials, including information stored on Employee&#8217;s personal computer which must be purged and deleted.&#160; Compliance with these requirements is
 required before payments will be made as set forth in paragraph 2 above.</font></font></div>
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