SEC Contract Filing

Filing Date: 2015-10-29

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d57099dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>CHANGE IN CONTROL AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B></B>THIS CHANGE IN CONTROL AGREEMENT (&#147;Agreement&#148;) is entered into as of the &nbsp;&nbsp;&nbsp;&nbsp;day of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2015 (the &#147;Effective Date&#148;), by and among <B>CIVISTA BANCSHARES, INC. </B>(formerly known as FIRST CITIZENS BANC CORP), an Ohio corporation (the
&#147;Corporation&#148;), <B>CIVISTA BANK</B> (formerly known as THE CITIZENS BANKING COMPANY), an Ohio bank (the &#147;Bank&#148;), and
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, an employee of the Corporation and/or the Bank and/or of a subsidiary of either
(the &#147;Employee&#148;). The Corporation, the Bank and any subsidiary of either, that employs the Employee are collectively referred to herein as the &#147;Employer.&#148;<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WHEREAS, the Employer wishes to assure itself of the continuity of the Employee&#146;s services in the event of any actual change in control of the
Corporation; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WHEREAS, the Employer and the Employee accordingly desire to enter into this Agreement on the terms and conditions set forth below; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises and mutual covenants set forth herein, it is hereby agreed by and between the parties as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1. <U>T<SMALL>ERM</SMALL> <SMALL>OF</SMALL> A<SMALL>GREEMENT</SMALL></U><SMALL></SMALL></B><SMALL></SMALL>. The &#147;Term&#148; of this
Agreement shall commence on the Effective Date and shall continue through December&nbsp;31, 2015; <I>provided, however</I>, that on such date and on each December&nbsp;31 thereafter, the Term of this Agreement shall automatically be extended for one
additional year unless, not later than the preceding January&nbsp;1 either party shall have given written notice to the other that such party does not wish to extend the Term; and provided, however, that if a Change in Control (as defined in
Section&nbsp;4 below) shall have occurred during the original or any extended Term of this Agreement, the Term of this Agreement shall continue for a period of twenty-four (24)&nbsp;calendar months commencing with the calendar month in which such
Change in Control occurs and shall end upon the expiration of such twenty-four (24)&nbsp;month period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2. <U>R<SMALL>ETENTION</SMALL>
B<SMALL>ONUS</SMALL></U><SMALL></SMALL></B><SMALL></SMALL>. If, during the Term, a Change in Control occurs, in recognition of the Employee&#146;s services during the period leading up to and ending upon the consummation of such Change in Control,
the Employer shall pay to the Employee (within thirty (30)&nbsp;days after the date a Change in Control occurs) a bonus in a lump sum amount equal to the sum of (A)&nbsp;one and one-half (1<SUP STYLE="vertical-align:top">&nbsp;1</SUP>&#8260;<SUB
STYLE="vertical-align:bottom">2</SUB>)&nbsp;times the Employee&#146;s annual base salary in effect during the twelve (12)&nbsp;month period immediately preceding the date upon which a Change in Control occurs, <I>plus</I> (B)&nbsp;the average of the
cash value of the compensation, other than the annual base salary, awarded to the Employee during the three (3)&nbsp;calendar years immediately preceding the date upon which the Change in Control occurs. In this Agreement, the &#147;cash value of
the compensation&#148; shall be determined by the full amount or face value of the compensation award without reduction due to any restrictions, vesting periods or possible unasserted future clawbacks that may apply to the compensation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3. <U>E<SMALL>MPLOYMENT</SMALL> A<SMALL>FTER</SMALL> <SMALL>A</SMALL> C<SMALL>HANGE</SMALL> <SMALL>IN</SMALL>
C<SMALL>ONTROL</SMALL></U><SMALL></SMALL></B><SMALL></SMALL>. If the Employee is in the employ of the Employer on the date of a Change in Control, the Employer hereby agrees to continue the Employee in its employ for the period commencing on the
date of the Change in Control and ending on the <I>earlier of</I> the last day of the Term of this Agreement <I>or</I> the date of the Employee&#146;s termination of employment described in (i)&nbsp;or (ii)&nbsp;of this Section&nbsp;3 (the
&#147;Employment Period&#148;). </P>

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</I>During the Employment Period, the Employee shall hold such position with the Employer and exercise such authority and perform such employment duties as are commensurate with the
Employee&#146;s position, authority and duties immediately prior to the Change in Control. The Employee agrees that during the Employment Period the Employee shall devote full business time exclusively to the Employee&