SEC Contract Filing

Filing Date: 2019-12-05

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex101amendedserp.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<div><a name="s9bd919cfb7d0471bb2662f29f5df3606"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exhibit 10.1 </font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">AMENDMENT TO THE AMENDED AND RESTATED</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SUPPLEMENT EXECUTIVE RETIREMENT BENEFITS AGREEMENT</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">THIS AMENDMENT (this &#8220;Amendment&#8221;) is entered into this 3rd day of December, 2019, effective as of October 1, 2019, by and between The Park National Bank, a national banking association (&#8220;PARK&#8221;), and C. DANIEL DeLAWDER (the &#8220;Executive&#8221;).</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">PARK and the Executive executed the Amended and Restated Supplemental Executive Retirement Benefits Agreement on February 18, 2008, made as of February 18, 2008 (the &#8220;Agreement&#8221;). The undersigned desire to amend the Agreement for the purpose of changing the amount of the benefits in the Agreement. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:11pt;">NOW, THEREFORE, the parties do hereby agree, effective as of October 1, 2019, to amend the Agreement by:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Deleting Section 2. (e) to the Agreement in its entirety and substituting the following:</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:72px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">&#8220; 2 (e) Death of Executive</font><font style="font-family:inherit;font-size:11pt;">. &#160; If Executive&#8217;s death occurs after payment to Executive has commenced of his Full Benefit payments but before he has received 15 annual benefit payments under this Agreement, Executive&#8217;s beneficiary designated on </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exhibit B</font><font style="font-family:inherit;font-size:11pt;">&#32;attached hereto (or if none is designated, Executive&#8217;s estate) shall receive the balance of the 15 annual payment at the same time and in the same form as the payments would have been paid to Executive had Executive survived.&#160; If Executive dies before payments to Executive commence under this Agreement or does not qualify for Full Benefit payments under this Agreement at the time of his separation from service, all benefits under this Agreement shall cease upon the death of Executive and neither Executive nor Executive&#8217;s estate nor any designated beneficiary shall be entitled to any benefits hereunder.&#8221;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Adding Exhibit B containing the beneficiaries to be designated by the Executive in accordance with amended Section 2. (e) of the Agreement on page 2 hereof.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font>