<SEC-DOCUMENT>0000805676-17-000050.txt : 20170426
<SEC-HEADER>0000805676-17-000050.hdr.sgml : 20170426
<ACCEPTANCE-DATETIME>20170426161702
ACCESSION NUMBER:		0000805676-17-000050
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170424
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170426
DATE AS OF CHANGE:		20170426

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PARK NATIONAL CORP /OH/
		CENTRAL INDEX KEY:			0000805676
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				311179518
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13006
		FILM NUMBER:		17784562

	BUSINESS ADDRESS:	
		STREET 1:		50 NORTH THIRD ST
		CITY:			NEWARK
		STATE:			OH
		ZIP:			43055
		BUSINESS PHONE:		6143498451

	MAIL ADDRESS:	
		STREET 1:		P O BOX 3500
		CITY:			NEWARK
		STATE:			OH
		ZIP:			43058-3500
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>prk-2017x04x268xk.htm
<DESCRIPTION>8-K
<TEXT>
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<div><a name="sdfbe4f302fec4704be45b13b3b07c2b0"></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:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Washington, D.C. 20549</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">FORM 8-K</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CURRENT REPORT</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Pursuant to Section 13 or 15(d) of the</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Securities Exchange Act of 1934</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:40%;"></td><td style="width:60%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Date of Report (Date of earliest event reported)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">April 24, 2017</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Park National Corporation</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Exact name of registrant as specified in its charter)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Ohio</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1-13006</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">31-1179518</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(State or other jurisdiction</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Commission</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(IRS Employer</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">of incorporation)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">File Number)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Identification No.)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:66%;"></td><td style="width:34%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">50 North Third Street, P.O. Box 3500, Newark, Ohio</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">43058-3500</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Address of principal executive offices)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Zip Code)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(740) 349-8451</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Registrant&#8217;s telephone number, including area code)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Not Applicable</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Former name or former address, if changed since last report)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:520px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:13px;"></td><td style="width:20px;"></td><td style="width:486px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div><div style="font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;"><br></font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:521px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:13px;"></td><td style="width:20px;"></td><td style="width:488px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div><div style="font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;"><br></font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div></td></tr></table></div><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:640px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:13px;"></td><td style="width:20px;"></td><td style="width:606px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div><div style="font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;"><br></font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;">&#160;</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:637px;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:13px;"></td><td style="width:20px;"></td><td style="width:604px;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div><div style="font-size:10pt;"><font style="font-family:Wingdings;font-size:10pt;"><br></font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></div><div style="line-height:120%;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Emerging growth company&#160;&#160;&#160;</font><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   </font><font style="font-family:Wingdings;font-size:10pt;">&#168;</font><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s2cc425191bd24363a6f71ebbc93c8229"></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:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Item 1.02 - Termination of a Material Definitive Agreement.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On April 24, 2017, Park National Corporation ("Park") prepaid in full the $30.0 million outstanding aggregate principal amount of the 7% Subordinated Notes due April 20, 2022 (the "2012 Notes"), plus accrued interest on the 2012 Notes in the aggregate amount of $140,000. The 2012 Notes were originally issued on April 20, 2012 to 56 purchasers, all of whom were accredited investors.  The 2012 Note paid interest at the rate of 7 percent per annum. April 21, 2017 was the earliest repayment date allowable under terms of the Note Purchase Agreement, dated April 20, 2012, under which the 2012 Notes were originally issued. By their terms, the 2012 Notes could be prepaid by Park without payment of any make-whole amount or any similar payment or premium. While they were outstanding, the 2012 Notes were intended to qualify as Tier 2 Capital under applicable rules and regulations of the Board of Governors of the Federal Reserve System.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><a name="sbaa4929e48d04255b1c76c4ef1731ac3"></a></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Approval of Park National Corporation 2017 Long-Term Incentive Plan for Employees</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At the 2017 Annual Meeting of Shareholders (the &#8220;2017 Annual Meeting&#8221;) of Park National Corporation (&#8220;Park&#8221;) held on April&#160;24, 2017, the Park shareholders approved the Park National Corporation 2017 Long-Term Incentive Plan for Employees (the &#8220;2017 Employees LTIP&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The 2017 Employees LTIP makes equity-based awards and cash-based awards (collectively, &#8220;2017 Employees LTIP Awards&#8221;) available for grant to eligible participants in the form of:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Incentive stock options;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Nonqualified stock options (together with the incentive stock options, the &#8220;Options&#8221;);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Stock appreciation rights (&#8220;SARs&#8221;);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Restricted common shares (&#8220;Restricted Stock&#8221;);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Restricted stock unit awards that may be settled in common shares, cash or a combination of the two (&#8220;Restricted Stock Units&#8221;);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unrestricted common shares (&#8220;Other Stock-Based Awards&#8221;); and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">cash-based awards.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A description of the material terms of the 2017 Employees LTIP was included in Park&#8217;s Proxy Statement for the 2017 Annual Meeting under the caption &#8220;APPROVAL OF PARK NATIONAL CORPORATION 2017 LONG-TERM INCENTIVE PLAN FOR EMPLOYEES (Proposal&#160;4)&#8221;, which description is incorporated herein by reference.  The following description of the 2017 Employees LTIP is qualified in its entirety by reference to the actual provisions of the 2017 Employees LTIP, the full text of which is included as Exhibit 10.1 to this Current Report on Form 8-K.  </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Administration of the 2017 Employees LTIP</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The 2017 Employees LTIP will be administered by the Compensation Committee of Park&#8217;s Board of Directors (the &#8220;Compensation Committee&#8221;).  The Compensation Committee will determine the individuals to be granted 2017 Employees LTIP Awards, the type(s) of 2017 Employees LTIP Award(s) to be granted and the terms and conditions of each 2017 Employees LTIP Award.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Park or one of Park&#8217;s subsidiaries will enter into a written award agreement with each participant in the 2017 Employees LTIP that describes the terms and conditions of each 2017 Employees LTIP Award granted, including (a)&#160;the type of 2017 Employees LTIP Award and when and how the 2017 Employees LTIP Award can be exercised or earned, (b)&#160;any exercise price associated with the 2017 Employees LTIP Award, (c)&#160;how the 2017 Employees LTIP Award will or may be settled, and (d)&#160;any other applicable terms and conditions affecting the 2017 Employees LTIP Award.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subject to the provisions of the 2017 Employees LTIP governing the termination of employment of a participant and the effect of a defined &#8220;change in control&#8221; and except as provided in the related award agreement with respect to a participant&#8217;s death, termination due to disability and/or retirement, (i)&#160;no condition on the vesting of a 2017 Employees LTIP Award that is based on the achievement of specified performance goals may be based on performance over a period of less than one year; and (ii)&#160;no condition on the vesting of a 2017 Employees LTIP Award that is based upon the continued employment of the participant or the passage of time may provide for vesting in full of the 2017 Employees LTIP Award more quickly than three years from the date the 2017 Employees LTIP Award is made provided that such vesting may occur ratably over the three-year period. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Effective Date and Expiration of the 2017 Employees LTIP</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The 2017 Employees LTIP became effective on April&#160;24, 2017, the date of approval by Park&#8217;s shareholders.  Unless earlier terminated by Park&#8217;s Board of Directors, the 2017 Employees LTIP will terminate on the tenth anniversary of the effective date.  No incentive stock option may be granted after January&#160;23, 2027, the tenth anniversary of the date the Park Board of Directors adopted the 2017 Employees LTIP.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Eligibility and Participation</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Compensation Committee may select any &#8220;Employee&#8221; to participate in the 2017 Employees LTIP.  These selections will be made in the sole discretion of the Compensation Committee.  For purposes of the 2017 Employees LTIP, an &#8220;Employee&#8221; means any person who is a common law employee of Park or of any subsidiary of Park or of any division of any Park subsidiary.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Common Shares Available Under the 2017 Employees LTIP</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subject to the adjustments discussed below, the aggregate number of common shares with respect to which 2017 Employees LTIP Awards may be granted under the 2017 Employees LTIP will be 750,000.  The common shares to be issued and delivered under the 2017 Employees LTIP may consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions.  No newly-issued common shares will be delivered under the 2017 Employees LTIP.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following common shares will not be counted against the common share limit:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">common shares covered by a 2017 Employees LTIP Award that expires or is forfeited, canceled, surrendered or otherwise terminated without the issuance of such common shares; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">common shares covered by a 2017 Employees LTIP Award that, by its terms, may be settled only in cash;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">common shares granted through the assumption of, or in substitution for, outstanding awards granted by another entity to individuals who become Employees as the result of a merger, consolidation, acquisition or other corporate transaction involving such other entity and Park or any of Park&#8217;s subsidiaries; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">common shares from a 2017 Employees LTIP Award exercised for or settled in vested and nonforfeitable common shares that are later returned to Park pursuant to any compensation recoupment policy, provision or agreement.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">However, common shares surrendered upon exercise of a 2017 Employees LTIP Award as payment of the applicable exercise price or withheld to satisfy any applicable taxes will not become available for future grants of 2017 Employees LTIP Awards. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition to the overall common share maximum referenced above, during any fiscal year of Park:  (i)&#160;the aggregate number of common shares which may be subject to all forms of 2017 Employees LTIP Awards granted to all participants may not exceed 75,000 common shares; and (ii)&#160;the number of common shares which may be subject to all forms of 2017 Employees LTIP Awards granted to a single Employee may not exceed 10,000 common shares.  Unless and until the Compensation Committee determines that a 2017 Employees LTIP Award granted to a &#8220;covered employee&#8221; (a &#8220;Section 162(m) Covered Employee&#8221;) within the meaning of Section&#160;162(m) of the Internal Revenue Code of 1986, as amended (the &#8220;Internal Revenue Code&#8221;), is not to be designated as &#8220;qualified performance-based compensation&#8221; under Section&#160;162(m) of the Internal Revenue Code during any fiscal year of Park, the Compensation Committee may not grant to any Section&#160;162(m) Covered Employee performance-based awards that are to be settled in cash in an aggregate amount equal to or more than $1,000,000.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the event of various changes in the capitalization of Park, the Compensation Committee will make such substitutions and adjustments, if any, as the Compensation Committee deems equitable and appropriate to (a)&#160;the aggregate number of common shares with respect to which 2017 Employees LTIP Awards may be granted, (b)&#160;any common share-based limits imposed under the 2017 Employees LTIP, and (c)&#160;the exercise price, number of common shares and other terms or limitations applicable to outstanding 2017 Employees LTIP Awards.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Types of Awards</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Options.</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">&#32;&#32;</font><font style="font-family:inherit;font-size:10pt;">The Compensation Committee may grant Options, in such number and upon such terms and conditions as the Compensation Committee determines, to the extent that such terms and conditions are consistent with the provisions of the 2017 Employees LTIP.  Options may be granted for terms of up to, but not exceeding, ten years from the date of grant.  The exercise price of each Option must be at least equal to the fair market value of a Park common share as determined on the date of grant.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Park may grant incentive stock options covering all 750,000 common shares available for issuance under the 2017 Employees LTIP.  Incentive stock options will, however, be subject to the additional restrictions and requirements of Section&#160;422 of the Internal Revenue Code.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Stock Appreciation Rights.</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">&#32;&#32;</font><font style="font-family:inherit;font-size:10pt;">A Stock Appreciation Right or SAR represents the right of a participant to receive payment of an amount equal to (a)&#160;the amount by which the fair market value of one Park common share on the date of exercise of the SAR exceeds the exercise price, multiplied by (b)&#160;the number of common shares covered by the SAR.  The Compensation Committee may grant SARs in such number and upon such terms and conditions as the Compensation Committee determines, to the extent that such terms and conditions are consistent with the provisions of the 2017 Employees LTIP.  SARs may be granted for terms of up to, but not exceeding, ten years from the date of grant.  The exercise price for each SAR must be at least equal to the fair market value of a Park common share as determined on the date of grant.  A SAR may be settled in full common shares, cash or a combination of the two.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Restricted Stock. </font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:10pt;">Restricted Stock consists of common shares that are issued to a participant but are subject to forfeiture based upon satisfaction of certain terms, conditions and restrictions.  The Compensation Committee may grant shares of Restricted Stock in such number and upon such terms and conditions as the Compensation Committee determines, to the extent that such terms and conditions are consistent with the provisions of the 2017 Employees LTIP.  </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Compensation Committee may impose restrictions including, for example:  (a) a requirement that participants pay a purchase price for each share of Restricted Stock; (b) restrictions based on the achievement of specific performance goals; (c) time-based restrictions; or (d) holding requirements or sale restrictions upon vesting.  During the period that the shares of Restricted Stock remain subject to forfeiture, (i)&#160;Park may retain the certificates representing the shares of Restricted Stock and (ii)&#160;a participant may not sell or otherwise transfer the shares of Restricted Stock.  However, unless otherwise provided in the award agreement, a participant will be entitled to exercise full voting rights and receive all dividends paid with respect to the shares of Restricted Stock (except that receipt of any such dividends will be subject to the same terms, conditions and restrictions as apply to the shares of Restricted Stock with respect to which they are paid).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Restricted Stock Units.</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">&#32;&#32;</font><font style="font-family:inherit;font-size:10pt;">The Compensation Committee may grant Restricted Stock Units in such number and upon such terms and conditions as the Compensation Committee determines, to the extent that such terms and conditions are consistent with the provisions of the 2017 Employees LTIP.  The Compensation Committee may impose restrictions including, for example:  (a)&#160;restrictions based on the achievement of specific performance goals; (b)&#160;time-base restrictions; and (c) holding requirements or sale restrictions on the underlying common shares upon vesting of such Restricted Stock Units.  </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">An award of Restricted Stock Units may provide the participant with dividend equivalents.  However, the participant will not be entitled to any dividend equivalents with respect to any unearned award subject to specified performance goals.  Any dividend equivalents provided with an award of Restricted Stock Units will be subject to the same terms and conditions, including the applicable forfeiture conditions, as the related Restricted Stock Units.  A participant will not have voting rights with respect to the common shares underlying the Restricted Stock Units.  </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Other Stock-Based Awards. </font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:10pt;">The Compensation Committee may grant Other Stock-Based Awards as unrestricted common shares in such number and upon such terms and conditions as the Compensation Committee determines, to the extent that such terms and conditions are consistent with the provisions of the 2017 Employees LTIP.  An Other Stock-Based Award may provide the participant with dividend equivalents.  However, the participant will not be entitled to any dividend equivalents with respect to any unearned Other Stock-Based Award subject to specified performance goals.  Any dividend equivalents provided with an Other Stock-Based Award will be subject to the same terms and conditions, including the applicable forfeiture conditions, as the related Other Stock-Based Award.  An Other Stock-Based Award may be settled in full common shares.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Cash-Based Awards.</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">&#32;&#32;</font><font style="font-family:inherit;font-size:10pt;">The Compensation Committee may grant cash-based awards in such amount and upon such terms and conditions as the Compensation Committee determines, to the extent that such terms and conditions are consistent with the provisions of the 2017 Employees LTIP.  Each cash-based award will be evidenced by an award agreement that specifies the payment amount or payment range, the time and method of settlement and such other terms and conditions as the Compensation Committee determines, including any performance-based objectives.  </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Performance-Based Awards.</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">&#32;&#32;</font><font style="font-family:inherit;font-size:10pt;">The Compensation Committee may grant Restricted Stock Awards, Restricted Stock Units and cash-based awards in a manner that the compensation received by a participant in respect of any such awards constitutes &#8220;qualified performance-based compensation&#8221; that is deductible by Park under Section&#160;162(m) of the Internal Revenue Code (such awards are referred to as &#8220;Performance-Based Awards&#8221;).  Each Performance-Based Award will be evidenced by an award agreement that specifies the performance period during which performance will be measured and the performance goals and performance criteria (the &#8220;Performance Criteria&#8221;) upon which the grant, vesting, exercisability and/or settlement of such Performance-Based Award will be based.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Compensation Committee will establish objective performance goals based on or derived from the attainment of specified levels of one or more of the following Performance Criteria enumerated in the 2017 Employees LTIP:</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:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">return on average assets;</font></div></td></tr></table><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:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">net income;</font></div></td></tr></table><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:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">earnings per share;</font></div></td></tr></table><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:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">return on average equity or return on average common equity;</font></div></td></tr></table><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:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">tangible common equity or return on tangible common equity;</font></div></td></tr></table><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:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">economic value added;</font></div></td></tr></table><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:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">efficiency ratio;</font></div></td></tr></table><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:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">non-interest income growth;</font></div></td></tr></table><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:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">total shareholder return;</font></div></td></tr></table><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:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">productivity ratios;</font></div></td></tr></table><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:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">interest income; and</font></div></td></tr></table><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:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">pre-tax, pre-provision earnings.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As determined by the Compensation Committee, the selected Performance Criteria may relate to an individual participant, to Park, to Park and one or more of Park&#8217;s subsidiaries or one or more of their respective divisions or business units, or to any combination of the foregoing.  The selected Performance Criteria may be applied on an absolute basis or be relative to one or more peer group companies or indices, or any combination thereof. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">To the extent consistent with Section&#160;162(m) of the Internal Revenue Code, if applicable, the Compensation Committee may calculate performance goals without regard to unusual or infrequently occurring items and may adjust, as the Compensation Committee deems equitable, such performance goals in recognition of unusual or infrequently occurring events affecting Park or Park&#8217;s subsidiaries or changes in applicable tax laws or accounting principles.  Under the 2017 Employees LTIP, the Compensation Committee has the authority to exercise negative discretion and reduce (but not increase) the amount of a Performance-Based Award actually paid to a participant.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Termination of Employment</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Compensation Committee will determine the extent to which each 2017 Employees LTIP Award will vest and whether a participant will have the right to exercise or settle the 2017 Employees LTIP Award in connection with a participant&#8217;s termination of employment.  Generally, the Compensation Committee may only accelerate the vesting conditions of a 2017 Employees LTIP Award upon the death, termination of employment due to disability or retirement or involuntary termination of employment without cause of a participant.  In no event will any Performance-Based Award granted to a Section&#160;162(m) Covered Employee, that is intended to constitute &#8220;qualified performance-based compensation&#8221; under Section&#160;162(m) of the Internal Revenue Code, be settled or become exercisable in full upon the termination of employment of the Section&#160;162(m) Covered Employee without the related performance goals being satisfied.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Change in Control</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Except as otherwise provided in the related award agreement and subject to the provisions of the immediately following paragraph, the Compensation Committee may take any action it deems necessary or desirable with respect to any outstanding 2017 Employees LTIP Award as of the date of the consummation of a &#8220;change in control&#8221;, including (i)&#160;the acceleration of the vesting, settlement or exercisability of a 2017 Employees LTIP Award, (ii)&#160;the payment of a cash amount in exchange for cancellation of a 2017 Employees LTIP Award or (iii)&#160;the issuance of substitute awards that substantially preserve the value, rights and benefits of any 2017 Employees LTIP Award affected by the change in control.  Any action relating to a 2017 Employees LTIP Award that is subject to Section&#160;409A of the Internal Revenue Code must be consistent with the requirements of Section&#160;409A. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Except as otherwise provided in the related award agreement, in the event of a change in control, a participant will vest in all unvested 2017 Employees LTIP Awards in full (and, if the 2017 Employees LTIP Award was granted subject to the attainment of performance goals based on the Performance Criteria, as though the performance goals were achieved at the level of achievement which would have been achieved if the performance period had begun on the date the performance period actually commenced as provided in the related award agreement and ended on December 31 of the fiscal year most recently completed prior to the change in control) (i)&#160;if the participant&#8217;s employment is terminated for any reason other than for cause (as defined in the 2017 Employees LTIP) within 12 months following the change in control or (ii)&#160;if the 2017 Employees LTIP Awards are cancelled and the participant is not granted substitute awards that substantially preserve the value, rights and benefits of any affected 2017 Employees LTIP Awards.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Amendment or Termination of the 2017 Employees LTIP</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Park Board of Directors may amend the 2017 Employees LTIP at any time, except that no amendment or termination may be made without the approval of Park&#8217;s shareholders if (a)&#160;the amendment materially increases the benefits accruing to participants under the 2017 Employees LTIP, (b)&#160;the amendment materially increases the total number of common shares that may be granted under the 2017 Employees LTIP, (c)&#160;the amendment materially modifies eligibility requirements for participation in the 2017 Employees LTIP, or (d)&#160;shareholder approval is required by any law, regulation or stock exchange rule.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">No Repricing without Shareholder Approval</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Except in connection with a corporate transaction involving Park (including any share dividend, share split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of shares), the terms of outstanding 2017 Employees LTIP Awards may not be amended to reduce the exercise price of outstanding Options or SARs or cancel outstanding Options or SARs in exchange for cash, other 2017 Employees LTIP Awards or Options or SARs with an exercise price that is less than the exercise price of the original Options or SARs without shareholder approval.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Park National Corporation 2017 Long-Term Incentive Plan for Non-Employee Directors</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Park National Corporation 2017 Long-Term Incentive Plan for Non-Employee Directors (the &#8220;2017 Non-Employee Directors LTIP&#8221;) was approved by Park&#8217;s shareholders at the 2017 Annual Meeting.  The 2017 Non-Employee Directors LTIP makes equity-based awards and cash-based awards available for grants to eligible participants in the form of:  </font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">nonqualified stock options;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">SARs;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Restricted Stock;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Restricted Stock Units;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other Stock-Based Awards; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:72px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">cash-based awards.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subject to the adjustments discussed in the 2017 Non-Employee Directors LTIP, the aggregate number of common shares with respect to which awards may be granted under the 2017 Non-Employee Directors LTIP will be 150,000.  The common shares to be issued and delivered under the 2017 Non-Employee Directors LTIP may consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions.  No newly-issued common shares will be delivered under the 2017 Non-Employee Directors LTIP.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition to the overall common share maximum referenced above, during any fiscal year of Park: (i) the aggregate number of common shares which may be subject to all forms of awards granted under the 2017 Non-Employee Directors LTIP may not exceed 15,000 common shares; and (ii) the number of common shares which may be subject to all forms of awards granted under the 2017 Non-Employee Directors LTIP to a single Director (in any capacity) may not exceed 1,000 common shares.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Park Board of Directors may select any &#8220;Director&#8221; to participate in the 2017 Non-Employee Directors LTIP.  For purposes of the 2017 Non-Employee Directors LTIP, a &#8220;Director&#8221; includes any person who is a member of the Park Board of Directors, a member of the board of directors of a Park subsidiary or a member of the affiliate/advisory board of a division of a Park subsidiary, in each case who is not also an employee of Park or of any of Park&#8217;s subsidiaries.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A description of the material terms of the 2017 Non-Employee Directors LTIP was included in Park&#8217;s Proxy Statement for the 2017 Annual Meeting under the caption &#8220;APPROVAL OF PARK NATIONAL CORPORATION 2017 LONG-TERM INCENTIVE PLAN FOR NON-EMPLOYEE DIRECTORS (Proposal 5)&#8221;, which description is incorporated herein by reference.  The full text of the 2017 Non-Employee Directors LTIP is included as Exhibit&#160;10.2 to this Current Report on Form 8-K.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">No New Awards to be Granted under the Park National Corporation 2013 Long-Term Incentive Plan After the 2017 Annual Meeting</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The 2017 Employees LTIP is intended to replace the provisions of the Park National Corporation 2013 Long-Term Incentive Plan (the &#8220;2013 LTIP&#8221;) applicable to employees.  As a result of the approval of the 2017 Employees LTIP by Park&#8217;s shareholders at the 2017 Annual Meeting, Park will not grant any awards under the 2013 LTIP after the 2017 Annual Meeting to any employees of Park or of any subsidiary of Park or of any division of any such subsidiary.  Awards made under the 2013 LTIP prior to the 2017 Annual Meeting will remain in effect in accordance with their respective terms.  </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The 2017 Non-Employee Directors LTIP is intended to replace the provisions of the 2013 LTIP applicable to non-employee directors of Park and of Park&#8217;s subsidiaries and non-employee affiliate/advisory board members of divisions of Park&#8217;s subsidiaries.  As a result of the approval of the 2017 Non-Employee Directors LTIP by Park&#8217;s shareholders, Park will not grant any awards under the 2013 LTIP after the 2017 Annual Meeting to any non-employee directors or to any non-employee affiliate/advisory board members.  Awards made under the 2013 LTIP prior to the 2017 Annual Meeting will remain in effect in accordance with their respective terms.  </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="saf5c661c6f304a1ebe6afac10ff8bf93"></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:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Item 5.07 - Submission of Matters to a Vote of Security Holders.</font></div><div style="line-height:120%;text-align:left;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:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Park National Corporation ("Park") held its 2017 Annual Meeting of Shareholders (the "2017 Annual Meeting") on April 24, 2017. At the close of business on February&#160;24, 2017, there were 15,290,709 common shares outstanding and entitled to vote.  At the 2017 Annual Meeting, 12,698,204, or 83.05%, of the outstanding Park common shares entitled to vote were represented by proxy or in person.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:24px;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:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(i) Directors elected at the 2017 Annual Meeting for a three-year term to expire at the 2020 Annual Meeting of Shareholders and the vote with respect to each such director (there were no other nominees):</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:94.921875%;border-collapse:collapse;text-align:left;"><tr><td colspan="12"></td></tr><tr><td style="width:26%;"></td><td style="width:16%;"></td><td style="width:1%;"></td><td style="width:2%;"></td><td style="width:16%;"></td><td style="width:1%;"></td><td style="width:2%;"></td><td style="width:16%;"></td><td style="width:1%;"></td><td style="width:2%;"></td><td style="width:16%;"></td><td style="width:1%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Number of Votes</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Against</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Broker Non-Votes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Abstentions</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">C. Daniel DeLawder</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,089,377</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">96,730</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,439,161</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">72,936</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">James R. DeRoberts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,043,955</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">116,322</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,439,161</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">98,766</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Alicia J. Hupp</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,099,789</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">61,484</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,439,161</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">97,770</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Robert E. O'Neill</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,136,239</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">43,478</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,439,161</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">79,326</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(ii) With respect to the vote to approve, on an advisory and non-binding basis, the compensation of Park's named executive officers as disclosed in the proxy statement for the 2017 Annual Meeting:</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:71.2890625%;border-collapse:collapse;text-align:left;"><tr><td colspan="11"></td></tr><tr><td style="width:21%;"></td><td style="width:1%;"></td><td style="width:3%;"></td><td style="width:22%;"></td><td style="width:1%;"></td><td style="width:3%;"></td><td style="width:22%;"></td><td style="width:1%;"></td><td style="width:3%;"></td><td style="width:22%;"></td><td style="width:1%;"></td></tr><tr><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Number of Votes</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Against</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Broker Non-Votes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Abstentions</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,806,112</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">312,603</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,439,161</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">140,328</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></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:left;padding-left:48px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(iii) With respect to the vote to ratify the appointment of Crowe Horwath LLP as Park's independent registered public accounting firm for the fiscal year ending December 31, 2017:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:71.2890625%;border-collapse:collapse;text-align:left;"><tr><td colspan="10"></td></tr><tr><td style="width:21%;"></td><td style="width:1%;"></td><td style="width:3%;"></td><td style="width:22%;"></td><td style="width:1%;"></td><td style="width:3%;"></td><td style="width:23%;"></td><td style="width:3%;"></td><td style="width:22%;"></td><td style="width:1%;"></td></tr><tr><td colspan="10" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Number of Votes</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Against</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Broker Non-Votes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Abstentions</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,517,398</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">130,928</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">N/A</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">49,878</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(iv) With respect to the vote to approve the Park National Corporation 2017 Long-Term Incentive Plan for Employees:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:71.2890625%;border-collapse:collapse;text-align:left;"><tr><td colspan="11"></td></tr><tr><td style="width:21%;"></td><td style="width:1%;"></td><td style="width:3%;"></td><td style="width:22%;"></td><td style="width:1%;"></td><td style="width:3%;"></td><td style="width:22%;"></td><td style="width:1%;"></td><td style="width:3%;"></td><td style="width:22%;"></td><td style="width:1%;"></td></tr><tr><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Number of Votes</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Against</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Broker Non-Votes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Abstentions</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,036,026</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">137,478</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,439,161</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">85,539</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(v) With respect to the vote to approve the Park National Corporation 2017 Long-Term Incentive Plan for Non-Employee Directors:</font></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:71.2890625%;border-collapse:collapse;text-align:left;"><tr><td colspan="11"></td></tr><tr><td style="width:21%;"></td><td style="width:1%;"></td><td style="width:3%;"></td><td style="width:22%;"></td><td style="width:1%;"></td><td style="width:3%;"></td><td style="width:22%;"></td><td style="width:1%;"></td><td style="width:3%;"></td><td style="width:22%;"></td><td style="width:1%;"></td></tr><tr><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Number of Votes</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Against</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Broker Non-Votes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Abstentions</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,089,727</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,049,756</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,439,161</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">119,560</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s04845621a6f14fb5befbc75d8a38256c"></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%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Item 8.01.  Other Events.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On April 24, 2017, the Board of Directors of Park National Corporation (&#8220;Park&#8221;) authorized the purchase, from time to time, of:  (a)&#160;up to an aggregate of 750,000 Park common shares to be held as treasury shares for subsequent issuance and delivery under the Park National Corporation 2017 Long-Term Incentive Plan for Employees (the &#8220;2017 Employees LTIP Funding Repurchase Program&#8221;) and (b)&#160;up to an aggregate of 150,000 Park common shares to be held as treasury shares for subsequent issuance and delivery under the Park National Corporation 2017 Long-Term Incentive Plan for Non-Employee Directors (the &#8220;2017 Non-Employee Directors LTIP Funding Repurchase Program&#8221;).  Purchases may be made through NYSE MKT, in the over-the-counter market or in privately-negotiated transactions, in each case in compliance with the Ohio General Corporation Law, applicable federal and state securities laws (including, without limitation and as applicable, Rule 10b&#8209;5, Rule 10b&#8209;18 and Regulation&#160;M, each promulgated under the Securities Exchange Act of 1934, as amended), the rules applicable to issuers having securities listed on NYSE MKT, and all other applicable laws; and subject to all applicable limitations under the contractual obligations of Park or any of Park&#8217;s subsidiaries, each as in effect at the time of each such purchase.  Each purchase under the 2017 Employees LTIP Funding Repurchase Program and each purchase under the 2017 Non-Employee Directors LTIP Funding Repurchase Program will be made upon such terms and conditions and at such time as any one or more of the President and Chief Executive Officer, the Chief Financial Officer and the Chief Accounting Officer of Park deems to be appropriate and in the best interest of Park.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The 2017 Employees LTIP Funding Repurchase Program and the 2017 Non-Employee Directors LTIP Funding Repurchase Program are distinct from the up to 500,000 common share repurchase authorization by Park&#8217;s Board of Directors announced by Park on January 23, 2017.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><a name="s6ff1e63225404c4596c08c98a9c13fdf"></a></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Item 9.01 - Financial Statements and Exhibits.</font></div><div style="line-height:120%;text-align:left;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:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">(a)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Not applicable</font></div></td></tr></table><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</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:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">(b)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Not applicable</font></div></td></tr></table><div style="line-height:120%;text-align:left;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:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">(c)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Not applicable</font></div></td></tr></table><div style="line-height:120%;text-align:left;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:10pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">(d)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Exhibits</font><font style="font-family:inherit;font-size:10pt;">. The following exhibits are included with this Current Report on Form 8-K:</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Exhibit No.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Description</font></div><div style="line-height:120%;text-align:left;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:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">10.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Park National Corporation 2017 Long-Term Incentive Plan for Employees</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:144px;text-indent:-144px;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:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">10.2</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Park National Corporation 2017 Long-Term Incentive Plan for Non-Employee Directors</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:192px;text-indent:-192px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:192px;text-indent:-192px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:192px;text-indent:-192px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[Remainder of this page intentionally left blank;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Signature page follows.]</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><a name="s117f8369857046759cf182c326cca9ee"></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:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">SIGNATURE</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></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:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:49%;"></td><td style="width:6%;"></td><td style="width:45%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">PARK NATIONAL CORPORATION</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dated: April 26, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ Brady T. Burt</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Brady T. Burt</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Chief Financial Officer, Secretary and Treasurer</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<TYPE>EX-10.1
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<FILENAME>exhibit101.htm
<DESCRIPTION>EXHIBIT 10.1
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		<title>Exhibit</title>
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<div><a name="s770a47a69816414a9a4e77632ae67c7e"></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%;padding-bottom:12px;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Exhibit 10.1</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">PARK NATIONAL CORPORATION <br>2017 LONG-TERM INCENTIVE PLAN FOR EMPLOYEES</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The purpose of this Plan is to foster and promote the long-term financial success of the Company and the Affiliates and to increase shareholder value by motivating the performance of Employees of the Company and the Affiliates through incentive compensation.  This Plan also is intended to encourage Participants to acquire and maintain an ownership interest in the Company, enable the Company and the Affiliates to attract and retain talented employees and allow Participants to participate in the Company&#8217;s long-term growth and financial success.  </font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This Plan, together with the Park National Corporation 2017 Long-Term Incentive Plan for Directors, are intended to replace, in its entirety, the Park National Corporation 2013 Long-Term Incentive Plan.  Upon approval of this Plan by the Company&#8217;s shareholders, the right of the Company to make additional grants under the Park National Corporation 2013 Long-Term Incentive Plan to Employees will be immediately terminated.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE I <br>DEFINITIONS</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">When used in this Plan, the following capitalized words, terms and phrases shall have the meanings set forth in this Article&#160;I.  For purposes of this Plan, the form of any word, term or phrase shall include any and all of its other forms.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Act&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means the Securities Exchange Act of 1934, as amended from time to time, or any successor thereto.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Affiliate&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means any entity with whom the Company would be considered a single employer under Section&#160;414(b) or Section&#160;414(c) of the Code, but modified as permitted under Treasury Regulations promulgated under any Code section relevant to the purpose for which the definition is applied and including any &#8220;parent corporation&#8221; or &#8220;subsidiary corporation&#8221; as defined under Section&#160;424(e) and Section&#160;424(f) of the Code.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Award&#8221; </font><font style="font-family:inherit;font-size:11pt;">means</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:11pt;">any Nonqualified Stock Option, Incentive Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Other Stock-Based Award, Cash-Based Award or Performance-Based Award granted pursuant to this Plan. </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.4</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Award Agreement&#8221; </font><font style="font-family:inherit;font-size:11pt;">means any</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:11pt;">written or electronic agreement between the Company or any Affiliate and a Participant that describes the terms and conditions of an Award.  If there is a conflict between the terms of this Plan and the terms of an Award Agreement, the terms of this Plan shall govern.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.5</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Board&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means the Board of Directors of the Company.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.6</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Cash-Based Award&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means a cash Award granted pursuant to Article&#160;X of this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.7</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Cause&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means, unless otherwise provided in the related Award Agreement or in any employment agreement between the Participant and the Company or any Affiliate or in any other agreement between the Participant and the Company or any Affiliate (but only within the context of the events contemplated by the employment agreement or other agreement, as applicable), a Participant&#8217;s: (a)&#160;willful and continued failure to substantially perform assigned duties; (b)&#160;gross misconduct; (c)&#160;breach of any written covenant or of any term of any agreement with the Company or any Affiliate , including this Plan and any Award Agreement; (d)&#160;commission of a felony or of a gross misdemeanor involving moral turpitude in connection with the Participant&#8217;s employment with the Company or any Affiliate, or commission of&#160;a crime other than a felony which involves a breach of trust or fiduciary duty, in each case whether or not involving the Company or any Affiliate; (e)&#160;fraud, disloyalty, dishonesty or willful violation of any law, rule or regulation or of the Company&#8217;s Code of Business Conduct or any other policy of the Company or any Affiliate that applies to the Participant; or (f)&#160;issuance of an order for removal of the Participant by any agency which regulates the activities of the Company or any Affiliate.  Notwithstanding the foregoing, Cause will not arise solely because the Participant is absent from active employment during periods of vacation, consistent with the Company&#8217;s or any Affiliate&#8217;s applicable vacation policy, or other period of absence approved by the Company or any Affiliate.  </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.8</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Change in Control&#8221; </font><font style="font-family:inherit;font-size:11pt;">means, unless otherwise provided in any employment agreement between the Participant and the Company or any Affiliate or in any other agreement between the Participant and the Company or any Affiliate (but only within the context of the events contemplated by the employment agreement or other agreement, as applicable), the occurrence of any of the following:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(a)</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;">the members of the Board on the effective date of this Plan (the &#8220;Incumbent Directors&#8221;) cease for any reason other than death to constitute at least a majority of the members of the Board; provided, however, that any individual becoming a director of the Company after the effective date of this Plan whose election, or nomination for election by the Company&#8217;s shareholders, was approved by a vote of at least a majority of the then Incumbent Directors shall also be treated as an Incumbent Director, but excluding any individual whose initial assumption of office occurs as a result of a proxy contest or any agreement arising out of an actual or threatened proxy contest;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(b)</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;">the acquisition by any person or group (within the meaning of Section&#160;13(d) and Section&#160;14(d)(2) of the Act), other than the Company, any Affiliate or any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate, of beneficial ownership (within the meaning of Rule&#160;13d-3 promulgated under the Act), directly or indirectly, of 25% or more of&#160;the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors of the Company; provided, however, that the provisions of this Section&#160;1.8(b) shall not include the acquisition of voting securities by any entity or person with respect to which the acquirer has filed SEC Schedule&#160;13G (or any successor form or filing) indicating that the voting securities were not acquired and are not held for the purpose of or with the effect of changing or influencing, directly or indirectly, the Company&#8217;s management or policies, unless and until that entity or person indicates that its intent has changed by filing SEC Schedule&#160;13D (or any successor form or filing);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(c)</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;">the consummation of a merger, consolidation or other business combination of the Company with or into another entity, or the acquisition by the Company of assets, shares or equity interests of another entity, as a result of which the shareholders of the Company immediately prior to such merger, consolidation, other business combination or acquisition do not immediately thereafter beneficially own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the entity resulting from such merger, consolidation or other business combination of the Company;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(d)</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;">the sale or other disposition of all or substantially all of the assets of the Company;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(e)</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;">the sale or other disposition of all or substantially all of the assets of The Park National Bank or the change in the ownership or effective control of The Park National Bank; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(f)</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;">the liquidation or dissolution of the Company.  </font></div></td></tr></table><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Notwithstanding the foregoing, with respect to the payment, exercise or settlement of any Award that is subject to Section&#160;409A of the Code (and for which no exception applies), a Change in Control shall be deemed not to have occurred unless the events or circumstances constituting the Change in Control also constitute a &#8220;change in control event&#8221; within the meaning of Section&#160;409A of the Code and the Treasury Regulations promulgated thereunder.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.9</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Code&#8221; </font><font style="font-family:inherit;font-size:11pt;">means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.10</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Committee&#8221; </font><font style="font-family:inherit;font-size:11pt;">means the Compensation Committee of the Board (or the Board committee which succeeds to the appropriate duties of such Compensation Committee), which also constitutes a &#8220;compensation committee&#8221; within the meaning of Section&#160;1.162-27(c)(4) of the Treasury Regulations.  The Committee will be comprised of at least two directors of the Company who meet the following qualifications: (a)&#160;such individual is an &#8220;independent director&#8221; under the rules of the exchange on which the Common Shares are then listed; and (b)&#160;such individual may not receive remuneration from the Company in any capacity other than as a director, except as permitted under applicable laws, rules and regulations.  In addition, each such individual is an &#8220;outside director&#8221; within the meaning of Section&#160;162(m) of the Code and the Treasury Regulations promulgated thereunder and a &#8220;non-employee&#8221; director within the meaning </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">of Rule&#160;16b-3 under the Act.  Any member of the Committee who does not qualify as an outside director or is not a non-employee director shall be deemed to abstain on all matters as to which such qualification would be relevant.  </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.11</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Common Shares&#8221; </font><font style="font-family:inherit;font-size:11pt;">means the common shares, without par value, of the Company or any security of the Company issued in satisfaction, in exchange or in place of the Common Shares.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.12</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Company&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means Park National Corporation, an Ohio corporation, and any successor thereto.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.13</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Covered Employee&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means a &#8220;covered employee&#8221; within the meaning of Section&#160;162(m) of the Code and the Treasury Regulations promulgated thereunder.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.14</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Disability&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(a)</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;">with respect to an Incentive Stock Option, &#8220;disability&#8221; as defined in Section&#160;22(e)(3) of the Code; </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(b)</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;">with respect to the payment, exercise or settlement of any Award that is (or becomes) subject to Section&#160;409A of the Code (and for which no exception applies): (i)&#160;the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; (ii)&#160;the Participant is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12&#160;months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering Employees of the Participant&#8217;s employer; or (iii)&#160;the Participant is determined to be totally disabled by the Social Security Administration; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(c)</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;">with respect to a Participant&#8217;s right to exercise or receive settlement of any Award or with respect to the payment, exercise or settlement of any Award not described in Section&#160;1.14(a) or Section&#160;1.14(b) of this Plan, a Participant&#8217;s inability (established by an independent physician selected by the Committee and reasonably acceptable to the Participant or to the Participant&#8217;s legal representative) due to illness, accident or otherwise to perform the Participant&#8217;s duties, which is expected to be permanent or for an indefinite duration longer than 12&#160;months. </font></div></td></tr></table><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.15</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Employee&#8221; </font><font style="font-family:inherit;font-size:11pt;">means any person who is a common law employee of the Company or any Affiliate.  A person who is classified as other than a common law employee, but who is subsequently reclassified as a common law employee, of the Company or any Affiliate for any reason and on any basis shall be treated as a common law employee only from the date such reclassification occurs and shall not retroactively be reclassified as an Employee for any purpose under this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.16</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Fair Market Value&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means the value of one Common Share on any relevant date, determined under the following rules:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(a)</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;">If the Common Shares are traded on an exchange, the reported &#8220;closing price&#8221; on the relevant date if it is a trading day, otherwise on the immediately preceding trading day;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(b)</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;">If the Common Shares are traded over-the-counter with no reported closing price, the mean between the lowest bid and the highest asked prices on that quotation system on the relevant date if it is a trading day, otherwise on the immediately preceding trading day; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(c)</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;">If neither Section&#160;1.16(a) nor Section&#160;1.16(b) of this Plan applies, (i)&#160;with respect to Options, Stock Appreciation Rights and any Award that is subject to Section&#160;409A of the Code, the value as determined by the Committee through reasonable application of a reasonable valuation method, taking into account all information material to the value of the Company, within the meaning of Section&#160;409A of the Code and the Treasury Regulations promulgated thereunder, and (ii)&#160;with respect to all other Awards, the fair market value as determined by the Committee in good faith.</font></div></td></tr></table><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.17</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Incentive Stock Option&#8221; </font><font style="font-family:inherit;font-size:11pt;">means an Option that is intended to meet the requirements of Section&#160;422 of the Code.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.18</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Nonqualified Stock Option&#8221; </font><font style="font-family:inherit;font-size:11pt;">means an Option that is not intended to be an Incentive Stock Option.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.19</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Option&#8221; </font><font style="font-family:inherit;font-size:11pt;">means an option to purchase Common Shares which is granted pursuant to Article&#160;V of this Plan.  An Option may be either an Incentive Stock Option or a Nonqualified Stock Option.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.20</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Other Stock-Based Award&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means an Award granted pursuant to Article&#160;IX of this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.21</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Participant&#8221; </font><font style="font-family:inherit;font-size:11pt;">means an Employee who is granted an Award under this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.22</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Performance-Based Award&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means an Award described in Article&#160;XI of this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.23</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Performance Criteria&#8221; </font><font style="font-family:inherit;font-size:11pt;">means any performance criteria determined by the Committee in the Committee&#8217;s sole discretion, as described in Article&#160;XI of this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.24</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Plan&#8221; </font><font style="font-family:inherit;font-size:11pt;">means the Park National Corporation 2017 Long-Term Incentive Plan for Employees, as set forth herein and as may be amended from time to time.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.25</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Restricted Stock&#8221; </font><font style="font-family:inherit;font-size:11pt;">means an Award granted pursuant to Article&#160;VII of this Plan through which a Participant is issued Common Shares which are subject to specified restrictions on vesting and transferability.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.26</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Restricted Stock Unit&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means an Award granted pursuant to Article&#160;VIII of this Plan under which a Participant is issued a right to receive a specified number of Common Shares or a cash payment equal to a specified number of Common Shares, the settlement of which is subject to specified restrictions on vesting and transferability.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.27</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Retirement&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means, unless otherwise specified in an Award Agreement or in an employment agreement between the Participant and the Company or any Affiliate or in any other agreement between the Participant and the Company or any Affiliate (but only within the context of the events contemplated by the employment agreement or other agreement, as applicable), retirement from the employ of the Company or any Affiliate under one or more of the retirement plans of the Company or any Affiliate, as applicable, or as otherwise specified by the Committee.  </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.28</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Stock Appreciation Right&#8221; </font><font style="font-family:inherit;font-size:11pt;">means an Award granted pursuant to Article&#160;VI of this Plan through which a Participant is given the right to receive the difference between the Fair Market Value of a Common Share on the date of grant and the Fair Market Value of a Common Share on the date of exercise of the Award.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE II <br>COMMON SHARES SUBJECT TO PLAN</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">2.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Number of Common Shares Available for Awards.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Subject to this Article&#160;II, the aggregate number of Common Shares with respect to which Awards may be granted under this Plan shall be 750,000, all of which&#160;may be granted with respect to Incentive Stock Options.  The Common Shares to be issued and delivered under this Plan may consist of either Common Shares currently held or Common Shares subsequently acquired by the Company as treasury shares, including Common Shares purchased in the open market or in private transactions.  No newly-issued Common Shares shall be delivered under this Plan.  Subject to this Article&#160;II:  (a)&#160;the total number of Common Shares available for issuance under this Plan shall be reduced by the number of Common Shares subject to grant under an Award; and (b)&#160;any Common Shares underlying such Award that become available for future grant pursuant to Section&#160;2.2 of this Plan shall be added back to this Plan in an amount equal to the number of Common Shares subject to such Award that become available for future grant under this Plan.  Without limiting the foregoing, with respect to any Stock Appreciation Right that is settled in Common Shares, the full number of Common Shares subject to the Award shall count against the number of Common Shares available for Awards under this Plan regardless of the number of Common Shares used to settle the Stock Appreciation Right upon exercise. </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">2.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Share Usage.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;In addition to the number of Common Shares provided for in Section&#160;2.1 of this Plan, the following Common Shares shall be available for Awards under this Plan: (a)&#160;Common Shares covered by an Award that expires or is forfeited, canceled, surrendered or otherwise terminated without the issuance of such Common Shares; (b)&#160;Common Shares covered by an Award that, by the terms of the Award, may be settled only in cash; (c)&#160;Common Shares granted through the assumption of, or in substitution for, outstanding awards granted by another entity to individuals who become Employees as the result of a merger, consolidation, acquisition or other corporate transaction involving such other entity and the Company or any of the Affiliates; and (d)&#160;any Common Shares from Awards exercised for or settled in vested and nonforfeitable </font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Common Shares that are later returned to the Company pursuant to any compensation recoupment policy, provision or agreement.  Nothing in the foregoing shall be construed as permitting any Common Shares surrendered upon exercise of an Award as payment of the applicable exercise price or withheld to satisfy any applicable taxes to again be available for Awards under this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">2.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Fiscal Year Limits.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Subject to Section 2.4 of this Plan, during any fiscal year of the Company, the Committee may not: (a)&#160;make grants of all forms of Awards to all Participants in this Plan covering more than an aggregate of 75,000 Common Shares; or (b)&#160;make grants of all forms of Awards to a single Participant covering more than an aggregate of 10,000 Common Shares.  In addition, subject to Section&#160;2.4 of this Plan and unless and until the Committee determines that an Award to a Covered Employee shall not be designated as &#8220;qualified performance-based compensation&#8221; under Section&#160;162(m) of the Code, during any fiscal year of the Company, the Committee may not grant to any Participant who is a Covered Employee, Performance-Based Awards that are to be settled in cash in an aggregate amount equal to or more than $1,000,000.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">2.4</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Adjustments.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;In the event of any Common Share dividend or split, recapitalization (including payment of an extraordinary dividend), merger, reorganization, consolidation, combination, spin-off, distribution of assets to shareholders, exchange of Common Shares or any other change affecting the Common Shares, the Committee shall make such substitutions and adjustments, if any, as the Committee deems equitable and appropriate to (a)</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#160;</font><font style="font-family:inherit;font-size:11pt;">the aggregate number of Common Shares with respect to which Awards may be granted under this Plan, (b)</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#160;</font><font style="font-family:inherit;font-size:11pt;">any Common Share-based limits imposed under this Plan, and (c)</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#160;</font><font style="font-family:inherit;font-size:11pt;">the exercise price, number of Common Shares and other terms or limitations applicable to outstanding Awards.  Notwithstanding the foregoing, an adjustment pursuant to this Section&#160;2.4 shall be made only to the extent such adjustment complies with Section&#160;409A of the Code, to the extent applicable.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE III <br>ADMINISTRATION</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">3.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">In General.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;This Plan shall be administered by the Committee.  The Committee shall have full power and authority to: (a)&#160;interpret this Plan and any Award Agreement; (b)&#160;establish, amend and rescind any rules and regulations relating to this Plan; (c)&#160;select Participants; (d)&#160;establish the terms and conditions of any Award consistent with the terms and conditions of this Plan; and (e)&#160;make any other determinations that the Committee deems necessary or desirable for the administration of this Plan.  The Committee may correct any defect, supply any omission or reconcile any inconsistency in this Plan or in any Award Agreement in the manner and to the extent the Committee deems necessary or desirable.  Any decision of the Committee in the interpretation and administration of this Plan shall be made in the Committee&#8217;s sole and absolute discretion and shall be final, conclusive and binding on all persons.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">3.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Delegation of Duties.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;In the Committee&#8217;s sole discretion, the Committee may delegate any ministerial duties associated with this Plan to any person (including Employees) the Committee deems appropriate, including authority to execute Award Agreements on behalf of the Company or an Affiliate; provided, however, that the Committee may not delegate (a)&#160;any duties that the Committee is required to discharge to comply with Section&#160;162(m) of the Code or any other applicable law, (b)&#160;the Committee&#8217;s authority to grant Awards to any Participant who is subject to Section&#160;16 of the Act, and (c)&#160;the Committee&#8217;s authority under the Company&#8217;s equity award granting policy that may be in effect from time to time.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">3.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Award Agreement.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;The Committee will prepare and deliver an Award Agreement to each affected Participant that: (a)&#160;will describe the terms of the Award, including (i)&#160;the type of Award and when and how the Award may be exercised or earned, (ii)&#160;any exercise price associated with the Award, and (iii)&#160;how the Award will or may be settled; and (b)&#160;to the extent different from the terms of this Plan, will describe (I)&#160;any conditions that must be met before the Award may be exercised or earned, (II)&#160;any objective restrictions placed on an Award and any performance-related conditions and Performance Criteria that must be met before those restrictions will be released, and (III)&#160;any other applicable terms and conditions affecting the Award.  Notwithstanding the foregoing, subject to Section&#160;2.3 and Articles&#160;XII and XIII of this Plan and except as provided in the related Award Agreement with respect to a Participant&#8217;s death, termination due to Disability and/or Retirement, no condition on the vesting of an Award that is based upon achievement of specified performance goals shall be based on performance over a period of less than one year and no condition on vesting of an Award that is based upon the continued employment of the Participant or the passage of time shall provide for vesting in full of the Award more quickly than three years from the date the Award is made, provided that such vesting may occur ratably over the three-year period.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE IV <br>ELIGIBILITY</font></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Any Employee selected by the Committee shall be eligible to be a Participant in this Plan.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE V <br>OPTIONS</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">5.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Grant of Options.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Subject to the terms and conditions of this Plan, Options may be granted to Participants in such number, and upon such terms and conditions, as determined by the Committee in the Committee&#8217;s sole discretion, to the extent that such terms and conditions are consistent with the provisions of this Article V and this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">5.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Award Agreement.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Each Option shall be evidenced by an Award Agreement that specifies the exercise price, the term of the Option, the number of Common Shares covered by the Option, the conditions upon which the Option becomes vested and exercisable and such other terms and conditions as the Committee determines and which are not inconsistent with the terms and conditions of this Plan.  The Award Agreement also shall specify whether the Option is intended to be an Incentive Stock Option or a Nonqualified Stock Option.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">5.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exercise Price.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;The exercise price per Common Share of an Option shall be determined by the Committee at the time the Option is granted and shall be specified in the related Award Agreement; provided, however, that in no event shall the exercise price of any Option be less than one hundred percent (100%) of the Fair Market Value of a Common Share on the date of grant.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">5.4</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Term.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;The term of an Option shall be determined by the Committee and set forth in the related Award Agreement; provided, however, that in no event shall the term of any Option exceed ten years from the date of grant of the Option.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">5.5</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exercisability.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Options shall become exercisable at such times and upon such terms and conditions as determined by the Committee and set forth in the related Award Agreement.  Such terms and conditions may include, without limitation, the satisfaction of (a)&#160;performance goals based on one or more Performance Criteria, and (b)&#160;time-based vesting requirements.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">5.6</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exercise of Options.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Except as otherwise provided in this Plan or in a related Award Agreement, an Option may be exercised for all or any portion of the Common Shares for which the Option is then exercisable.  An Option shall be exercised by the delivery of a notice of exercise to the Company or the Company&#8217;s designee in a form specified by the Committee which sets forth the number of Common Shares with respect to which the Option is to be exercised and full payment of the exercise price for such Common Shares.  The exercise price of an Option may be paid (a)&#160;in cash or its equivalent, (b)&#160;by tendering (either by actual delivery or attestation) previously acquired Common Shares having an aggregate Fair Market Value at the time of exercise equal to the aggregate exercise price, provided that such Common Shares were held for at least six months or such other period required to obtain favorable accounting treatment, (c)&#160;by a cashless exercise (including by withholding Common Shares deliverable upon exercise and through a broker-assisted arrangement to the extent permitted by applicable law), (d)&#160;by a combination of the methods described in </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">clauses (a),&#160;(b)&#160;and (c),&#160;or (e)&#160;though any other method approved by the Committee in the Committee&#8217;s sole discretion.  As soon as practicable after receipt of the notification of exercise and full payment of the exercise price, the Company shall cause the appropriate number of Common Shares to be issued to the Participant.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">5.7</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Special Rules Applicable to Incentive Stock Options.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Notwithstanding any other provision in this Plan to the contrary:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(a)</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;">The terms and conditions of Incentive Stock Options shall be subject to and comply with the requirements of Section&#160;422 of the Code.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(b)</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;">The aggregate Fair Market Value of the Common Shares (determined as of the date of grant) with respect to which Incentive Stock Options are exercisable for the first time by any Participant during any calendar year (under all plans of the Company and any Affiliate) may not be greater than $100,000 (or such other amount specified in Section&#160;422 of the Code), as calculated under Section&#160;422 of the Code.  Options in excess of the limit shall be treated as Nonqualified Stock Options.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(c)</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;">No Incentive Stock Option shall be granted to any Participant who, at the time the Incentive Stock Option is granted, owns stock possessing more than ten&#160;percent (10%) of the total combined voting power of all classes of stock of the Company or of any Affiliate, unless (i)&#160;the exercise price of such Incentive Stock Option is at least one hundred and ten percent (110%) of the Fair Market Value of a Common Share on the date the Incentive Stock Option is granted and (ii)&#160;the date on which such Incentive Stock Option will expire is not later than five years from the date the Incentive Stock Option is granted.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE VI <br>STOCK APPRECIATION RIGHTS</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">6.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Grant of Stock Appreciation Rights.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Subject to the terms and conditions of this Plan, Stock Appreciation Rights may be granted to Participants in such number, and upon such terms and conditions, as determined by the Committee in the Committee&#8217;s sole discretion, to the extent that such terms and conditions are consistent with the provisions of this Article&#160;VI and this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">6.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Award Agreement.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Each Stock Appreciation Right shall be evidenced by an Award Agreement that specifies the exercise price, the term of the Stock Appreciation Right, the number of Common Shares covered by the Stock Appreciation Right, the conditions upon which the Stock Appreciation Right becomes vested and exercisable and such other terms and conditions as the Committee determines and which are not inconsistent with the terms and conditions of this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">6.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exercise Price.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;The exercise price per Common Share of a Stock Appreciation Right shall be determined by the Committee at the time the Stock Appreciation Right is granted and shall be specified in the related Award Agreement; provided, however, that in no event shall the exercise price of any Stock Appreciation Right be less than one hundred percent (100%) of the Fair Market Value of a Common Share on the date of grant.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">6.4</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Term.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;The term of a Stock Appreciation Right shall be determined by the Committee and set forth in the related Award Agreement; provided however, that in no event shall the term of any Stock Appreciation Right exceed ten years from the date of grant of the Stock Appreciation Right.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">6.5</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exercisability of Stock Appreciation Rights.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;A Stock Appreciation Right shall become exercisable at such times and upon such terms and conditions as determined by the Committee and set forth in the related Award Agreement.  Such terms and conditions may include, without limitation, the satisfaction of (a)&#160;performance goals based on one or more Performance Criteria, and (b)&#160;time-based vesting requirements.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">6.6</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exercise of Stock Appreciation Rights.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Except as otherwise provided in this Plan or in a related Award Agreement, a Stock Appreciation Right may be exercised for all or any portion of the Common Shares for which the Stock Appreciation Right is then exercisable.  A Stock Appreciation Right shall be exercised by the delivery of a notice of exercise to the Company or the Company&#8217;s designee in a form specified by the Committee which sets forth the number of Common Shares with respect to which the Stock Appreciation Right is to be exercised.  Upon exercise, a </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">Stock Appreciation Right shall entitle a Participant to an amount equal to (a)&#160;the excess of (i)&#160;the Fair Market Value of a Common Share on the exercise date over (ii)&#160;the exercise price per Common Share, multiplied by (b)&#160;the number of Common Shares with respect to which the Stock Appreciation Right is exercised.  A Stock Appreciation Right may be settled in full Common Shares, in cash or in a combination thereof, as specified by the Committee in the related Award Agreement.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE VII</font><font style="font-family:inherit;font-size:11pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">RESTRICTED STOCK</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">7.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Grant of Restricted Stock.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Subject to the terms and conditions of this Plan, shares of Restricted Stock may be granted to Participants in such number, and upon such terms and conditions, as determined by the Committee in the Committee&#8217;s sole discretion, to the extent that such terms and conditions are consistent with the provisions of this Article&#160;VII and this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">7.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Award Agreement.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Each Award of Restricted Stock shall be evidenced by an Award Agreement that specifies the number of shares of Restricted Stock, the restricted period(s) applicable to the shares of Restricted Stock, the conditions upon which the restrictions on the shares of Restricted Stock will lapse and such other terms and conditions as the Committee determines and which are not inconsistent with the terms and conditions of this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">7.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Terms, Conditions and Restrictions.</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(a)</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;text-decoration:underline;">In General</font><font style="font-family:inherit;font-size:11pt;">.  The Committee shall impose such other terms, conditions or restrictions on any shares of Restricted Stock as the Committee may deem advisable, including, without limitation, a requirement that the Participant pay a purchase price for each share of Restricted Stock, restrictions based on the achievement of specific performance goals (which may be based on one or more of the Performance Criteria), time-based restrictions, holding requirements or sale restrictions placed on the underlying Common Shares by the Company upon vesting of such Restricted Stock.  </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(b)</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;text-decoration:underline;">Retention  of Certificates</font><font style="font-family:inherit;font-size:11pt;">.  To the extent deemed appropriate by the Committee, the Company may retain the certificates representing shares of Restricted Stock in the Company&#8217;s possession until such time as all terms, conditions and restrictions applicable to such shares of Restricted Stock have been satisfied or lapse.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(c)</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;text-decoration:underline;">Lapse of Restrictions</font><font style="font-family:inherit;font-size:11pt;">.  Unless otherwise provided in the related Award Agreement or required by applicable law, the restrictions imposed on shares of Restricted Stock shall lapse upon the expiration or termination of the applicable restricted period and the satisfaction of any other applicable terms and conditions.</font></div></td></tr></table><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">7.4</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Rights Associated with Restricted Stock during Restricted Period.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;During any restricted period:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(a)</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;text-decoration:underline;">Non-Transferability</font><font style="font-family:inherit;font-size:11pt;">.  The shares of Restricted Stock may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(b)</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;text-decoration:underline;">Voting of Restricted Stock</font><font style="font-family:inherit;font-size:11pt;">.  Unless otherwise provided in the related Award Agreement, the Participant shall be entitled to exercise in full any voting rights associated with such shares of Restricted Stock.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(c)</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;text-decoration:underline;">Treatment of Dividends</font><font style="font-family:inherit;font-size:11pt;">.  The Participant shall be entitled to all dividends and other distributions paid with respect to such shares of Restricted Stock during the restricted period; provided, however, that receipt of any such dividends or other distributions will be subject to the same terms and conditions as the shares of Restricted Stock with respect to which they are paid.  This means that cash dividends and dividends paid in Common Shares will be retained by the Company and subject to the same risk of forfeiture as the shares of Restricted Stock with respect to which the cash or Common Share dividends are paid until the underlying restrictions lapse and such retained dividends shall be forfeited to the extent that the Participant forfeits the shares of Restricted Stock on which the retained dividends were declared.  Nothing in the foregoing shall be construed as permitting dividends with respect to any unearned Performance-Based Award.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-bottom:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE VIII <br>RESTRICTED STOCK UNITS</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">8.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Grant of Restricted Stock Units.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Subject to the terms and conditions of this Plan, Participants may be granted Restricted Stock Units in such number and upon such terms and conditions as determined by the Committee in the Committee&#8217;s sole discretion, to the extent that such terms and conditions are consistent with the provisions of this Article&#160;VIII and this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">8.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Award Agreement.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Each Award of Restricted Stock Units shall be evidenced by an Award Agreement that specifies the number of Common Shares underlying the Award, the restricted period(s), the conditions upon which the restrictions on the Restricted Stock Units will lapse, the time at which and form in which the Restricted Stock Units will be settled, and such other terms and conditions as the Committee determines and which are not inconsistent with the terms and conditions of this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">8.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Terms, Conditions and Restrictions.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;The Committee shall impose such other terms, conditions and restrictions on any Award of Restricted Stock Units as the Committee may deem advisable, including, without limitation, restrictions based on the achievement of specific performance goals (which may be based on one or more of the Performance Criteria), time-based restrictions, holding requirements or sale restrictions placed on the underlying Common Shares by the Company upon vesting of such Restricted Stock Units.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">8.4</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Form of Settlement.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;An Award of Restricted Stock Units may be settled in full Common Shares, in cash or in a combination thereof, as specified by the Committee in the related Award Agreement.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">8.5</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Dividend Equivalents.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Awards of Restricted Stock Units may provide the Participant with dividend equivalents, as determined by the Committee in the Committee&#8217;s sole discretion and as set forth in the related Award Agreement; provided, however, that such dividend equivalents shall be subject to the same terms and conditions, including the applicable forfeiture conditions, as the Restricted Stock Units.  This means that no amount shall be paid in connection with a dividend equivalent right until Common Shares are issued or cash is paid in connection with the Restricted Stock Units and any dividend equivalents shall be forfeited to the extent that the Participant forfeits the related Restricted Stock Units.  Nothing in the foregoing shall be construed as permitting dividend equivalents with respect to any unearned Performance-Based Award.  </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">8.6</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">No Voting Rights.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;In no event will a Participant have any voting rights with respect to the Common Shares underlying the Restricted Stock Units.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE IX <br>OTHER STOCK-BASED AWARDS</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">9.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Grant of Other Stock-Based Awards.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Subject to the terms and conditions of this Plan, Other Stock-Based Awards may be granted to Participants in such number, and upon such terms and conditions, as determined by the Committee in the Committee&#8217;s sole discretion, to the extent such terms and conditions are consistent with the provisions of this Article&#160;IX and this Plan.  Other Stock-Based Awards are Awards that are valued in whole or in part by reference to, or otherwise based on the Fair Market Value of, the Common Shares, and shall be in such form as the Committee determines, including, without limitation, unrestricted Common Shares.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">9.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Award Agreement.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Each Other Stock-Based Award shall be evidenced by an Award Agreement that specifies the terms and conditions upon which the Other Stock-Based Award becomes vested, if applicable, the time and method of settlement, the form of settlement and such other terms and conditions as the Committee determines and which are not inconsistent with the terms and conditions of this Plan.  </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">9.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Form of Settlement.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;An Other Stock-Based Award may be settled in full Common Shares, as specified by the Committee in the related Award Agreement.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">9.4</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Dividend Equivalents.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Awards of Other Stock-Based Awards may provide the Participant with dividend equivalents, as determined by the Committee in the Committee&#8217;s sole discretion and as set forth in the related Award Agreement; provided, however, that such dividend equivalents shall be subject to the same terms and conditions, including the applicable forfeiture conditions, as the Other Stock-Based Award.  This means that no amount shall be </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">paid in connection with a dividend equivalent right until Common Shares are issued or cash is paid in connection with the Other Stock-Based Award and any dividend equivalents shall be forfeited to the extent that the Participant forfeits the related Other Stock-Based Award.  Nothing in the foregoing shall be construed as permitting dividend equivalents with respect to any unearned Performance-Based Award.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE X <br>CASH-BASED AWARDS</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">10.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Grant of Cash-Based Award.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Subject to the terms and conditions of this Plan, Cash-Based Awards may be granted to Participants in such amounts and upon such other terms and conditions as determined by the Committee in the Committee&#8217;s sole discretion.  </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">10.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Award Agreement.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Each Cash-Based Award shall be evidenced by an Award Agreement that specifies the payment amount or payment range, the time and method of settlement and the other terms and conditions, as applicable, of such Award, including, without limitation, performance objectives and that the Cash-Based Award is a Performance-Based Award under Article&#160;XI of this Plan.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE XI</font><font style="font-family:inherit;font-size:11pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">PERFORMANCE-BASED AWARDS</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">11.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">In General.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Notwithstanding anything in this Plan to the contrary, Restricted Stock Awards, Restricted Stock Units and Cash-Based Awards may be granted in a manner which will allow the compensation associated with such Awards to be deductible by the Company or one of the Affiliates under Section&#160;162(m) of the Code as &#8220;qualified performance-based compensation.&#8221;  Any such Performance-Based Award must meet the requirements of this Article&#160;XI.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">11.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Award Agreement.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Any Performance-Based Award shall be evidenced by an Award Agreement that specifies the Performance Criteria during a performance period established by the Committee pursuant to Section&#160;11.4 of this Article&#160;XI.  </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">11.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Performance Criteria.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;An Award subject to this Section shall be subject to the achievement of one or more objective performance goals established by the Committee based on or derived from the attainment of specified levels of one or any combination of the following Performance Criteria:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(a)</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;">return on average assets;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(b)</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;">net income;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(c)</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;">earnings per share;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(d)</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;">return on average equity or return on average common equity;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(e)</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;">tangible common equity or return on tangible common equity;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(f)</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;">economic value added;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(g)</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;">efficiency ratio;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(h)</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;">non-interest income growth;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(i)</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;">total shareholder return;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(j)</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;">productivity ratios;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(k)</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;">interest income; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(l)</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;">pre-tax, pre-provision earnings.</font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-bottom:12px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Performance Criteria may relate to the individual Participant, the Company, the Company and one or more Affiliates or one or more of their respective divisions or business units, or any combination of the foregoing, and may be applied on an absolute basis or be relative to one or more peer group companies or indices, or any combination thereof, in each case, as determined by the Committee in the Committee&#8217;s sole discretion.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">11.4</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Establishment of Performance Goals.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;As determined by the Committee in the Committee&#8217;s sole discretion, the grant, vesting, exercisability or settlement of any Performance-Based Award may be conditioned on the attainment of performance goals set by the Committee over a specified performance period.  Any requirements shall be established by the Committee in writing no later than the earlier of (a)&#160;90 days after the commencement of the performance period or (b)&#160;the expiration of 25% of the applicable performance period with respect to such Award, provided that the outcome of the performance in respect of the goals remains substantially uncertain as of such time.  </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">11.5</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Certification of Performance.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;The Committee shall certify in writing whether the applicable performance goals and other material terms imposed on such Performance-Based Awards have been satisfied and, if they have, ascertain the amount of the applicable Performance-Based Award to be granted, vested, exercisable or settled, as the case may be.  No such Performance-Based Award shall be granted, vested, exercisable or settled, as the case may be, until the Committee makes this certification.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">11.6</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Modifying Performance-Based Awards.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;To the extent consistent with Section&#160;162(m) of the Code, performance goals relating to such Performance-Based Awards may be calculated without regard to unusual or infrequently occurring items or may be adjusted, as the Committee deems equitable, in recognition of unusual or infrequently occurring events affecting the Company or the Affiliates or changes in applicable tax laws or accounting principles.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">11.7</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Negative Discretion.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;In the Committee&#8217;s sole discretion, the amount of a Performance-Based Award actually paid to a Participant may be less (but never more) than the amount otherwise payable based on the satisfaction of the performance goals and other material terms of the Performance-Based Award.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE XII</font><font style="font-family:inherit;font-size:11pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">TERMINATION OF EMPLOYMENT </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">12.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">In General.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;With respect to each Award granted under this Plan, the Committee shall, subject to the terms and conditions of this Plan, determine the extent to which the Award shall vest and the extent to which the Participant shall have the right to exercise or receive settlement of the Award on or following the Participant&#8217;s termination of employment with the Company or any of the Affiliates.  Such provisions shall be determined in the sole discretion of the Committee, shall be included in the related Award Agreement, need not be uniform among all Awards granted under this Plan and may reflect distinctions based on the reasons for termination. </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">12.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Acceleration of Vesting.  </font><font style="font-family:inherit;font-size:11pt;">Except as otherwise provided in this Plan, the vesting conditions of an Award may only be accelerated upon the death, termination due to Disability, Retirement or involuntary termination without Cause of the Participant.  </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">12.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Performance-Based Awards.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Notwithstanding the foregoing, in no event shall any Performance-Based Award granted to a Covered Employee, that is intended to constitute &#8220;qualified performance-based compensation&#8221; under Section&#160;162(m) of the Code, be settled or become exercisable in full upon the termination of employment of a Covered Employee without regard to the satisfaction of the related Performance Criteria.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE XIII</font><font style="font-family:inherit;font-size:11pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CHANGE IN CONTROL</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">13.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Rights in Event of a Change in Control.</font><font style="font-family:inherit;font-size:11pt;">&#32;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:11pt;">Except as otherwise provided in the related Award Agreement and subject to the provisions of Section&#160;13.2 and Section&#160;13.3 of this Plan, in the event of a Change in Control, the Committee, in the Committee&#8217;s sole discretion, may take any actions the Committee deems necessary or desirable with respect to any Award that is outstanding as of the date of the consummation of the Change in Control.  Such actions may include, without limitation (a)&#160;the acceleration of the vesting, settlement or exercisability of an Award as described in Section&#160;13.2 of this Plan, (b)&#160;the payment of a cash amount in exchange for the cancellation of an Award, </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">or (c)&#160;the issuance of substitute Awards that substantially preserve the value, rights and benefits of any Award affected by the Change in Control.  Any action relating to an Award that is subject to Section&#160;409A of the Code shall be consistent with the requirements thereof. </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">13.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Effect of Change in Control.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Except as otherwise provided in the related Award Agreement, in the event of a Change in Control, a Participant shall vest in all unvested Awards in full (and, if the Award was granted subject to the attainment of performance goals based on the Performance Criteria, as though the performance goals were achieved at the level of achievement which would have been achieved if the performance period had begun on the date the performance period actually commenced as provided in the related Award Agreement and ended on December&#160;31 of the fiscal year most recently completed prior to the Change in Control) (a)&#160;if the Participant&#8217;s employment is terminated for any reason other than for Cause within 12&#160;months following the Change in Control or (b)&#160;if the Awards are canceled and the Participant is not granted substitute Awards that substantially preserve the value, rights and benefits of any affected Awards.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">13.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Effect of Section 280G of the Code.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Unless specified otherwise in the related Award Agreement or in another written agreement between the Company or any Affiliate and a Participant, if the Company or any Affiliate concludes that any payment or benefit due to a Participant under this Plan, when combined with any other payment or benefit due to the Participant from the Company or any other entity (collectively, the &#8220;Payor&#8221;) would be considered a &#8220;parachute payment&#8221; as defined in Section&#160;280G of the Code, the Payor will reduce the payments and benefits due to the Participant under this Plan to $1.00 less than the amount that would otherwise be considered a &#8220;parachute payment&#8221; within the meaning of Section&#160;280G of the Code.  Any reduction pursuant to this Section&#160;13.3 shall be made in compliance with Section&#160;409A of the Code and the Treasury Regulations promulgated thereunder.  </font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE XIV</font><font style="font-family:inherit;font-size:11pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">AMENDMENT OR TERMINATION OF THIS PLAN</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">14.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">In General.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;The Board may amend or terminate this Plan at any time; provided, however, that no amendment or termination may be made without the approval of the Company&#8217;s shareholders to the extent that (a)&#160;the amendment materially increases the benefits accruing to Participants under this Plan, (b)&#160;the amendment materially increases the aggregate number of Common Shares authorized for grant under this Plan (excluding an increase in the number of Common Shares with respect to which Awards may be granted under this Plan as a result of Section&#160;2.4 of this Plan), (c)&#160;the amendment materially modifies the requirements as to eligibility for participation in this Plan, or (d)&#160;such approval is required by any law, regulation or stock exchange rule.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">14.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Repricing.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Except in connection with a corporate transaction involving the Company (including, without limitation, any Common Share dividend, Common Share split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of Common Shares), the terms of outstanding Awards may not be amended to reduce the exercise price of outstanding Options or SARs or cancel outstanding Options or SARs in exchange for cash, other awards or Options or SARs with an exercise price that is less than the exercise price of the original Options or SARs without shareholder approval.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE XV</font><font style="font-family:inherit;font-size:11pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">TRANSFERABILITY</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">15.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">No Assignment or Transfer.  </font><font style="font-family:inherit;font-size:11pt;">Except as described in Section&#160;15.2 or as provided in a related Award Agreement, an Award may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, except by will or the laws of descent and distribution and, during a Participant&#8217;s lifetime and an Award may be exercised only by the Participant or the Participant&#8217;s guardian or legal representative.  Notwithstanding any provision contained in this Article&#160;XV, no Award may be transferred by a Participant for value or consideration.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">15.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Restrictions on Resale or Other Disposition.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Any Award may be subject to such terms, conditions and restrictions on sale or transfer as the Committee deems appropriate and advisable, as specified by the Committee in the related Award Agreement.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">15.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Beneficiary.  </font><font style="font-family:inherit;font-size:11pt;">Unless otherwise specifically designated by the Participant in writing, a Participant&#8217;s beneficiary under this Plan shall be the Participant&#8217;s spouse or, if no spouse survives the Participant, the Participant&#8217;s estate.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-bottom:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE XVI</font><font style="font-family:inherit;font-size:11pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">MISCELLANEOUS</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">16.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">No Right to Continued Employment or to Awards.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;The granting of an Award under this Plan imposes no obligation on the Company or any Affiliate to continue the employment of a Participant nor interferes with or limits the right of the Company or any Affiliate to terminate the employment of any Participant (to the extent permitted under applicable law).  In addition, no Employee has any right to be granted any Award, and there is no obligation for uniformity of treatment of Participants.  The terms and conditions of Awards and the Committee&#8217;s interpretations and determinations with respect thereto need not be the same with respect to each Participant.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">16.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Tax Withholding.</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(a)</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;">The Company or an Affiliate, as applicable, shall have the power and the right to deduct, withhold or collect any amount required by law or regulation to be withheld with respect to any taxable event arising with respect to an Award granted under this Plan.  This amount may, as determined by the Committee in the Committee&#8217;s sole discretion, be (i)&#160;withheld from other amounts due to the Participant, (ii)&#160;withheld from the value of any Award being settled or any Common Shares being transferred in connection with the exercise or settlement of an Award, (iii)&#160;withheld from the vested portion of any Award (including the Common Shares transferable thereunder), whether or not being exercised or settled at the time the taxable event arises, or (iv)&#160;collected directly from the Participant.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(b)</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;">Subject to the approval of the Committee, a Participant may elect to satisfy the tax withholding requirement, in whole or in part, by having the Company or an Affiliate, as applicable, withhold Common Shares having a Fair Market Value on the date the tax is to be determined equal to the minimum statutory total tax that could be imposed on the transaction, or such higher withholding elected by the Participant provided that such higher withholding would not have a negative accounting impact for the Company or an Affiliate.  Any Common Shares to be withheld in accordance with this Section&#160;16.2(b) must otherwise be distributable to the Participant at the time of the withholding or if such Common Shares are not otherwise distributable at the time of the withholding, the Participant must have a vested right to distribution of such Common Shares at such time.  All such elections shall be irrevocable and made in writing and shall be subject to any terms and conditions that the Committee, in the Committee&#8217;s sole discretion, deems appropriate.</font></div></td></tr></table><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">16.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Requirements of Law.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;The grant of Awards and the issuance of Common Shares shall be subject to all applicable laws, rules and regulations (including applicable federal and state securities laws) and to all required approvals of any governmental agencies or national securities exchange, market or other quotation system.  Without limiting the foregoing, the Company has no obligation to issue Common Shares under this Plan prior to (a)&#160;receipt of approvals from any governmental agency or stock exchange that the Committee deems necessary and (b)&#160;completion of registration or other qualification of the Common Shares under any applicable federal or state law or ruling of any governmental agency that the Committee deems necessary.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">16.4</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Legends.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Certificates for Common Shares delivered under this Plan may be subject to such stop transfer orders and other transfer restrictions that the Committee deems advisable under the terms of this Plan or any Award Agreement or under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Shares are then listed, or any other applicable federal or state securities law.  The Committee may cause a legend to be placed on any certificates issued under this Plan to make appropriate reference to restrictions within the scope of this Section.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">16.5</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Uncertificated Common Shares.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;To the extent that this Plan provides for the issuance of certificates to reflect the delivery of Common Shares, the delivery of Common Shares may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the applicable rules of any stock exchange.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">16.6</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Governing Law.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;This Plan and all Award Agreements shall be governed by and construed in accordance with the laws (other than laws governing conflicts of laws) of the State of Ohio.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">16.7</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">No Impact on Benefits.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Awards are not compensation for purposes of calculating a Participant&#8217;s rights under any employee benefit plan that does not specifically require the inclusion of Awards in calculating benefits.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">16.8</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Rights as a Shareholder.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Except as otherwise provided in this Plan or in a related Award Agreement, a Participant shall have none of the rights of a shareholder with respect to Common Shares covered by an Award unless and until the Participant becomes the record holder of such Common Shares.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">16.9</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Successors and Assigns.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;This Plan shall be binding on all successors and assigns of the Company and each Participant, including without limitation, the estate of such Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant&#8217;s creditors. </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">16.10</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Section 409A of the Code.</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(a)</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;">Awards granted pursuant to this Plan that are subject to Section&#160;409A of the Code, or that are subject to Section&#160;409A of the Code but for which an exception applies, are intended to </font></div></td></tr></table><div style="line-height:120%;padding-bottom:12px;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">comply with or be exempt from Section&#160;409A of the Code and the Treasury Regulations promulgated thereunder, and this Plan shall be interpreted, administered and operated accordingly.</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(b)</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;">If a Participant is determined to be a &#8220;specified employee&#8221; (within the meaning of Section&#160;409A of the Code and as determined under the Company&#8217;s policy for determining specified employees), the Participant shall not be entitled to payment or to distribution of any portion of an Award that is subject to Section&#160;409A of the Code (and for which no exception applies) and is payable or distributable on account of the Participant&#8217;s &#8220;separation from service&#8221; (within the meaning of Section&#160;409A of the Code) until the expiration of six months from the date of such separation from service (or, if earlier, the Participant&#8217;s death).  Such Award, or portion thereof, shall be paid or distributed on the first business day of the seventh month following such separation from service.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:12px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(c)</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;">Nothing in this Plan shall be construed as an entitlement to or guarantee of any particular tax treatment to a Participant, and none of the Company, any Affiliate, the Board or the Committee shall have any liability with respect to any failure to comply with the requirements of Section&#160;409A of the Code.</font></div></td></tr></table><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">16.11</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Savings Clause.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;In the event that any provision of this Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision had not been included.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE XVII</font><font style="font-family:inherit;font-size:11pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">EFFECTIVE DATE AND TERM OF THIS PLAN</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:12px;text-align:justify;"><font style="padding-bottom:12px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">17.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">In General.</font><font style="font-family:inherit;font-size:11pt;">&#32;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:11pt;">The effective date of this Plan is the date this Plan is approved by the Company&#8217;s shareholders.  No Incentive Stock Options shall be granted under this Plan more than ten years after the date the Board takes all necessary action to adopt this Plan and no other Awards shall be granted under this Plan after the tenth anniversary of the effective date of this Plan or, if earlier, the date this Plan is terminated.  Notwithstanding the foregoing, the termination of this Plan shall not preclude the Company from complying with the terms of Awards outstanding on the date this Plan terminates.  </font></div><div style="line-height:120%;padding-bottom:12px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<TYPE>EX-10.2
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<FILENAME>exhibit102.htm
<DESCRIPTION>EXHIBIT 10.2
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<div><a name="s81ea48e368ee47af812776c46b4acce3"></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;text-decoration:underline;">Exhibit  10.2</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">PARK NATIONAL CORPORATION <br>2017 LONG-TERM INCENTIVE PLAN FOR NON-EMPLOYEE DIRECTORS</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The purpose of this Plan is to foster and promote the long-term financial success of the Company and the Affiliates and to increase shareholder value by motivating the performance of Directors through incentive compensation.  This Plan also is intended to encourage Participants to acquire and maintain an ownership interest in the Company, enable the Company and the Affiliates to attract and retain talented directors and affiliate/advisory board members, and allow Participants to participate in the Company&#8217;s long-term growth and financial success.  </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This Plan, together with the Park National Corporation 2017 Long-Term Incentive Plan for Employees, are intended to replace, in its entirety, the Park National Corporation 2013 Long-Term Incentive Plan.  Upon approval of this Plan by the Company&#8217;s shareholders, the right of the Company to make additional grants under the Park National Corporation 2013 Long-Term Incentive Plan to Directors will be immediately terminated.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE I</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">DEFINITIONS</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">When used in this Plan, the following capitalized words, terms and phrases shall have the meanings set forth in this Article I.  For purposes of this Plan, the form of any word, term or phrase shall include any and all of its other forms.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Act&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means the Securities Exchange Act of 1934, as amended from time to time, or any successor thereto.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Affiliate&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means any entity with whom the Company would be considered a single employer under Section&#160;414(b) or Section&#160;414(c) of the Code, but modified as permitted under Treasury Regulations promulgated under any Code section relevant to the purpose for which the definition is applied and including any &#8220;parent corporation&#8221; or &#8220;subsidiary corporation&#8221; as defined under Section&#160;424(e) and Section&#160;424(f) of the Code.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Award&#8221; </font><font style="font-family:inherit;font-size:11pt;">means</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:11pt;">any Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Other Stock-Based Award or Cash-Based Award granted pursuant to this Plan. </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.4</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Award Agreement&#8221; </font><font style="font-family:inherit;font-size:11pt;">means any</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:11pt;">written or electronic agreement between the Company or any Affiliate and a Participant that describes the terms and conditions of an Award.  If there is a conflict between the terms of this Plan and the terms of an Award Agreement, the terms of this Plan shall govern.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.5</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Board&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means the Board of Directors of the Company.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.6</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Cash-Based Award&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means a cash Award granted pursuant to Article X of this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.7</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Cause&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means, unless otherwise provided in the related Award Agreement or in any other agreement between the Participant and the Company or any Affiliate (but only within the context of the events contemplated by the other agreement, as applicable), a Participant&#8217;s: (a)&#160;willful and continued failure to substantially perform assigned duties; (b)&#160;gross misconduct; (c)&#160;breach of any written covenant or of any term of any agreement with the Company or any Affiliate, including this Plan and any Award Agreement; (d)&#160;commission of a felony or of a gross misdemeanor involving moral turpitude in connection with the Participant&#8217;s service with the Company or any Affiliate, or commission of&#160;a crime other than a felony which involves a breach of trust or fiduciary duty, in each case whether or not involving the Company or any Affiliate; (e)&#160;fraud, disloyalty, dishonesty or willful violation of any law, rule or regulation or of the Company&#8217;s Code of Business Conduct or any other policy of the Company or any Affiliate that applies to the Participant; or (f)&#160;issuance of an order for removal of the Participant by any agency which regulates the activities of the Company or any Affiliate.  </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.8</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Change in Control&#8221; </font><font style="font-family:inherit;font-size:11pt;">means, unless otherwise provided in any agreement between the Participant and the Company or any Affiliate (but only within the context of the events contemplated by the agreement, as applicable), the occurrence of any of the following:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(a)</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;">the members of the Board on the effective date of this Plan (the &#8220;Incumbent Directors&#8221;) cease for any reason other than death to constitute at least a majority of the members of the Board; provided, however, that any individual becoming a director of the Company after the effective date of this Plan whose election, or nomination for election by the Company&#8217;s shareholders, was approved by a vote of at least a majority of the then Incumbent Directors shall also be treated as an Incumbent Director, but excluding any individual whose initial assumption of office occurs as a result of a proxy contest or any agreement arising out of an actual or threatened proxy contest;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(b)</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;">the acquisition by any person or group (within the meaning of Section&#160;13(d) and Section&#160;14(d)(2) of the Act), other than the Company, any Affiliate or any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate, of beneficial ownership (within the meaning of Rule&#160;13d-3 promulgated under the Act), directly or indirectly, of 25% or more of&#160;the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors of the Company; provided, however, that the provisions of this Section&#160;1.8(b) shall not include the acquisition of voting securities by any entity or person with respect to which the acquirer has filed SEC Schedule&#160;13G (or any successor form or filing) indicating that the voting securities were not acquired and are not held for the purpose of or with the effect of changing or influencing, directly or indirectly, the Company&#8217;s management or policies, unless and until that entity or person indicates that its intent has changed by filing SEC Schedule&#160;13D (or any successor form or filing);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(c)</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;">the consummation of a merger, consolidation or other business combination of the Company with or into another entity, or the acquisition by the Company of assets, shares or equity interests of another entity, as a result of which the shareholders of the Company immediately prior to such merger, consolidation, other business combination or acquisition do not immediately thereafter beneficially own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the entity resulting from such merger, consolidation or other business combination of the Company;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(d)</font></div></td><td style="vertical-align:top;padding-left:96px;"><div style="line-height:120%;text-align:justify;font-size:11pt;text-indent:-96px;"><font style="font-family:inherit;font-size:11pt;">the sale or other disposition of all or substantially all of the assets of the Company;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(e)</font></div></td><td style="vertical-align:top;padding-left:96px;"><div style="line-height:120%;text-align:justify;font-size:11pt;text-indent:-96px;"><font style="font-family:inherit;font-size:11pt;">the sale or other disposition of all or substantially all of the assets of The Park National Bank or the change in the ownership or effective control of The Park National Bank; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(f)</font></div></td><td style="vertical-align:top;padding-left:96px;"><div style="line-height:120%;text-align:justify;font-size:11pt;text-indent:-96px;"><font style="font-family:inherit;font-size:11pt;">the liquidation or dissolution of the Company.  </font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Notwithstanding the foregoing, with respect to the payment, exercise or settlement of any Award that is subject to Section&#160;409A of the Code (and for which no exception applies), a Change in Control shall be deemed not to have occurred unless the events or circumstances constituting the Change in Control also constitute a &#8220;change in control event&#8221; within the meaning of Section&#160;409A of the Code and the Treasury Regulations promulgated thereunder.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.9</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Code&#8221; </font><font style="font-family:inherit;font-size:11pt;">means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.10</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Committee&#8221; </font><font style="font-family:inherit;font-size:11pt;">means the Board.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.11</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Common Shares&#8221; </font><font style="font-family:inherit;font-size:11pt;">means the common shares, without par value, of the Company or any security of the Company issued in satisfaction, in exchange or in place of the Common Shares.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.12</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Company&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means Park National Corporation, an Ohio corporation, and any successor thereto.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.13</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Director&#8221; </font><font style="font-family:inherit;font-size:11pt;">means a person who is a member of the Board, excluding any member who is an Employee.  &#8220;Director&#8221; also means a non-employee member of the board of directors of a &#8220;subsidiary corporation&#8221; as defined in Section&#160;424(f) of the Code or a non-employee member of the affiliate/advisory board of a division of such a &#8220;subsidiary corporation,&#8221; in each case who is not also a director of the Company.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.14</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Disability&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(a)</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;">with respect to the payment, exercise or settlement of any Award that is (or becomes) subject to Section&#160;409A of the Code (and for which no exception applies): (i)&#160;the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; or (ii)&#160;the Participant is determined to be totally disabled by the Social Security Administration; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(b)</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;">with respect to a Participant&#8217;s right to exercise or receive settlement of any Award or with respect to the payment, exercise or settlement of any Award not described in Section&#160;1.14(a) of this Plan, a Participant&#8217;s inability (established by an independent physician selected by the Committee and reasonably acceptable to the Participant or to the Participant&#8217;s legal representative) due to illness, accident or otherwise to perform the Participant&#8217;s duties, which is expected to be permanent or for an indefinite duration longer than 12 months. </font></div></td></tr></table><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.15</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Employee&#8221; </font><font style="font-family:inherit;font-size:11pt;">means any person who is a common law employee of the Company or any Affiliate.  A person who is classified as other than a common law employee, but who is subsequently reclassified as a common law employee, of the Company or any Affiliate for any reason and on any basis shall be treated as a common law employee only from the date such reclassification occurs and shall not retroactively be reclassified as an Employee for any purpose under this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.16</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Fair Market Value&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means the value of one Common Share on any relevant date, determined under the following rules:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(a)</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;">If the Common Shares are traded on an exchange, the reported &#8220;closing price&#8221; on the relevant date if it is a trading day, otherwise on the immediately preceding trading day;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(b)</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;">If the Common Shares are traded over-the-counter with no reported closing price, the mean between the lowest bid and the highest asked prices on that quotation system on the relevant date if it is a trading day, otherwise on the immediately preceding trading day; or</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(c)</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;">If neither Section&#160;1.16(a) nor Section&#160;1.16(b) of this Plan applies, (i)&#160;with respect to Options, Stock Appreciation Rights and any Award that is subject to Section&#160;409A of the Code, the value as determined by the Committee through reasonable application of a reasonable valuation method, taking into account all information material to the value of the Company, within the meaning of Section&#160;409A of the Code and the Treasury Regulations promulgated thereunder, and (ii)&#160;with respect to all other Awards, the fair market value as determined by the Committee in good faith.</font></div></td></tr></table><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.17</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Option&#8221; </font><font style="font-family:inherit;font-size:11pt;">means an option to purchase Common Shares which is granted pursuant to Article&#160;V of this Plan.  For purposes of this Plan, an Option may only be a nonqualified stock option that is not intended to meet the requirements of Section&#160;422 of the Code.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.18</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Other Stock-Based Award&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means an Award granted pursuant to Article&#160;IX of this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.19</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Participant&#8221; </font><font style="font-family:inherit;font-size:11pt;">means a Director who is granted an Award under this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.20</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Plan&#8221; </font><font style="font-family:inherit;font-size:11pt;">means the Park National Corporation 2017 Long-Term Incentive Plan for Non-Employee Directors, as set forth herein and as may be amended from time to time.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.21</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Restricted Stock&#8221; </font><font style="font-family:inherit;font-size:11pt;">means an Award granted pursuant to Article&#160;VII of this Plan through which a Participant is issued Common Shares which are subject to specified restrictions on vesting and transferability.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.22</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Restricted Stock Unit&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means an Award granted pursuant to Article&#160;VIII of this Plan under which a Participant is issued a right to receive a specified number of Common Shares or a cash payment equal to a specified number of Common Shares, the settlement of which is subject to specified restrictions on vesting and transferability.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.23</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Retirement&#8221;</font><font style="font-family:inherit;font-size:11pt;">&#32;means retirement as defined in the Award Agreement between the Participant and the Company.  </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">1.24</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#8220;Stock Appreciation Right&#8221; </font><font style="font-family:inherit;font-size:11pt;">means an Award granted pursuant to Article&#160;VI of this Plan through which a Participant is given the right to receive the difference between the Fair Market Value of a Common Share on the date of grant and the Fair Market Value of a Common Share on the date of exercise of the Award.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE II</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">COMMON SHARES SUBJECT TO PLAN</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">2.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Number of Common Shares Available for Awards</font><font style="font-family:inherit;font-size:11pt;">.  Subject to this Article&#160;II, the aggregate number of Common Shares with respect to which Awards may be granted under this Plan shall be 150,000.  The Common Shares to be issued and delivered under this Plan may consist of either Common Shares currently held or Common Shares subsequently acquired by the Company as treasury shares, including Common Shares purchased in the open market or in private transactions.  No newly-issued Common Shares shall be delivered under this Plan.  Subject to this Article&#160;II: (a)&#160;the total number of Common Shares available for issuance under this Plan shall be reduced by the number of Common Shares subject to grant under an Award; and (b)&#160;any Common Shares underlying such Award that become available for future grant pursuant to Section&#160;2.2 of this Plan shall be added back to this Plan in an amount equal to the number of Common Shares subject to such Award that become available for future grant under this Plan.  Without limiting the foregoing, with respect to any Stock Appreciation Right that is settled in Common Shares, the full number of Common Shares subject to the Award shall count against the number of Common Shares available for Awards under this Plan regardless of the number of Common Shares used to settle the Stock Appreciation Right upon exercise. </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">2.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Share Usage</font><font style="font-family:inherit;font-size:11pt;">.  In addition to the number of Common Shares provided for in Section&#160;2.1 of this Plan, the following Common Shares shall be available for Awards under this Plan: (a)&#160;Common Shares covered by an Award that expires or is forfeited, canceled, surrendered or otherwise terminated without the issuance of such Common Shares; (b)&#160;Common Shares covered by an Award that, by the terms of the Award, may be settled only in cash; (c)&#160;Common Shares granted through the assumption of, or in substitution for, outstanding awards granted by another entity to individuals who become Directors as the result of a merger, consolidation, acquisition or other corporate transaction involving such other entity and the Company or any of the Affiliates; and (d)&#160;any Common Shares from Awards exercised for or settled in vested and nonforfeitable Common Shares that are later returned to the Company pursuant to any compensation recoupment policy, provision or agreement.  Nothing in the foregoing shall be construed as permitting any Common Shares surrendered upon exercise of an Award as payment of the applicable exercise price or withheld to satisfy any applicable taxes to again be available for Awards under this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">2.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Fiscal Year Limits</font><font style="font-family:inherit;font-size:11pt;">.  Subject to Section&#160;2.4 of this Plan, during any fiscal year of the Company, the Committee may not: (a)&#160;make grants of all forms of Awards to all Participants in this Plan covering more than an aggregate of 15,000 Common Shares; or (b)&#160;make grants of all forms of Awards to a single Non-Employee Director Participant covering more than an aggregate of 1,000 Common Shares.  </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">2.4</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Adjustments</font><font style="font-family:inherit;font-size:11pt;">.  In the event of any Common Share dividend or split, recapitalization (including payment of an extraordinary dividend), merger, reorganization, consolidation, combination, spin-off, distribution of assets to shareholders, exchange of Common Shares or any other change affecting the Common Shares, the Committee shall make such substitutions and adjustments, if any, as the Committee deems equitable and appropriate to (a)</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#160;</font><font style="font-family:inherit;font-size:11pt;">the aggregate number of Common Shares with respect to which Awards may be granted under this Plan, (b)</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#160;</font><font style="font-family:inherit;font-size:11pt;">any Common Share-based limits imposed under this Plan, and (c)</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#160;</font><font style="font-family:inherit;font-size:11pt;">the exercise price, number of Common Shares and other terms or limitations applicable to outstanding Awards.  Notwithstanding the foregoing, an adjustment pursuant to this Section&#160;2.4 shall be made only to the extent such adjustment complies with Section&#160;409A of the Code, to the extent applicable.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE III</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ADMINISTRATION</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">3.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">In General</font><font style="font-family:inherit;font-size:11pt;">.  This Plan shall be administered by the Committee.  The Committee shall have full power and authority to: (a)&#160;interpret this Plan and any Award Agreement; (b)&#160;establish, amend and rescind any rules and regulations relating to this Plan; (c)&#160;select Participants; (d)&#160;establish the terms and conditions of any Award consistent with the terms and conditions of this Plan; and (e)&#160;make any other determinations that the Committee deems necessary or desirable for the administration of this Plan.  The Committee may correct any defect, supply any omission or reconcile any inconsistency in this Plan or in any Award Agreement in the manner and to the extent the Committee deems necessary or desirable.  Any decision of the Committee in the interpretation and administration of this Plan shall be made in the Committee&#8217;s sole and absolute discretion and shall be final, conclusive and binding on all persons.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">3.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Delegation of Duties</font><font style="font-family:inherit;font-size:11pt;">.  In the Committee&#8217;s sole discretion, the Committee may delegate any ministerial duties associated with this Plan to any person (including Employees) the Committee deems appropriate, including authority to execute Award Agreements on behalf of the Company or an Affiliate; provided, however, that the Committee may not delegate (a)&#160;any duties that the Committee is required to discharge to comply with Section&#160;162(m) of the Code or any other applicable law, (b)&#160;the Committee&#8217;s authority to grant Awards to any Participant who is subject to Section&#160;16 of the Act, and (c)&#160;the Committee&#8217;s authority under the Company&#8217;s equity award granting policy that may be in effect from time to time.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">3.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Award Agreement</font><font style="font-family:inherit;font-size:11pt;">.  The Committee will prepare and deliver an Award Agreement to each affected Participant that: (a)&#160;will describe the terms of the Award, including (i)&#160;the type of Award and when and how the Award may be exercised or earned, (ii)&#160;any exercise price associated with the Award, and (iii)&#160;how the Award will or may be settled; and (b)&#160;to the extent different from the terms of this Plan, will describe (I)&#160;any conditions that must be met before the Award may be exercised or earned, (II)&#160;any objective restrictions placed on an Award and any performance-related conditions that must be met before those restrictions will be released, and (III)&#160;any other applicable terms and conditions affecting the Award.  </font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE IV</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ELIGIBILITY</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:33px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Any Director selected by the Committee shall be eligible to be a Participant in this Plan.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE V</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">OPTIONS</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">5.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Grant of Options</font><font style="font-family:inherit;font-size:11pt;">.  Subject to the terms and conditions of this Plan, Options may be granted to Participants in such number, and upon such terms and conditions, as determined by the Committee in the Committee&#8217;s sole discretion, to the extent that such terms and conditions are consistent with the provisions of this Article&#160;V and this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">5.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Award Agreement</font><font style="font-family:inherit;font-size:11pt;">.  Each Option shall be evidenced by an Award Agreement that specifies the exercise price, the term of the Option, the number of Common Shares covered by the Option, the conditions upon which the Option becomes vested and exercisable and such other terms and conditions as the Committee determines and which are not inconsistent with the terms and conditions of this Plan.    </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">5.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exercise Price</font><font style="font-family:inherit;font-size:11pt;">.  The exercise price per Common Share of an Option shall be determined by the Committee at the time the Option is granted and shall be specified in the related Award Agreement; provided, however, that in no event shall the exercise price of any Option be less than one hundred percent (100%) of the Fair Market Value of a Common Share on the date of grant.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">5.4</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Term</font><font style="font-family:inherit;font-size:11pt;">.  The term of an Option shall be determined by the Committee and set forth in the related Award Agreement; provided, however, that in no event shall the term of any Option exceed ten years from the date of grant of the Option.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">5.5</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exercisability</font><font style="font-family:inherit;font-size:11pt;">.  Options shall become exercisable at such times and upon such terms and conditions as determined by the Committee and set forth in the related Award Agreement.  Such terms and conditions may include, without limitation, the satisfaction of (a)&#160;performance goals and (b)&#160;time-based vesting requirements.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">5.6</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exercise of Options</font><font style="font-family:inherit;font-size:11pt;">.  Except as otherwise provided in this Plan or in a related Award Agreement, an Option may be exercised for all or any portion of the Common Shares for which the Option is then exercisable.  An Option shall be exercised by the delivery of a notice of exercise to the Company or the Company&#8217;s designee in a form specified by the Committee which sets forth the number of Common Shares with respect to which the Option is to be exercised and full payment of the exercise price for such Common Shares.  The exercise price of an Option may be paid (a)&#160;in cash or its equivalent, (b)&#160;by tendering (either by actual delivery or attestation) previously acquired Common Shares having an aggregate Fair Market Value at the time of exercise equal to the aggregate exercise price, provided that such Common Shares were held for at least six months or such other period required to obtain favorable accounting treatment, (c)&#160;by a cashless exercise (including by withholding Common Shares deliverable upon exercise and through a broker-assisted arrangement to the extent permitted by applicable law), (d)&#160;by a combination of the methods described in clauses (a), (b)&#160;and (c),&#160;or (e)&#160;though any other method approved by the Committee in the Committee&#8217;s sole discretion.  As soon as practicable after receipt of the notification of exercise and full payment of the exercise price, the Company shall cause the appropriate number of Common Shares to be issued to the Participant.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE VI</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">STOCK APPRECIATION RIGHTS</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">6.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Grant of Stock Appreciation Rights</font><font style="font-family:inherit;font-size:11pt;">.  Subject to the terms and conditions of this Plan, Stock Appreciation Rights may be granted to Participants in such number, and upon such terms and conditions, as determined by the Committee in the Committee&#8217;s sole discretion, to the extent that such terms and conditions are consistent with the provisions of this Article&#160;VI and this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">6.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Award Agreement</font><font style="font-family:inherit;font-size:11pt;">.  Each Stock Appreciation Right shall be evidenced by an Award Agreement that specifies the exercise price, the term of the Stock Appreciation Right, the number of Common Shares covered by the Stock Appreciation Right, the conditions upon which the Stock Appreciation Right becomes vested and exercisable and such other terms and conditions as the Committee determines and which are not inconsistent with the terms and conditions of this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">6.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exercise Price</font><font style="font-family:inherit;font-size:11pt;">.  The exercise price per Common Share of a Stock Appreciation Right shall be determined by the Committee at the time the Stock Appreciation Right is granted and shall be specified in the related Award Agreement; provided, however, that in no event shall the exercise price of any Stock Appreciation Right be less than one hundred percent (100%) of the Fair Market Value of a Common Share on the date of grant.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">6.4</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Term</font><font style="font-family:inherit;font-size:11pt;">.  The term of a Stock Appreciation Right shall be determined by the Committee and set forth in the related Award Agreement; provided however, that in no event shall the term of any Stock Appreciation Right exceed ten years from the date of grant of the Stock Appreciation Right.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">6.5</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exercisability of Stock Appreciation Rights</font><font style="font-family:inherit;font-size:11pt;">.  A Stock Appreciation Right shall become exercisable at such times and upon such terms and conditions as determined by the Committee and set forth in the related Award Agreement.  Such terms and conditions may include, without limitation, the satisfaction of (a)&#160;performance goals and (b)&#160;time-based vesting requirements.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">6.6</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exercise of Stock Appreciation Rights</font><font style="font-family:inherit;font-size:11pt;">.  Except as otherwise provided in this Plan or in a related Award Agreement, a Stock Appreciation Right may be exercised for all or any portion of the Common Shares for which the Stock Appreciation Right is then exercisable.  A Stock Appreciation Right shall be exercised by the delivery of a notice of exercise to the Company or the Company&#8217;s designee in a form specified by the Committee which sets forth the number of Common Shares with respect to which the Stock Appreciation Right is to be exercised.  Upon exercise, a Stock Appreciation Right shall entitle a Participant to an amount equal to (a)&#160;the excess of (i)&#160;the Fair Market Value of a Common Share on the exercise date over (ii)&#160;the exercise price per Common Share, multiplied by (b)&#160;the number of Common Shares with respect to which the Stock Appreciation Right is exercised.  A Stock Appreciation Right may </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">be settled in full Common Shares, in cash or in a combination thereof, as specified by the Committee in the related Award Agreement.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE VII</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">RESTRICTED STOCK</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">7.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Grant of Restricted Stock</font><font style="font-family:inherit;font-size:11pt;">.  Subject to the terms and conditions of this Plan, shares of Restricted Stock may be granted to Participants in such number, and upon such terms and conditions, as determined by the Committee in the Committee&#8217;s sole discretion, to the extent that such terms and conditions are consistent with the provisions of this Article&#160;VII and this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">7.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Award Agreement</font><font style="font-family:inherit;font-size:11pt;">.  Each Award of Restricted Stock shall be evidenced by an Award Agreement that specifies the number of shares of Restricted Stock, the restricted period(s) applicable to the shares of Restricted Stock, the conditions upon which the restrictions on the shares of Restricted Stock will lapse and such other terms and conditions as the Committee determines and which are not inconsistent with the terms and conditions of this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">7.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Terms, Conditions and Restrictions</font><font style="font-family:inherit;font-size:11pt;">.</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(a)</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;text-decoration:underline;">In General</font><font style="font-family:inherit;font-size:11pt;">.  The Committee shall impose such other terms, conditions or restrictions on any shares of Restricted Stock as the Committee may deem advisable, including, without limitation, a requirement that the Participant pay a purchase price for each share of Restricted Stock, restrictions based on the achievement of specific performance goals, time-based restrictions, holding requirements or sale restrictions placed on the underlying Common Shares by the Company upon vesting of such Restricted Stock.  </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(b)</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;text-decoration:underline;">Retention  of Certificates</font><font style="font-family:inherit;font-size:11pt;">.  To the extent deemed appropriate by the Committee, the Company may retain the certificates representing shares of Restricted Stock in the Company&#8217;s possession until such time as all terms, conditions and restrictions applicable to such shares of Restricted Stock have been satisfied or lapse.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(c)</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;text-decoration:underline;">Lapse of Restrictions</font><font style="font-family:inherit;font-size:11pt;">.  Unless otherwise provided in the related Award Agreement or required by applicable law, the restrictions imposed on shares of Restricted Stock shall lapse upon the expiration or termination of the applicable restricted period and the satisfaction of any other applicable terms and conditions.</font></div></td></tr></table><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">7.4</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Rights Associated with Restricted Stock during Restricted Period</font><font style="font-family:inherit;font-size:11pt;">.  During any restricted period:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(a)</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;text-decoration:underline;">Non-Transferability</font><font style="font-family:inherit;font-size:11pt;">.  The shares of Restricted Stock may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(b)</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;text-decoration:underline;">Voting of Restricted Stock</font><font style="font-family:inherit;font-size:11pt;">.  Unless otherwise provided in the related Award Agreement, the Participant shall be entitled to exercise in full any voting rights associated with such shares of Restricted Stock.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:53px;"><font style="font-family:inherit;font-size:11pt;">(c)</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;text-decoration:underline;">Treatment of Dividends</font><font style="font-family:inherit;font-size:11pt;">.  The Participant shall be entitled to all dividends and other distributions paid with respect to such shares of Restricted Stock during the restricted period; provided, however, that receipt of any such dividends or other distributions will be subject to the same terms and conditions as the shares of Restricted Stock with respect to which they are paid.  This means that cash dividends and dividends paid in Common Shares will be retained by the Company and subject to the same risk of forfeiture as the shares of Restricted Stock with respect to which the cash or Common Share dividends are paid until the underlying restrictions lapse and such retained dividends shall be forfeited to the extent that the Participant forfeits the shares of Restricted Stock on which the retained dividends were declared.  </font></div></td></tr></table><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE VIII</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">RESTRICTED STOCK UNITS</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">8.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Grant of Restricted Stock Units</font><font style="font-family:inherit;font-size:11pt;">.  Subject to the terms and conditions of this Plan, Participants may be granted Restricted Stock Units in such number and upon such terms and conditions as determined by the Committee in the Committee&#8217;s sole discretion, to the extent that such terms and conditions are consistent with the provisions of this Article&#160;VIII and this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">8.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Award Agreement</font><font style="font-family:inherit;font-size:11pt;">.  Each Award of Restricted Stock Units shall be evidenced by an Award Agreement that specifies the number of Common Shares underlying the Award, the restricted period(s), the conditions upon which the restrictions on the Restricted Stock Units will lapse, the time at which and form in which the Restricted Stock Units will be settled, and such other terms and conditions as the Committee determines and which are not inconsistent with the terms and conditions of this Plan.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">8.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Terms, Conditions and Restrictions</font><font style="font-family:inherit;font-size:11pt;">.  The Committee shall impose such other terms, conditions and restrictions on any Award of Restricted Stock Units as the Committee may deem advisable, including, without limitation, restrictions based on the achievement of specific performance goals, time-based restrictions, holding requirements or sale restrictions placed on the underlying Common Shares by the Company upon vesting of such Restricted Stock Units.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">8.4</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Form of Settlement</font><font style="font-family:inherit;font-size:11pt;">.  An Award of Restricted Stock Units may be settled in full Common Shares, in cash or in a combination thereof, as specified by the Committee in the related Award Agreement.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">8.5</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Dividend Equivalents</font><font style="font-family:inherit;font-size:11pt;">.  Awards of Restricted Stock Units may provide the Participant with dividend equivalents, as determined by the Committee in the Committee&#8217;s sole discretion and as set forth in the related Award Agreement; provided, however, that such dividend equivalents shall be subject to the same terms and conditions, including the applicable forfeiture conditions, as the Restricted Stock Units.  This means that no amount shall be paid in connection with a dividend equivalent right until Common Shares are issued or cash is paid in connection with the Restricted Stock Units and any dividend equivalents shall be forfeited to the extent that the Participant forfeits the related Restricted Stock Units. </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">8.6</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">No Voting Rights</font><font style="font-family:inherit;font-size:11pt;">.  In no event will a Participant have any voting rights with respect to the Common Shares underlying the Restricted Stock Units.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE IX</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">OTHER STOCK-BASED AWARDS</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">9.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Grant of Other Stock-Based Awards</font><font style="font-family:inherit;font-size:11pt;">.  Subject to the terms and conditions of this Plan, Other Stock-Based Awards may be granted to Participants in such number, and upon such terms and conditions, as determined by the Committee in the Committee&#8217;s sole discretion, to the extent such terms and conditions are consistent with the provisions of this Article&#160;IX and this Plan.  Other Stock-Based Awards are Awards that are valued in whole or in part by reference to, or otherwise based on the Fair Market Value of, the Common Shares, and shall be in such form as the Committee determines, including, without limitation, unrestricted Common Shares.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">9.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Award Agreement</font><font style="font-family:inherit;font-size:11pt;">.  Each Other Stock-Based Award shall be evidenced by an Award Agreement that specifies the terms and conditions upon which the Other Stock-Based Award becomes vested, if applicable, the time and method of settlement, the form of settlement and such other terms and conditions as the Committee determines and which are not inconsistent with the terms and conditions of this Plan.  </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">9.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Form of Settlement</font><font style="font-family:inherit;font-size:11pt;">.  An Other Stock-Based Award may be settled in full Common Shares, as specified by the Committee in the related Award Agreement.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;font-weight:bold;padding-right:48px;">9.4</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Dividend Equivalents</font><font style="font-family:inherit;font-size:11pt;">.  Awards of Other Stock-Based Awards may provide the Participant with dividend equivalents, as determined by the Committee in the Committee&#8217;s sole discretion and as set forth in the related Award </font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="font-family:inherit;font-size:11pt;">Agreement; provided, however, that such dividend equivalents shall be subject to the same terms and conditions, including the applicable forfeiture conditions, as the Other Stock-Based Award.  This means that no amount shall be paid in connection with a dividend equivalent right until Common Shares are issued or cash is paid in connection with the Other Stock-Based Award and any dividend equivalents shall be forfeited to the extent that the Participant forfeits the related Other Stock-Based Award.  </font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE X</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CASH-BASED AWARDS</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">10.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Grant of Cash-Based Award</font><font style="font-family:inherit;font-size:11pt;">.  Subject to the terms and conditions of this Plan, Cash-Based Awards may be granted to Participants in such amounts and upon such other terms and conditions as determined by the Committee in the Committee&#8217;s sole discretion.  </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">10.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Award Agreement</font><font style="font-family:inherit;font-size:11pt;">.  Each Cash-Based Award shall be evidenced by an Award Agreement that specifies the payment amount or payment range, the time and method of settlement and the other terms and conditions, as applicable, of such Award, including, without limitation, performance objectives.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE XI</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">TERMINATION OF SERVICE</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">11.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">In General</font><font style="font-family:inherit;font-size:11pt;">.  With respect to each Award granted under this Plan, the Committee shall, subject to the terms and conditions of this Plan, determine the extent to which the Award shall vest and the extent to which the Participant shall have the right to exercise or receive settlement of the Award on or following the Participant&#8217;s termination of service with the Company or any of the Affiliates.  Such provisions shall be determined in the sole discretion of the Committee, shall be included in the related Award Agreement, need not be uniform among all Awards granted under this Plan and may reflect distinctions based on the reasons for termination. </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">11.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Acceleration of Vesting</font><font style="font-family:inherit;font-size:11pt;">.  Except as otherwise provided in this Plan, the vesting conditions of an Award may only be accelerated upon the death or termination due to Disability or Retirement, or involuntary termination without Cause of the Participant.  </font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE XII</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">CHANGE IN CONTROL</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">12.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Rights in Event of a Change in Control</font><font style="font-family:inherit;font-size:11pt;">. </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:11pt;">Except as otherwise provided in the related Award Agreement and subject to the provisions of Section&#160;12.2 and Section&#160;12.3 of this Plan, in the event of a Change in Control, the Committee, in the Committee&#8217;s sole discretion, may take any actions the Committee deems necessary or desirable with respect to any Award that is outstanding as of the date of the consummation of the Change in Control.  Such actions may include, without limitation (a)&#160;the acceleration of the vesting, settlement or exercisability of an Award as described in Section&#160;12.2 of this Plan, (b)&#160;the payment of a cash amount in exchange for the cancellation of an Award, or (c)&#160;the issuance of substitute Awards that substantially preserve the value, rights and benefits of any Award affected by the Change in Control.  Any action relating to an Award that is subject to Section&#160;409A of the Code shall be consistent with the requirements thereof. </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">12.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Effect of Change in Control</font><font style="font-family:inherit;font-size:11pt;">.  Except as otherwise provided in the related Award Agreement, in the event of a Change in Control, a Participant shall vest in all unvested Awards in full (and, if the Award was granted subject to the attainment of performance goals, as though the performance goals were achieved at the level of achievement which would have been achieved if the performance period had begun on the date the performance period actually commenced as provided in the related Award Agreement and ended on December&#160;31 of the fiscal year most recently completed prior to the Change in Control) (a)&#160;if the Participant&#8217;s service is terminated for any reason other than for Cause within 12&#160;months following the Change in Control or (b)&#160;if the Awards are canceled and the Participant is not granted substitute Awards that substantially preserve the value, rights and benefits of any affected Awards.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">12.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Effect of Section 280G of the Code</font><font style="font-family:inherit;font-size:11pt;">.  Unless specified otherwise in the related Award Agreement or in another written agreement between the Company or any Affiliate and a Participant, if the Company or any Affiliate concludes that any payment or benefit due to a Participant under this Plan, when combined with any other payment or benefit due to the Participant from the Company or any other entity (collectively, the &#8220;Payor&#8221;) would be considered a &#8220;parachute payment&#8221; as defined in Section&#160;280G of the Code, the Payor will reduce the payments and benefits due to the Participant under this Plan to $1.00 less than the amount that would otherwise be considered a &#8220;parachute payment&#8221; within the meaning of Section&#160;280G of the Code.  Any reduction pursuant to this Section&#160;12.3 shall be made in compliance with Section&#160;409A of the Code and the Treasury Regulations promulgated thereunder.  </font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE XIII</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">AMENDMENT OR TERMINATION OF THIS PLAN</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">13.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">In General</font><font style="font-family:inherit;font-size:11pt;">.  The Board may amend or terminate this Plan at any time; provided, however, that no amendment or termination may be made without the approval of the Company&#8217;s shareholders to the extent that (a)&#160;the amendment materially increases the benefits accruing to Participants under this Plan, (b)&#160;the amendment materially increases the aggregate number of Common Shares authorized for grant under this Plan (excluding an increase in the number of Common Shares with respect to which Awards may be granted under this Plan as a result of Section&#160;2.4 of this Plan), (c)&#160;the amendment materially modifies the requirements as to eligibility for participation in this Plan, or (d)&#160;such approval is required by any law, regulation or stock exchange rule.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">13.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Repricing</font><font style="font-family:inherit;font-size:11pt;">.  Except in connection with a corporate transaction involving the Company (including, without limitation, any Common Share dividend, Common Share split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of Common Shares), the terms of outstanding Awards may not be amended to reduce the exercise price of outstanding Options or SARs or cancel outstanding Options or SARs in exchange for cash, other awards or Options or SARs with an exercise price that is less than the exercise price of the original Options or SARs without shareholder approval.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE XIV</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">TRANSFERABILITY</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">14.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">No Assignment or Transfer</font><font style="font-family:inherit;font-size:11pt;">.</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;">Except as described in Section&#160;14.2 or as provided in a related Award Agreement, an Award may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, except by will or the laws of descent and distribution and, during a Participant&#8217;s lifetime and an Award may be exercised only by the Participant or the Participant&#8217;s guardian or legal representative.  Notwithstanding any provision contained in this Article&#160;XIV, no Award may be transferred by a Participant for value or consideration.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">14.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Restrictions on Resale or Other Disposition</font><font style="font-family:inherit;font-size:11pt;">.  Any Award may be subject to such terms, conditions and restrictions on sale or transfer as the Committee deems appropriate and advisable, as specified by the Committee in the related Award Agreement.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">14.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Beneficiary</font><font style="font-family:inherit;font-size:11pt;">.</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;">Unless otherwise specifically designated by the Participant in writing, a Participant&#8217;s beneficiary under this Plan shall be the Participant&#8217;s spouse or, if no spouse survives the Participant, the Participant&#8217;s estate.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE XV</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">MISCELLANEOUS</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">15.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">No Right to Continued Service or to Awards</font><font style="font-family:inherit;font-size:11pt;">.  The granting of an Award under this Plan imposes no obligation on the Company or any Affiliate to continue the service of a Participant nor interferes with or limits the right of the Company or any Affiliate to terminate the service of any Participant (to the extent permitted under applicable law).  In addition, no Director has any right to be granted any Award, and there is no obligation for uniformity of treatment of Participants.  The terms and conditions of Awards and the Committee&#8217;s interpretations and determinations with respect thereto need not be the same with respect to each Participant.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">15.2</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Tax Withholding</font><font style="font-family:inherit;font-size:11pt;">.</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(a)</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;">The Company or an Affiliate, as applicable, shall have the power and the right to deduct, withhold or collect any amount required by law or regulation to be withheld with respect to any taxable event arising with respect to an Award granted under this Plan.  This amount may, as determined by the Committee in the Committee&#8217;s sole discretion, be (i)&#160;withheld from other amounts due to the Participant, (ii)&#160;withheld from the value of any Award being settled or any Common Shares being transferred in connection with the exercise or settlement of an Award, (iii)&#160;withheld from the vested portion of any Award (including the Common Shares transferable thereunder), whether or not being exercised or settled at the time the taxable event arises, or (iv)&#160;collected directly from the Participant.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(b)</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;">Subject to the approval of the Committee, a Participant may elect to satisfy the tax withholding requirement, in whole or in part, by having the Company or an Affiliate, as applicable, withhold Common Shares having a Fair Market Value on the date the tax is to be determined equal to the minimum statutory total tax that could be imposed on the transaction, or such higher withholding elected by the Participant provided that such higher withholding would not have a negative accounting impact for the Company or an Affiliate.  Any Common Shares to be withheld in accordance with this Section&#160;15.2(b) must otherwise be distributable to the Participant at the time of the withholding or if such Common Shares are not otherwise distributable at the time of the withholding, the Participant must have a vested right to distribution of such Common Shares at such time.  All such elections shall be irrevocable and made in writing and shall be subject to any terms and conditions that the Committee, in the Committee&#8217;s sole discretion, deems appropriate.</font></div></td></tr></table><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">15.3</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Requirements of Law</font><font style="font-family:inherit;font-size:11pt;">.  The grant of Awards and the issuance of Common Shares shall be subject to all applicable laws, rules and regulations (including applicable federal and state securities laws) and to all required approvals of any governmental agencies or national securities exchange, market or other quotation system.  Without limiting the foregoing, the Company has no obligation to issue Common Shares under this Plan prior to (a)&#160;receipt of approvals from any governmental agency or stock exchange that the Committee deems necessary and (b)&#160;completion of registration or other qualification of the Common Shares under any applicable federal or state law or ruling of any governmental agency that the Committee deems necessary.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">15.4</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Legends</font><font style="font-family:inherit;font-size:11pt;">.  Certificates for Common Shares delivered under this Plan may be subject to such stop transfer orders and other transfer restrictions that the Committee deems advisable under the terms of this Plan or any Award Agreement or under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Shares are then listed, or any other applicable federal or state securities law.  The Committee may cause a legend to be placed on any certificates issued under this Plan to make appropriate reference to restrictions within the scope of this Section.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">15.5</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Uncertificated Common Shares</font><font style="font-family:inherit;font-size:11pt;">.  To the extent that this Plan provides for the issuance of certificates to reflect the delivery of Common Shares, the delivery of Common Shares may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the applicable rules of any stock exchange.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">15.6</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Governing Law</font><font style="font-family:inherit;font-size:11pt;">.  This Plan and all Award Agreements shall be governed by and construed in accordance with the laws (other than laws governing conflicts of laws) of the State of Ohio.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">15.7</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">No Impact on Benefits</font><font style="font-family:inherit;font-size:11pt;">.  Awards are not compensation for purposes of calculating a Participant&#8217;s rights under any employee benefit plan that does not specifically require the inclusion of Awards in calculating benefits.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">15.8</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Rights as a Shareholder</font><font style="font-family:inherit;font-size:11pt;">.  Except as otherwise provided in this Plan or in a related Award Agreement, a Participant shall have none of the rights of a shareholder with respect to Common Shares covered by an Award unless and until the Participant becomes the record holder of such Common Shares.</font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><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%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">15.9</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Successors and Assigns</font><font style="font-family:inherit;font-size:11pt;">.  This Plan shall be binding on all successors and assigns of the Company and each Participant, including without limitation, the estate of such Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant&#8217;s creditors. </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">15.10</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Section 409A of the Code</font><font style="font-family:inherit;font-size:11pt;">.</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(a)</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;">Awards granted pursuant to this Plan that are subject to Section&#160;409A of the Code, or that are subject to Section&#160;409A of the Code but for which an exception applies, are intended to comply with or be exempt from Section&#160;409A of the Code and the Treasury Regulations promulgated thereunder, and this Plan shall be interpreted, administered and operated accordingly.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(b)</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;">If a Participant is determined to be a &#8220;specified employee&#8221; (within the meaning of Section&#160;409A of the Code and as determined under the Company&#8217;s policy for determining specified employees), the Participant shall not be entitled to payment or to distribution of any portion of an Award that is subject to Section&#160;409A of the Code (and for which no exception applies) and is payable or distributable on account of the Participant&#8217;s &#8220;separation from service&#8221; (within the meaning of Section&#160;409A of the Code) until the expiration of six months from the date of such separation from service (or, if earlier, the Participant&#8217;s death).  Such Award, or portion thereof, shall be paid or distributed on the first business day of the seventh month following such separation from service.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></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:11pt;">(c)</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;">Nothing in this Plan shall be construed as an entitlement to or guarantee of any particular tax treatment to a Participant, and none of the Company, any Affiliate, the Board or the Committee shall have any liability with respect to any failure to comply with the requirements of Section&#160;409A of the Code.</font></div></td></tr></table><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">15.11</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Savings Clause</font><font style="font-family:inherit;font-size:11pt;">.  In the event that any provision of this Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision had not been included.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ARTICLE XVI</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">EFFECTIVE DATE AND TERM OF THIS PLAN</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:11pt;padding-right:48px;">16.1</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">In General</font><font style="font-family:inherit;font-size:11pt;">. </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:11pt;">The effective date of this Plan is the date this Plan is approved by the Company&#8217;s shareholders.  No Awards shall be granted under this Plan after the tenth anniversary of the effective date of this Plan or, if earlier, the date this Plan is terminated.  Notwithstanding the foregoing, the termination of this Plan shall not preclude the Company from complying with the terms of Awards outstanding on the date this Plan terminates.  </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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