FIRST AMENDMENT TO EMPLOYMENT AGREEMENT FOR J. DANIEL SIZEMORE
Exhibit 10.17(b)
This First Amendment to Employment Agreement (this “Amendment”) is entered into this
6th day of February, 2007, by and among Park National Corporation, an Ohio
corporation (“Park”); Vision Bank, an Alabama banking corporation (the “Alabama Bank”); Vision
Bank, a Florida banking corporation (the “Florida Bank”) (hereinafter the Alabama Bank and the
Florida Bank shall be referred to collectively either as the “Employer” or the “Banks”); and J.
Xxxxxx Xxxxxxxx (the “Executive”).
WHEREAS, on September 14, 2006, Park, the Banks and the Executive entered into a certain
Employment Agreement for Xxxxxx Xxxxxxxx (the “Agreement”); and
1. New Section 20. Park, the Banks and the Executive hereby amend the Agreement by
adding new Section 20 to the Agreement to read, in its entirety, as follows:
20. Regulatory Limits. Notwithstanding anything to the contrary
contained in this Agreement, Park, the Employer and the Executive
acknowledge and agree that any payments made to the Executive by the
Employer pursuant to this Agreement, or otherwise, are subject to and
conditioned upon compliance with the provisions of 12 U.S.C. § 1828(k) and
Part 359 of the FDIC’s regulations (12 C.F.R. Part 359), which provisions
contain certain prohibitions and limitations on the making of “golden
parachute” and certain indemnification payments by FDIC-insured depository
institutions and their holding companies. In the event any payments to the
Executive pursuant to this Agreement are prohibited or limited by the
provisions of 12 U.S.C. § 1828(k) and/or Part 359 of the FDIC’s regulations,
the Employer will use its commercially reasonable efforts to obtain the
consent of the appropriate regulatory authorities to the payment by the
Employer to the Executive of the maximum amount that is permitted (up to the
amount payable under the terms of this Agreement).
4. Governing Law. This Amendment will be construed in accordance with, and pursuant
to, the laws of the State of Ohio.
PARK NATIONAL CORPORATION | ||||||
By: | /s/ C. Xxxxxx XxXxxxxx | |||||
Printed Name: C. Xxxxxx XxXxxxxx | ||||||
Title: | Chairman of the Board and Chief Executive Officer | |||||
VISION BANK, an Alabama banking corporation | ||||||
By: | /s/ Xxxxxxx X. Xxxxxxxx | |||||
Printed Name: Xxxxxxx X. Xxxxxxxx | ||||||
Title: | CFO | |||||
VISION BANK, a Florida banking corporation | ||||||
By: | /s/ Xxxx X. Xxxx | |||||
Printed Name: Xxxx X. Xxxx | ||||||
Title: | President | |||||
EXECUTIVE | ||||||
By: | /s/ J. Xxxxxx Xxxxxxxx | |||||
J. Xxxxxx Xxxxxxxx |
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