2016 Amendment to Director Deferred Fee Agreement between The Ohio Valley Bank Company and Jeffrey E. Smith
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Summary
This agreement, dated December 13, 2016, is between The Ohio Valley Bank Company and director Jeffrey E. Smith. It amends the definition of "Fees" in their existing Deferred Fee Agreement, specifying that only the total annual board retainer and monthly fees earned by the director during a plan year are eligible for deferral, excluding lead director, committee, chair, or other special fees. The amendment applies to deferrals made on or after January 1, 2017.
EX-10.18 8 sec10k123116_ex10-18.htm 2016 DETERMINATION OF DIRECTOR'S DEFERRED FEE AGREEMENT
EXHIBIT 10.18
2016 DETERMINATION OF DIRECTOR'S FEES
FOR PURPOSES OF THE DIRECTOR DEFERRED FEE AGREEMENT
FOR JEFFREY E. SMITH
THIS AGREEMENT is made this 13th day of December, 2016, by and between THE OHIO VALLEY BANK COMPANY located in Gallipolis, Ohio (the "Company"), and Jeffrey E. Smith (the "Director").
The Company and the Director entered into a DEFERRED FEE AGREEMENT most recently amended on May 20, 2003 (the "Agreement").
The Director agrees that the definition of "Fees" in Section 1.1.5 be amended to read as follows effective for deferrals on or after January 1, 2017:
1.1.5 "Fees" means the total annual board retainer and monthly fees paid to all directors, earned by the Director during a Plan Year. For purposes of clarity, Fees does not include any lead director fees, committee meeting or chair fees or other special director fees.
The parties, by executing this Agreement hereby agree to the terms stated herein.
| DIRECTOR: | THE OHIO VALLEY BANK COMPANY | ||
| By: | |||
| Jeffrey E. Smith | Title: | ||
