1 Peter 5:1

"To the elders among you, I appeal as a fellow elder, a witness of Christ's sufferings and one who also will share in the glory to be revealed:" NIV translation

Peter begins the final part of his letter and addresses his remarks to elders. It is important to note that it is not to a single elder but is always to a group of elders. Peter then speaks about sharing in "the glory to be revealed". Glory is simply the greatness or presence of God.

1 Peter 5:2

"Be shepherds of God's flock that is under your care, serving as overseers - not because you must, but because you are willing, as God wants you to be; not greedy for money, but eager to serve;" NIV translation

Peter reminds us what it means to be an elder and the first thing is that one that is called does it for the right reason. Some grudgingly take on the title because it seems that nobody else is available but we are reminded that is not the right reason. One that is called to be an elder does not do it for personal gain such as money or fame but to serve the flock and to guide them. The proper motive is the satisfaction that comes in seeing Christians grow closer to God and not what you can get out of it.

1 Peter 5:3

"not lording it over those entrusted to you, but being examples to the flock." NIV translation

Now, Peter describes the proper manner in which an elder serves. That is they are not to be dictators but examples. Their words and actions must match.