CITIZENS Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
(e)On August 24, 2018, Citizens & Northern Corporation (the “Corporation”) and its wholly-owned subsidiary, Citizens & Northern Bank (the “Bank”), and J. Bradley Scovill, President and CEO of the Corporation and the Bank, entered into Amendment No. 2 to Mr. Scovill’s existing Employment Agreement which modifies and extends the Employment Period under the Employment Agreement to provide for a three (3) year evergreen term and which modifies the cash payment amount in Sections 7 and 8 of the Employment Agreement to include the value of stock-based incentives awarded to Mr. Scovill as part of the formula for determining the cash payment amount.
In all other respects, the Employment Agreement, as amended, remains in full force and effect.
The above summary of the Amendment is qualified in its entirety by reference to the full text of the Amendment, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits |
(d)Exhibits.
10.1Amendment No. 2 to Employment Agreement by and among Citizens & Northern Corporation, Citizens & Northern Bank and J. Bradley Scovill, dated August 24, 2018.
CITIZENS & NORTHERN CORP ExhibitEX-10.1 2 tv501790_ex10-1.htm EXHIBIT 10.1 EXHIBIT 10.1 AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT This Amendment No. 2 to Employment Agreement (the "Amendment") is made this 24th day of August,…To view the full exhibit click here
About CITIZENS & NORTHERN CORPORATION (NASDAQ:CZNC)
Citizens & Northern Corporation is a holding company whose principal activity is community banking. The Company, through its subsidiaries, is primarily engaged in providing a range of banking and mortgage services to individual and corporate customers in North Central Pennsylvania and Southern New York State. The Company operates through Community Banking segment. The Company offers lending products, including mortgage loans, commercial loans and consumer loans, as well as specialized instruments, such as commercial letters-of-credit. Its deposit products include various types of checking accounts, passbook and statement savings, money market accounts, interest checking accounts, Individual Retirement Accounts (IRAs) and certificates of deposit. It also offers non-insured Repo Sweep accounts. It provides trust and financial management services, including administration of trusts and estates, retirement plans, and other employee benefit plans, and investment management services.