Citizens Financial Services adopts mandatory retirement age of 72 for board members

CITIZENS FINANCIAL SERVICES INC

Board approved bylaw amendment on Nov 22, 2022, setting a director retirement age of 72.
No person age 72 or older may be elected, reelected, appointed, or reappointed to the board.
The change affects future director nominations and tenure for existing directors.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 1.0

CITIZENS FINANCIAL SERVICES INC: Amended Bylaws to establish a mandatory retirement age of 72 for Board members, making individuals aged 72 or older ineligible for election or appointment (effective 2022-11-22).

Change: bylaw amendment
Effective: 2022-11-22

Exact text from the filing

On November 22, 2022, the Board of Directors (the “Board”) of Citizens Financial Services, Inc. (the “Company”) approved and adopted an amendment (the “Bylaws Amendment”) to the Amended and Restated Bylaws of the Company to provide for a retirement age of seventy-two (72) for members of the Board by providing that no person will be eligible for election, reelection, appointment or reappointment to the Board if such person has reached seventy-two (72) years of age or older on or prior to such election, reelection, appointment or reappointment to the Board.

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Source: SEC EDGAR

accession 0000739421-22-000080

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