---
schema_version: "secwatch.filing_event.v1"
accession: "0000739421-23-000084"
form_type: "8-K"
ticker: "CZFS"
cik: "0000739421"
company_name: "CITIZENS FINANCIAL SERVICES INC"
filed_at: "2023-11-22T23:59:59+00:00"
generated_at: "2026-06-07T22:25:53.451818+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.35
calibrated_materiality_score: 0.35
confidence: "high"
source: SEC EDGAR
---

# CZFS enters change-in-control agreement with CFO Guillaume: 1x salary, 18-mo benefits

## Summary
- CFO Guillaume receives lump sum of 1x annual base salary upon qualifying termination after change-in-control.
- Health insurance and long-term disability coverage continued for 18 months post-termination.
- Payments reduced to avoid Section 280G excise tax; six-month delay under Section 409A if required.
- Qualifying termination includes termination without cause or resignation for good reason within one year post-change.
- Change in control defined as 50% ownership change, board majority change, or merger/asset sale.

## SEC filing metadata
- accession: 0000739421-23-000084
- form_type: 8-K
- ticker: CZFS
- cik: 0000739421
- company_name: CITIZENS FINANCIAL SERVICES INC
- filed_at: 2023-11-22T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.35
- calibrated_materiality_score: 0.35
- confidence: high
- sec_items: 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/739421/000073942123000084/0000739421-23-000084-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/739421/000073942123000084/sguillaumecic.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000739421-23-000084
- JSON: https://secwatch.observer/filing/0000739421-23-000084.json
- Plain text: https://secwatch.observer/filing/0000739421-23-000084.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.