secwatch.observer — SEC 8-K summary
======================================

Issuer:     CITIZENS FINANCIAL SERVICES INC (CZFS)
CIK:        0000739421
Form:       8-K
Filed at:   2023-11-22T23:59:59+00:00
Accession:  0000739421-23-000084
Event type: other_material
Sentiment:  neutral
Materiality: 0.35
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/739421/000073942123000084/0000739421-23-000084-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/739421/000073942123000084/sguillaumecic.htm
  HTML page:      https://secwatch.observer/filing/0000739421-23-000084

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer