secwatch.observer — SEC 8-K summary
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Issuer:     CITIZENS & NORTHERN CORP (CZNC)
CIK:        0000810958
Form:       8-K
Filed at:   2024-05-28T23:59:59+00:00
Accession:  0001558370-24-008654
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CEO Scovill extends term to April 2027; receives 20,000 restricted stock shares as retention incentive
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- Term extended through April 30, 2027; one-time grant of 20,000 restricted shares vests on that date, accelerating on termination without cause or for good reason.
- Upon termination without cause or for good reason, all outstanding equity grants continue vesting; performance-based awards prorated based on days served.
- Annual base salary maintained at $592,000; eligible for annual bonus, car allowance, country club dues, and employee benefits.
- Change-in-control termination triggers lump sum of 2.99x highest annual compensation plus 36-month continuation of health/welfare benefits.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/810958/000155837024008654/0001558370-24-008654-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/810958/000155837024008654/cznc-20240522x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-008654

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