secwatch.observer — SEC 8-K summary
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Issuer:     QNB CORP. (QNBC)
CIK:        0000750558
Form:       8-K
Filed at:   2022-11-03T23:59:59+00:00
Accession:  0001564590-22-036512
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

QNB Corp. appoints Jeffrey Lehocky as EVP and CFO, enters change-in-control agreement
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- Jeffrey Lehocky named Executive Vice President and CFO effective November 1, 2022.
- Lehocky previously Managing Director at Mitsubishi UFJ Finance Group and Deutsche Bank.
- Change-in-control agreement provides lump-sum severance of 2x average annual compensation if terminated without cause within 3 years of a change in control.
- Agreement defines change in control as 25%+ voting power, merger, or board turnover events.
- Severance reduced if payments trigger excise tax under IRC Section 4999.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/750558/000156459022036512/0001564590-22-036512-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/750558/000156459022036512/qnbc-8k_20221102.htm
  HTML page:      https://secwatch.observer/filing/0001564590-22-036512

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