Company: ASRV
Filing Date: 2025-06-16
Form Type: DEF 14A
Source: 0001140361-25-022675
Chunk: 56

Company: AMERISERV FINANCIAL INC /PA/
Filing Date: 2025-06-16
Form: DEF 14A
Chunk 56
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 in all events to input from and approval by the Board. During the term of the SB Value Cooperation Agreement, SB Value has agreed to vote all shares of Common Stock then beneficially owned by it at each annual or special meeting of shareholders of the Company, including the Annual Meeting, in accordance with the recommendations of the Board, except SB Value may vote in its sole discretion on any proposal relating to an Extraordinary Transaction (as defined in the SB Value Cooperation Agreement). Additionally, during the term of the SB Value Cooperation Agreement, SB Value, when requested by the Company, has agreed to publicly (and in any engagement with shareholders and proxy advisory firms) and privately support, to the fullest extent practicable (and in accordance with all applicable laws, rules, and regulations), in favor of the Company, the Company’s director nominations, proposals and/or announcements made by the Company, and any other matters, including, without limitation, the Company’s response to any campaigns that may be waged by any person against or in opposition to the Company or the Board’s recommendations and decisions. SB Value has also agreed to certain customary standstill provisions prohibiting it from, among other things, (i) making certain announcements regarding transactions involving the Company, (ii) soliciting proxies, (iii) advising or knowingly encouraging any person with respect to the voting or disposition of securities of the Company other than in a manner consistent with the Board’s recommendation or in connection with an Extraordinary Transaction, (iv) other than in an open market sale transaction in which the identity of the purchaser is not known, selling securities of the Company to any third party with a known history of activism or known plans to engage in activism, (v) taking

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actions to change or influence the Board, Company management, or the direction of certain matters relating to the Company, and (vi) owning more than 14.9% of the then outstanding shares of Common Stock, except with the prior written consent of the Company (subject to any required regulatory approvals). The SB Value Cooperation Agreement will remain in effect until the later of (a) the date that immediately follows the closing of the period for submission of shareholder nominations for the Company’s 2029 annual meeting of shareholders or (b) the termination date of the SB Value Consulting Agreement (as defined below). Either party may terminate the SB Value Cooperation Agreement in the event of an uncured material breach of the SB Value Cooperation Agreement by the other party. The term of the SB Value Cooperation Agreement may be extended at any time by mutual written agreement