Company: ASRV
Filing Date: 2025-04-16
Form Type: 8-K
Source: 0001104659-25-035333
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Company: AMERISERV FINANCIAL INC /PA/
Filing Date: 2025-04-16
Form: 8-K
Item: Item 1.01
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Item 1.01      Entry into a Material Definitive Agreement.  

On April 15, 2025, AmeriServ Financial, Inc.
(the “ Company”) entered into a Consulting Agreement (the “ Agreement”) with SB Value
Partners, L. P. (the “ Advisor”). As of the date of the Agreement, the Advisor beneficially owns 1,352,404
shares of the Company’s common stock, par value $0.01 per share (the “ Common Stock”), or approximately
8.2% of outstanding shares of Common Stock.

Under the Agreement, the Advisor is
engaged by the Company to perform, over the next four years, general consulting and advisory services related to the operations and business
of the Company’s wealth management division, including in the areas of promoting business efficiencies and growth of assets under
management. In consideration of such consulting and advisory services, the Company has agreed to issue to the Advisor, without additional
consideration upon the occurrence of a Vesting Event (as defined below), 350,000 shares (the “ Performance Fee Shares”)
of the Common Stock. A “Vesting Event” under the Agreement means the occurrence of (i) the Common Stock
trading at or above $5.00 per share on any trading day prior to April 15, 2029 or (ii) the occurrence of a “ Change of
Control” (as defined in the Cooperation Agreement (defined below)). If the Vesting Event has not occurred prior to the earlier of
April 15, 2029 or the Termination Date (as defined below), the Company has no obligation to issue, and the Advisor will not be entitled
to receive, the Performance Fee Shares. The issuance of the Performance Fee Shares will be subject to the receipt by the Advisor of applicable
federal and state bank regulatory approvals specified in the Agreement. In addition, the Company will reimburse the Advisor for all of
its reasonable out-of-pocket expenses incurred by or on behalf of the Advisor in connection with the Agreement.