Company: EMYB
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001449794-25-000004
Chunk: 42

Company: Embassy Bancorp, Inc.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 42
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,600 as the Proponent states. This implied fair market value is supported by the fact that the property was appraised in 2016 at $6.2 million, which value is supported by recent market analyses.

In light of the foregoing, the board believes that the terms of the lease are fair to the Company and that the lease, even if renewed, would not be a material concern to a potential strategic partner.

Independence is Earned. Our board and executive management team understand that we must earn our right to remain independent every day. Since the Bank’s inception, the board’s philosophy has been that, by running the Bank with a view toward the long term, only good things will happen for the Bank’s customers, team members, shareholders, and the Lehigh Valley community. Adherence to that philosophy has served the Company and its stakeholders well and has resulted in a solid history of sustained growth, profitability and increases in dividends for fifteen (15) consecutive years. Our board and executive management team’s commitment to earning this right is further demonstrated by their financial investment collectively having 28.99% beneficial ownership in the Company, as of February 28, 2025.

In charting the Company’s path forward, our board will continue to seek advice from its financial and legal advisors, evaluate any potential strategic opportunities that may become available to the Company, and continue to conduct its oversight of the Company’s operational execution and capacity for continued performance improvement consistent with its fiduciary obligations under Pennsylvania law.

The Board of Directors unanimously recommends that you vote “AGAINST” the shareholder proposal.

<div align='center'>REPORTOF AUDIT COMMITTEE</div>

The Audit Committee met four times during 2024. The Audit Committee has reviewed and discussed the audited financial statements of the Company for the fiscal year ended December 31, 2024 with the Company’s management. In addition, the Committee has discussed withBaker Tilly US, LLP, the Company’s independent registered public accounting firm, the matters required to be discussed with the auditors, under PCAOB AS 1301, which include, among other items, matters related to the conduct of the audit of the Company’s financial statements. The Audit Committee has also received the written disclosures and the letter fromBaker Tilly US, LLPrequired by PCAOB Rule 3526, and has discussed withBaker Tilly US, LLPits independence from the Company and its management with regard to all services provided.

The Audit Committee has considered whether the services rendered byBaker