Company: ASRV
Filing Date: 2025-06-16
Form Type: DEF 14A
Source: 0001140361-25-022675
Chunk: 57

Company: AMERISERV FINANCIAL INC /PA/
Filing Date: 2025-06-16
Form: DEF 14A
Chunk 57
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 of the parties. The Company has also agreed to reimburse SB Value for its documented legal or other expenses, which were less than $20,000 in the aggregate. On April 15, 2025, the Company entered into a Consulting Agreement (the “SB Value Consulting Agreement”) with SB Value. Under the SB Value Consulting Agreement, SB Value is engaged by the Company to perform, over the four years thereafter, 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 SB Value, 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 SB Value Consulting 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 SB Value Cooperation Agreement). 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 SB Value will not be entitled to receive, the Performance Fee Shares. The issuance of the Performance Fee Shares will be subject to the receipt by SB Value of applicable federal and state bank regulatory approvals specified in the SB Value Consulting Agreement. In addition, the Company will reimburse SB Value for all of its reasonable out-of-pocket expenses incurred by or on behalf of SB Value in connection with the SB Value Consulting Agreement. The SB Value Consulting Agreement will remain in effect until the earlier of April 15, 2029, or the termination of the SB Value Cooperation Agreement (such date, the “Termination Date”). Either party may terminate the SB Value Consulting Agreement in the event of an uncured material breach of the SB Value Consulting Agreement by the other party. The term of the SB Value Consulting Agreement may be extended at any time by mutual written agreement of the parties, with the Termination Date being extended for a corresponding timeframe. Review, Approval or Ratification of Transactions with Related Persons Our audit committee charter requires that the audit committee approve all related party transactions other than routine deposit relationships and loans that otherwise comply with federal regulations. ASRV also reviews the independence of directors semi-