Company: EMYB
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001449794-25-000004
Chunk: 30

Company: Embassy Bancorp, Inc.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 30
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 Bank. The agreement provides for an employment term of five (5) years beginning January 1, 2018, with automatic one-year extensions. Ms. Hunsicker currently receives an annual salary of $534,739, plus a bonus which shall not exceed 30% of her salary, as may be awarded by the Board of Directors. Ms. Hunsicker’s salary may be adjusted as mutually agreed by Ms. Hunsicker and the Bank. Ms. Hunsicker’s contract further provides for annual awards of restricted stock with an aggregate fair market value of not less than 8% of her salary. The restricted stock shall vest over a period of not less than three years. Ms. Hunsicker received contractual restricted stock awards for her services in 2023 and a partial award for her services in 2024 as noted in the Summary

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Compensation Table. In the event her employment terminates as a result of a change in control of the Company or Bank, she will receive 500% of her base salary and bonus in a single lump sum and her health and other fringe benefits shall be continued for five years, in exchange for restrictive covenants which prohibit her from entering into business relationships which infringe on the operation of the Bank. See “Change in Control Provisions” below.

Supplemental Executive Retirement Plans

The Bank has entered into Supplemental Executive Retirement Plan agreements (“SERPs”) with Mr. Lobach which provide for the payment of benefits upon retirement. Currently, the SERPs provide for the Bank’s annual payment of $283,096 to Mr. Lobach, of which $140,000 in benefits accrued through a normal retirement age of 65 and $143,096 in benefits accrued through a normal retirement age of 70 and are payable upon his retirement. The annual benefit is payable in equal monthly installments continuing for a period of fifteen (15) years.

The Bank has also entered into SERPs with Ms. Hunsicker, Ms. Cunningham and Ms. Neel, which provide for the Bank’s annual payment of $260,198 to Ms. Hunsicker upon her retirement after reaching age 65, and annual payments of $80,000 each to Ms. Cunningham and Ms. Neel upon their individual retirements after reaching age 65. Benefits are payable upon retirement after reaching the specified normal retirement age. Lesser benefits are provided in the event of retirement prior to the specified retirement age. The annual benefit is payable in equal monthly