Company: EMYB
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001449794-25-000004
Chunk: 21

Company: Embassy Bancorp, Inc.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 21
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 LLC (“Red Bird”) for purposes of purchasing the office building in which the principal offices of the Bank and Company are located. Red Bird purchased the property subject to the existing leases of all tenants in the building, including the Bank. The previous owner of the building was unrelated to the Company, the Bank or any of the Directors. The original terms for the Bank’s lease were negotiated with the former owner in the year 2000. On March 1, 2022, the Bank and Red Bird agreed to extend the term, without amendment, through February 28, 2027. Red Bird received rents for the Gateway Drive location totaling $830,694 during 2024 and the Bank has an outstanding lease commitment to pay approximately $1,318,267 over the remaining term of the lease. Red Bird also owns 16,572 shares of Company common stock.The following Directors and Executive Officers of the Company currently hold equity interests in Red Bird: Mr. Banko III (managing member), Mr. Boyer, Ms. Hunsicker, Mr. Lesavoy (managing member), Mr. Lobach, and Mr. Pittman.

In March 2006, the Bank entered into a lease agreement with former Director Frank Banko providing for the lease of 2,918 square feet of first floor office space for the purpose of opening a branch at 925 W. Broad St. in Bethlehem, which lease is now held by Director Frank Banko III. Prior to its execution, the Bank obtained a third-party valuation of the market rent for the space and believes that the rental terms are fair, reasonable and comparable to the terms for similar space in the Lehigh Valley area. During 2024, the Bank paid $47,418 for rent of the West Broad St., Bethlehem, location and has an outstanding lease commitment to pay $54,096 over the remaining term of the lease.

Bernard M. Lesavoy, Esquire, serves as a Director of the Company and the Bank and is currently a principal of Lesavoy Butz & Seitz LLC. Lesavoy Butz & Seitz LLC provides legal services to the Company and the Bank. In 2024, the Bank paid $112,170 to Lesavoy Butz & Seitz LLC in consideration for such services.

Pursuant to the Company’s Code of Conduct (Ethics), the Board is responsible for overseeing transactions between the Company and/or the Bank and any of its affiliated parties, including Directors and Executive Officers. In