Document:

EXHIBIT 10.2

 

AMENDED AND RESTATED

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS
AGREEMENT is made as of the 31st day of December 2008,
among Riverview Financial Corporation (“Corporation”), with principal offices
at 3rd and Market Streets Halifax, PA 17032,  Riverview National Bank (“Bank”) with
principal offices at 101 Lincoln Street, Marysville, Pennsylvania, 17053, and
Kirk D. Fox 1575 Shippen Dam Road, Millersburg, Pennsylvania (hereinafter
referred to as “EXECUTIVE”).

 

WITNESSETH:

 

WHEREAS,
Halifax National Bank (“Halifax”) is the wholly owned subsidiary of HNB Bancorp, Inc.
(“HNB”);

 

WHEREAS,
The First National Bank of Marysville (“Marysville”) is the wholly owned
subsidiary of First Perry Bancorp, Inc. (“First Perry”);

 

WHEREAS,
the Executive is Executive Vice President of Halifax;

 

WHEREAS,
Executive entered into an Executive Employment Agreement with Halifax on December 1,
2006, as amended on June 18, 2008;

 

WHEREAS,
First Perry and HNB entered into an Agreement and Plan of Consolidation dated
on or about June 18, 2008 (“Consolidation Agreement”) pursuant to which
First Perry and HNB shall consolidate into Corporation and Marysville and
Halifax shall consolidate into the Bank (“Consolidation”);

 

WHEREAS,
Executive shall become the President of the Bank;

 

WHEREAS,
the parties desire to amend and restate Executive’s employment agreement as a
result of the Consolidation;

 

WHEREAS,
this Amended and Restated Executive Employment Agreement shall become effective
upon the Effective Date of the Consolidation as defined in the Consolidation
Agreement;

 

NOW
THEREFORE, in consideration of the mutual covenants set forth below and
intending to be legally bound, the parties agree as follows:

 

I.  TERM OF EMPLOYMENT

 

1.                                       The Bank hereby
employs the Executive as President as set forth below, and Executive hereby
accepts this employment and agrees to render such services to the 

 

1

 

Bank
on the terms and conditions as set forth in this Agreement.  This Agreement shall be for a three (3) year
period (the “Employment Period”) beginning on the Effective Date of the
Consolidation, and if not previously terminated pursuant to the terms of this
Agreement, shall end three years later (the “Initial Term”).  The employment Period shall be extended
automatically for one (1) additional year on the anniversary date of this
Agreement (“Renewal Date”) and then on each anniversary of the Renewal Date of
this Agreement thereafter, unless Bank or Executive gives contrary written
notice to the other ninety (90) days prior to the anniversary date so that upon
such anniversary of the Renewal Date if notice had not been previously given as
provided in this Section I.1, the Employment Period shall continue for a
three (3) year period thereafter. 
References in the Agreement to “Employment Period” shall refer to the
Initial Term of this Agreement and any extensions to the Initial Term.  It is the intention of the parties that this
Agreement be “Evergreen” unless (i) either party gives written notice to
the other party of his or its intention not to renew this Agreement as provided
above or (ii) this Agreement is terminated pursuant to Section VI of
this Agreement.

 

2.                                       During the term
of this Agreement the Executive shall perform such executive services for the
Bank as are consistent with his title and as are assigned to him by the Bank’s
Board of Directors.

 

3.                                       During the term
of this Agreement, the Executive shall devote his best efforts, including such
portion of his time and effort to the affairs and business of the Bank as he
has customarily provided to this date.

 

4.                                       The services of
Executive shall be rendered principally in Pennsylvania, but he shall do such
traveling on behalf of the Bank as may be reasonably required.

 

II.  COMPETITIVE ACTIVITIES

 

Executive
agrees that during the term of his employment except with the express consent
of the Board of Directors, he will not, directly or indirectly, engage or
participate in, become a director of, or render advisory or other services for,
or make any financial investment in any firm, corporation, business entity or
business enterprise competitive with the Bank; provided, however, that
Executive shall not thereby be precluded or prohibited from owning passive
investments, including investments in the securities of other financial
institutions, so long as such ownership does not require him to devote
substantial time to management or control of the business or activities in
which he has invested.

 

III.  COMPENSATION

 

The
Bank will compensate Executive for Executive’s services during the term of the
Agreement at a minimum Annual Base Salary of $130,000 per year, payable at the
same times as salaries are payable to other executive employees. Bank may from
time to time increase Executive’s Annual Base Salary, and any and all such
increases shall be deemed to constitute amendments to this Section to
reflect the increased amounts.

 

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IV.  PARTICIPATION IN RETIREMENT
AND MEDICAL PLANS,

LIFE INSURANCE AND DISABILITY

 

1.                                       Executive shall
be entitled to participate in any employee benefit plan of the Bank relating to
pension, profit-sharing or other retirement benefits and health or medical
coverage or reimbursement plans that the Bank may adopt for the benefit of its
employees.

 

2.                                       In the event
the Executive suffers from a Disability as defined in Section IV.3, he
shall nevertheless continue to receive an amount equal to and no greater than
100% of his annual base salary, less amounts payable under any disability plan
of the Bank, for the first three months of his disability.  Thereafter, he shall only be entitled to any
amount provided for in the Bank’s long-term disability policy in effect at the
time of the payments determined therein.

 

3.                                       For purposes of
this Agreement, “Disability” means the Executive is unable to engage in any
substantial gainful activity by reason of any medically determinable physical
or mental impairment that can be expected to result in death or can be expected
to last for a continuous period of not less than twelve (12) months.  The Executive will be deemed disabled if the
Social Security Administration has determined that he is disabled or if a
carrier of any group disability insurance policy provided by the Bank or made
available by the Bank to its employees and covering the Executive determines
that he is disabled provided that the policy’s definition of disability
complies with the definition of disability under IRC Section 409A.

 

V.  ADDITIONAL COMPENSATION AND
BENEFITS

 

1.                                       During the term
of the Agreement, Executive will be entitled to participate in and receive the
benefits of any stock option, profit sharing, or other plan, benefit or
privilege given to employees and executives of the Bank or its subsidiaries and
affiliates which may come into existence hereafter, to the extent commensurate
with his duties and responsibilities, as fixed by the Bank’s Board of Directors
or any committee of such Board or of the Bank selected for such purpose.  To the extent Executive is otherwise eligible
and qualifies, he shall participate in and receive such benefits or
privileges.  The Bank shall not make any
changes in such plans, benefits or privileges which would adversely affect
Executive’s rights or benefits, unless such change occurs pursuant to a program
applicable to all executive officers of the Bank and does not result in a
proportionately greater adverse change in the rights or benefits to Executive
as compared with any other executive officer of the Bank.  Nothing paid to Executive under any plan or
arrangement presently in effect or made available in the future shall be deemed
to be in lieu of the salary payable to Executive pursuant to Section III.

 

2.                                       For services
performed by Executive under this Agreement, Bank has established a bonus
program for Executive which is attached hereto as Exhibit A.  The 

 

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payment
of any such bonuses shall not reduce or otherwise affect any other obligation
of Bank to Executive provided for in this Agreement.

 

VI.  TERMINATION

 

1.                                       In the event
Executive’s employment is terminated, Executive’s right to compensation and
other benefits under this agreement shall be as set forth hereinafter in this Section VI.  In the event the Executive is terminated in a
manner which violates the provisions of this Agreement, as determined by a
court of competent jurisdiction, Bank shall reimburse Executive for all
reasonable costs, including attorney’s fees in challenging such
termination.  Such reimbursement shall be
in addition to all rights to which the Executive is otherwise entitled under
this Agreement.

 

2.                                       (a)  If a
change in control (hereinafter referred to as “CIC”) of the Bank shall occur,
as defined in 2(b), and without Executive’s express written consent,
thereafter, there shall be:

 

(i) 
an involuntary termination of Executive without Cause as defined in Section VI
8;

 

(ii) 
an assignment to Executive of duties inconsistent with Executive’s positions,
duties, responsibilities and status with the Bank immediately prior to a CIC;

 

(iii) 
a change in Executive’s reporting responsibilities, titles or offices in effect
immediately prior to a CIC of the Bank, including any removal of the Executive
from, or any failure to reelect Executive to any of such positions, except in
connection with a termination for disability or retirement;

 

(iv) 
a reduction by the Bank in Executive’s annual salary in effect immediately
prior to a CIC or as the same may be increased from time to time; or

 

(v) 
the failure of the Bank to continue in effect any bonus, benefit or
compensation plan, life insurance plan, health and accident plan or disability
plan in which the Executive is participating at the time of a CIC of the Bank,
or the taking of any action by Bank which would adversely affect Executive’s
participation in or materially reduce Executive’s benefits under any of such
plans;

then
at the option of the Executive, Executive shall within ninety (90) days of the
occurrence of any of the foregoing events, provide notice to Bank of the
existence of the condition and provide Bank thirty (30) days in which to cure
such condition.  In the event that Bank
does not cure the condition within thirty (30) days of such notice, Executive 

 

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may
resign from employment for Good Reason by delivering written notice (“Notice of
Termination”) to Bank.

 

(b) 
For purposes of this Agreement, the definition of a “Change in Control” (CIC)
of the Bank shall mean:

 

(1)(a) a merger, consolidation or division involving Bank or its
parent company, (b) a sale, exchange, transfer or other disposition of
substantially all of the assets of Bank, or (c) a purchase by Bank of
substantially all of the assets of purchase or disposition a majority of the
members of the Board of Directors of the legal entity resulting from or
existing after any such transaction and of the Board of Directors of such
entity’s parent corporation, if any, are former members of the Board of
Directors of Bank; or

 

(2)  any “person” (as such term is used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”), other
than Bank or any “person” who on the date hereof is a director or officer of
Bank is or becomes the “beneficial owner” (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of securities of Bank or its parent
company representing thirty five (35%) percent or more of the combined voting
power of Bank’s or its parent company’s then outstanding securities; or

 

(3)  during any period of one (1) year during the term of
Executive’s employment under this Agreement, individuals who at the beginning
of such period constitute the Board of Directors of Bank cease for any reason
to constitute at least a majority thereof, unless the election of each director
who was not a director at the beginning of such period has been approved in
advance by directors representing at least two-thirds of the directors then in
office who were directors at the beginning of the period.

 

Notwithstanding b(1), (2), or (3) or any other provision above,
the consolidation of First Perry Bancorp, Inc. and HNB Bancorp, Inc,
pursuant to the Agreement and Plan of Consolidation dated on or about June 18,
2008 between First Perry Bancorp, Inc. and HNB Bancorp, Inc. shall
not constitute a Change in Control under this Section or this Agreement.

 

3.                                       In the event
that Executive delivers a Notice of Termination (as defined in Section VI
2 of this Agreement) to Bank, Executive shall be entitled to receive the
compensation and benefits set forth below:

 

If
a “Change in Control” (as defined in Section 2(b) of this Agreement)
has also occurred, Bank shall pay Executive an amount equal to 3.0  times Executive’s Annual Compensation minus applicable
taxes and withholdings, payable in twenty-four (24) equal monthly installments.  For purposes of this paragraph, Annual
Compensation shall 

 

5

 

be
defined as Executive’s Annual Base Salary plus the highest bonus received
within the previous two years plus the amount which Bank pays for employee
benefits (including automobile allowance or the value of the use of a Bank
automobile) for Executive for a one year period.  In addition, for three-years after the date
of Executive’s termination, Bank shall provide Executive with continued
participation in all non­cash employee benefit plans, programs or arrangements
(including, without limitation, pension and retirement plans and arrangements,
stock option plans, life insurance and health and accident plans and
arrangements, medical insurance plans, disability plans, and vacation plans) in
which Executive was entitled to participate immediately prior to the date of
termination of his employment provided Executive is eligible to participate in
such plans.  In the event that Executive
is not eligible to participate, then Executive shall receive an amount
necessary to reimburse Executive for the cost incurred by him to obtain
substantially similarly benefits.

 

In
the event the payment described herein, when added to all other amounts or
benefits provided to or on behalf of the Executive in connection with his
termination of employment, would result in the imposition of an excise tax
under Section 4999 of the Code, Bank will pay to Executive an additional
cash payment (“Gross-up Payment”) in an amount such that the after-tax proceeds
of such Gross-up Payment (including any income tax or Excise Tax on such
Gross-up Payment) will be equal to the amount of the Excise Tax.

 

4.                                       If Executive’s
employment with Bank is terminated by Bank for any reason other than Cause as
defined in Section VI 7, then Executive shall be entitled to an amount
equal to 3.0  times Executive’s Annual
Compensation minus applicable taxes and withholdings payable in twenty-four
(24) equal monthly installments. For purposes of this paragraph, Annual
Compensation shall be defined as Executive’s Annual Base Salary plus the
highest bonus received within the previous two years plus the amount which Bank
pays for employee benefits (including automobile allowance) for Executive for a
one year period.  In addition, for
three-years after the date of Executive’s termination, Bank shall provide
Executive with continued participation in all non­cash employee benefit plans,
programs or arrangements (including, without limitation, pension and retirement
plans and arrangements, stock option plans, life insurance and health and
accident plans and arrangements, medical insurance plans, disability plans, and
vacation plans) in which Executive was entitled to participate immediately
prior to the date of termination of his employment provided Executive is
eligible to participate in such plans. 
In the event that Executive is not eligible to participate, then
Executive shall receive an amount necessary to reimburse Executive for the cost
incurred by him to obtain substantially similarly benefits.

 

5.                                       Any termination
of Executive’s employment by the Bank or by the Executive shall be communicated
by written notice of termination to the other party by means of United States
certified mail, return receipt requested, pursuant to Section VII 3 of
this Agreement.  For purposes of this
Agreement, a “notice of termination” shall mean a dated notice which shall (i) indicate
the specific termination provision in the Agreement relied upon; (ii) set
forth in reasonable detail the facts and circumstances claimed to 

 

6

 

provide
a basis for termination of Executive’s employment under the provision so
indicated; and (iii) specify a date of termination, which shall not be less
than thirty nor more than ninety days after such notice of termination.

 

6.                                       Executive shall
not be required to mitigate the amount of any payment provided under this
Agreement by seeking employment or otherwise.

 

7.                                       Termination for
Cause. The Board of Directors of the Bank may terminate Executive’s employment
at any time for cause.  For purposes of
this agreement “Cause” includes,

 

(i) 
the Executive’s willful failure to perform or to comply with any term or
provision of this Agreement;

 

(ii) 
the Executive’s willful failure to perform or to comply fully with any lawful
directive of the Bank’s Board of Directors or of any duly constituted committee
thereof after written notice and a failure to cure within thirty (30) days of
such notice;

 

(iii)                               Executive’s
violation of Bank’s EBO policy; or

 

(iv) 
Executive’s removal from office or permanently prohibited from participating in
the conduct of the Bank’s affairs by a final order issued by an appropriate
federal banking agency pursuant to Section 8(e) or 8(g) of the
Federal Deposit Insurance Act or by the Comptroller of the Currency pursuant to
national law.

 

8.                                       In the event
that Executive is terminated for “cause” as defined in Section VI 7, all
obligations of Bank under this Agreement shall terminate.

 

9.                                       Notwithstanding
any other provision, in the event that Executive is determined to be a
specified employee (“key employee”) as that term is defined in Section 409A
of the Code, no payment that is determined to be deferred compensation subject
to Section 409A of the Code shall be made until one day following six
months from the date of separation of service as that term is defined in Section 409A
of the Code.

 

VII.  MISCELLANEOUS

 

1.                                       Notwithstanding
any other provision contained in this agreement, the payment or obligation to
pay monies or granting of any rights or privileges to Executive as provided in
this Agreement shall not be in lieu or derogation of the rights and privileges
that Executive now has under any plan or benefit presently outstanding.

 

2.                                       This Agreement
may not be modified, changed, amended, extended, or altered except in writing
signed by the Executive or by his duly authorized representative, and by a duly
authorized officer of the Bank.

 

7

 

3.                                       All notices
given or required to be given shall be in writing, sent by United States
certified mail, return receipt requested, postage prepaid, to Executive (or to
Executive’s spouse or estate upon Executive’s death) at Executive’s last known
address, and to the Bank at its principal office.  All such notices shall be effective when
deposited in the mail in the manner specified in this Section VII 3.  Either party by written notice may change or
designate the place for receipt of all such notices.

 

4.                                       This Agreement
amends and supersedes all previous employment agreements between HNB and
Halifax and Executive.

 

VIII.  SUCCESSORS, ETC.

 

1.                                       This Agreement
shall inure to the benefit of and be binding upon Executive, and, to the extent
applicable, his heirs, assigns, executors, and personal representatives and the
Bank, its successors, and assigns, including, without limitation, any person,
partnership, or corporation which may acquire all or substantially all of the
Bank’s assets and business, or with or into which the Bank may be consolidated
or merged.  This provision shall apply in
the event of any subsequent merger, consolidation, or transfer.

 

2.                                       This Agreement
is personal to each of the parties and neither party may assign or delegate any
of its rights or obligations under this Agreement without the prior written
consent of the other party.

 

IX.  APPLICABLE LAW

 

This
Agreement shall be governed in all respects and be interpreted by and under the
laws of the Commonwealth of Pennsylvania, except to the extent that such law
may be preempted by applicable federal law, in which event this Agreement shall
be governed and interpreted by and under federal law.  This Agreement shall also be interpreted as
is minimally required to qualify any payment hereunder as not triggering any
penalty on the Executive or the Bank pursuant to Code Section 409A and the
regulations promulgated thereunder.

 

X.  SEVERABILITY

 

If
any provision in this Agreement is held by a court of competent jurisdiction to
be invalid, void, or unenforceable, the remaining provisions nevertheless shall
continue in full force and effect.

 

XI.  ARBITRATION

 

Each
party agrees that all disputes, disagreements and questions of interpretation
concerning this Agreement (except the question of Executive’s disability which
is governed in Section IV), are to be submitted for resolution, in
Marysville, Pennsylvania, 

 

8

 

to
the American Arbitration Association (the “Association”) in accordance with the
Association’s National Rules for the Resolution of Employment Disputes or
other applicable rules then in effect (“Rules”).  Bank or Executive may initiate an arbitration
proceeding at any time by giving notice to the other in accordance with the
Rules.  Bank and Executive may, as a
matter of right, mutually agree on the appointment of a particular arbitrator
from the Association’s pool.  The
arbitrator shall not be bound by the rules of evidence and procedure of
the courts of the Commonwealth of Pennsylvania but shall be bound by the
substantive law applicable to this Agreement. 
The decision of the arbitrator, absent fraud, duress, incompetence or
gross and obvious error of fact, shall be final and binding upon the parties
and shall be enforceable in courts of proper jurisdiction.  Following written notice of a request for
arbitration, Bank and Executive shall be entitled to an injunction restraining
all further proceedings in any pending or subsequently filed litigation
concerning this Agreement.

 

IN
WITNESS WHEREOF, the parties have duly executed this Agreement as of the day
and year first above written.

 

	
  Attest:

  	
   

  	
  Riverview
  Bancorp, Inc.

  
	
   

  	
   

  	
   

  
	
  /s/
  David A. Troutman

  	
   

  	
  By:

  	
  /s/
  David W. Hoover

  
	
   

  	
   

  	
   

  
	
  Witness:

  	
   

  	
  Riverview
  National Bank

  
	
   

  	
   

  	
   

  
	
  /s/
  David A. Troutman

  	
   

  	
  By:

  	
  /s/
  Robert M. Garst

  
	
   

  	
   

  	
   

  
	
  Witness:

  	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  
	
  /s/
  Robert M. Garst

  	
   

  	
  /s/
  Kirk D. Fox

  

 

9EXHIBIT 10.3

 

EMPLOYMENT AGREEMENT

 

THIS AGREEMENT (“Agreement”) is made this January 27,
2009, between RIVERVIEW FINANCIAL CORPORATION (“Corporation”),
a Bank having a place of business at Third and Market Streets, Halifax,
Pennsylvania 17032, RIVERVIEW NATIONAL BANK
(“Bank”), a bank having a place of business at 101 Lincoln Street, Marysville,
Pennsylvania 17053; and Terry Wasko (“Executive”), an individual residing in
Pennsylvania.

 

WITNESSETH:

 

WHEREAS, Bank is a subsidiary of Corporation;

 

WHEREAS, Bank desires to employ Executive as Chief
Financial Officer of Corporation and Bank (“CFO”); and

 

WHEREAS, Executive desires to accept that assignment under
the terms and conditions set forth herein.

 

AGREEMENT:

 

NOW, THEREFORE, the parties hereto intending to be legally
bound hereby agree as follows:

 

1.
Employment.

 

Corporation
and Bank hereby employ Executive and Executive hereby accepts employment with
Corporation and Bank on the terms and conditions set forth in this Agreement.

 

2.
Duties and Positions of Employee.

 

(a) Executive
shall perform and discharge well and faithfully such duties as CFO as may be
assigned to Executive from time to time by the Chief Executive Officer (“CEO”)
or President of Corporation or Bank. Executive shall devote her full time,
attention and energies to the business of Corporation and Bank during the
Employment Period (as defined in Section 3 of this Agreement);

 

(b) Provided
however, that this Section 2 shall not be construed as preventing
Executive from (a) engaging in activities incident or necessary to
personal investments so long as such investment does not exceed 5% of the
outstanding shares of any publicly held company, (b) devoting a reasonable
amount of time to civic, charitable, trade association, political and similar activities
with the prior approval of the CEO or 

 

1

 

President
of Bank, which approval will not be unreasonably withheld; or (c) acting
as a member of the Board of Directors of any other corporation or as a member
of the Board of Trustees of any other organization, with the prior approval of
the CEO or President of Bank, which approval will not be unreasonably withheld.
The Executive shall not engage in any business or commercial activities, duties
or pursuits that compete with the business or commercial activities of
Corporation or Bank, or any of their subsidiaries or affiliates, nor may the
Executive serve as a director or officer or in any other capacity in a company
that competes with Corporation or Bank or any of their subsidiaries or
affiliates.

 

3.
Term of Agreement.

 

(a) This
Agreement shall be for a one (1) year period (the “Employment Period”)
beginning on the date first mentioned above and ending one (1) year later.
On the first anniversary of the date of this Agreement, and on the same date of
each subsequent year (each, a “Renewal Date”) the Employment Period shall be
automatically extended for an additional year such that the Employment Period
shall end one (1) year from each Renewal Date, unless either party shall
give written notice of non-renewal to the other party at least ninety (90) days
prior to that Renewal Date, in which event this Agreement shall terminate at
the end of the then existing Employment Period.

 

(b) Notwithstanding
the provisions of Section 3(a) of this Agreement, this Agreement
shall terminate automatically for Cause (as defined herein) upon written notice
from the CEO or President to Executive. As used in this Agreement, “Cause” shall mean any of the following:

 

(i) Executive’s
conviction of or plea of guilty or nolo contendere to a felony, a crime of
falsehood or a crime involving moral turpitude, or the actual incarceration of
Executive;

 

(ii) Executive’s
willful failure to follow the good faith lawful instructions of the President
or CEO with respect to the operations of Corporation and Bank;

 

(iii) Executive’s
willful failure to perform Executive’s duties to Corporation or Bank (other
than a failure resulting from Executive’s incapacity because of physical or
mental illness, as provided in subsection (d) of this Section 3),
which failure results in injury to Corporation or Bank, monetarily or
otherwise;

 

(iv) Executive’s intentional violation of the
provisions of this Agreement;

 

(v) dishonesty
or gross negligence of the Executive in the performance of her duties;

 

(vi) conduct
on the part of the Executive that brings public discredit to Corporation or
Bank;

 

2

 

(vii) Executive’s breach of fiduciary duty
involving personal gain;

 

(viii) Executive’s
willful violation of any law, rule or regulation governing banks or bank
officers or any final cease and desist order issued by a bank regulatory
authority;

 

(ix) Executive’s
unlawful discrimination, including harassment, against employees, customers,
business associates, contractors or visitors of Corporation or Bank;

 

(x) Executive’s
theft or abuse of Corporation or Bank’s property or the property of customers,
employees, contractors, vendors or business associates of Corporation or Bank;

 

(xi)
any final removal or prohibition order to which the Executive is subject, by a
federal banking agency pursuant to Section 8(e) of the Federal
Deposit Insurance Act; or

 

(xii) any act of fraud or misappropriation by
Executive.

 

If
this Agreement is terminated for Cause, Executive’s rights under this Agreement
shall cease as of the effective date of such termination and Corporation and
Bank shall have no further obligation under this Agreement.

 

(c) Notwithstanding
the provisions of Section 3(a) of this Agreement, this Agreement
shall terminate automatically upon Executive’s voluntary termination of
employment (other than in accordance with Section 5 of this Agreement) for
Good Reason.  The term “Good Reason” shall mean (i) the assignment of duties and
responsibilities inconsistent with Executive’s status as CFO or (ii) a
reduction in salary or benefits, except such reductions that are the result of
a national financial depression or national or bank emergency when such
reduction has been implemented by the Board of Directors for Corporation or
Bank’s senior management, then Executive shall within ninety (90) days of the
occurrence of any of the foregoing events, provide notice to Corporation and
Bank of the existence of the condition and provide Corporation and Bank thirty
(30) days in which to cure such condition. 
In the event that Corporation and Bank does not cure the condition
within thirty (30) days of such notice, Executive may resign from employment
with Corporation and Bank and upon execution of a reasonable release
satisfactory to Corporation and Bank, Corporation and Bank will provide
Executive with the following pay and benefits: (i) a payment in an amount
equal to 1.0 times the Executive’s then Annual Base Salary payable in twelve
(12) equal monthly installments; and (ii) Corporation and Bank shall
reimburse Executive in an amount equal to the monthly premium paid by her to
obtain substantially similar employee benefits which she enjoyed prior to
termination, which reimbursement shall continue until the expiration of 12
months following the date of termination of employment or until Executive
secures substantially similar benefits through other employment, whichever 

 

3

 

shall
first occur, subject to Internal Revenue Code of 1986, as amended (“Code”) Section 409A
if applicable.

 

However,
in the event the payments described herein, when added to all other amounts or
benefits provided to or on behalf of the Executive in connection with her
termination of employment, would result in the imposition of an excise tax
under Code Section 4999, the severance payments shall be retroactively (if
necessary) reduced to the extent necessary to avoid such excise tax imposition.
Upon written notice to Executive, together with calculations of Corporation’s
and Bank’s independent auditors, Executive shall remit to Corporation and Bank
the amount of the reduction plus such interest as may be necessary to avoid the
imposition of such excise tax. Notwithstanding the foregoing or any other
provision of this Agreement to the contrary, if any portion of the amount
herein payable to the Executive is determined to be non-deductible pursuant to
the regulations promulgated under Code Section 280G, then Corporation and
Bank shall be required only to pay to Executive the amount determined to be
deductible under Section 280G.

 

If
when the Executive’s employment terminates, the Executive is a “specified
employee,” as defined in Code Section 409A(a)(2)(B)(i), then despite any
provision of this Employment Agreement or other plan or agreement to the
contrary, the Executive will not be entitled to the payments until the earliest
of: (a) the date that is at least six months after the Executive’s
separation from service (within the meaning of Code Section 409A) for
reasons other than the Executive’s death, (b) the date of the Executive’s
death, or (c) any earlier date that does not result in additional tax or
interest to the Executive under Code Section 409A.  As promptly as possible after the end of the
period during which payments are delayed under this provision, the entire
amount of the delayed payments shall be paid to the Executive in a single lump
sum with any remaining payments to commence in accordance with the terms of
this Agreement or other applicable plan or agreement.

 

The
amounts payable pursuant to this Section 3(c) shall constitute
Executive’s sole and exclusive remedy in the event Executive terminates
employment for Good Reason and shall represent the maximum extent of liability
that Executive can claim against Corporation or Bank.

 

(d) Notwithstanding
the provisions of Section 3(a) of this Agreement, this Agreement
shall terminate automatically upon Executive’s Disability and Executive’s
rights under this Agreement shall cease as of the date of such termination;
provided, however, that Executive shall be entitled to any benefits under any
group disability plan if effect.

 

(e) Notwithstanding
the provisions of Section 3(a) of this Agreement, this Agreement
shall terminate automatically upon Executive’s death, and Executive’s rights
under this Agreement (other than vested plan benefits) shall cease as of the
date of such termination.

 

4

 

(f) Executive
agrees that in the event her employment under this Agreement is terminated,
Executive shall resign, and upon such event does hereby resign, as a director
of Corporation and Bank, the Bank and any affiliate or subsidiary thereof, if
she is then serving as a director of any such entities.

 

(g) Executive
agrees that in the event that Bank provides notice of nonrenewal of this
Agreement under Section 3(a), Bank shall have no further obligation under
this Agreement, other than payment to Executive of her earned but unpaid Annual
Base Salary under Section 4(a) and any employee benefits under Section 4(d),
(e), or (f), as of the date of the expiration of this Agreement or until
Executive voluntarily terminates her employment, whichever occurs earlier.  In the event that Bank provides notice of
nonrenewal of this Agreement under Section 3(a), Bank may terminate
Executive’s employment and shall have no further obligation under this
Agreement other than payment to Executive of the remaining balance of her
Annual Base Salary as defined in Section 4(a) below and any employee
benefits under Section 4(d) for the remainder of the then existing
Employment Period.  To the extent the
Executive becomes entitled to the payments set forth in this Section 3(g),
such payments shall constitute Executive’s sole and exclusive remedy under this
Agreement, shall further constitute liquidated damages for any possible breach
of this Agreement, and shall represent the maximum extent of liability that
Executive can claim against Corporation or Bank.

 

4.
Employment Period Compensation.

 

(a) Annual Base Salary. For services
performed by Executive under this Agreement, Corporation and Bank shall pay
Executive an Annual Base Salary in the aggregate during the Employment Period
at the rate of $120,000 per year, payable at the same times as salaries are
payable to other executives of the Corporation and Bank. Corporation and Bank
shall review Executive’s performance and salary at least on an annual
basis.  Corporation and Bank may, from
time to time, in its sole discretion, increase Executive’s Annual Base Salary,
and any and all such increases shall be deemed to constitute amendments to this
Section 4(a) to reflect the increased amounts, effective as of the
date established for such increases by the CEO or President of Corporation and
Bank or any committee of such Board or the Chief Executive Officer with the
approval of the Compensation Committee of the Board in the resolutions
authorizing such increases.

 

(b) Bonuses.  Executive shall be entitled to a $10,000
signing bonus; provided that Executive remains employed with Corporation and
Bank for twelve months.  In the event
that within twelve months of the signing of this Agreement, Executive
terminates employment for reasons other than Good Reason or if Executive is
terminated by the Bank for Cause, then Executive shall refund, reimburse,
return and pay Bank the signing bonus amount of $10,000.  Executive hereby agrees that in the event
that Executive does not pay Bank the $10,000 owed under this Section prior
to Executive receiving her last payroll check, Executive hereby authorizes Bank
to deduct from Executive’s last payroll check to the extent necessary any
amount still owing to Bank.

 

5

 

In
addition, Corporation or Bank may, from time to time, pay a bonus or bonuses to
Executive as Corporation or Bank or an affiliate thereof, in their sole
discretion, deems appropriate.  The
payment of any such bonuses shall not reduce or otherwise affect any other
obligation of Corporation or Bank to Executive provided for in this Agreement.

 

(c) Vacations. During the term of this
Agreement, Executive shall be entitled to twenty-five (25) days paid time off
in accordance with the policies as established from time to time by the CEO or
President of Corporation and Bank.  Bank
shall allow Executive to work from home one day per week and shall allow
Executive to work from home in the event of inclement weather without such
absences from the office reducing Executive’s accrued paid time off balance.

 

(d) Employee Benefit Plans. During the
term of this Agreement, Executive may participate in and receive the benefits
of any employee benefit plan currently in effect at Bank subject to the terms
of such plans, until such time that the Board of Directors of the Bank and
Corporation authorizes a change in such benefits. Nothing paid to Executive
under any plan or arrangement presently in effect or made available in the
future shall be deemed to be in lieu of the salary payable to Executive
pursuant to Section 4(a) hereof.

 

5.
Termination of Employment Following Change in
Control.

 

(a) If
a Change in Control (as defined in Section 5(b) of this Agreement)
shall occur, and if thereafter at any time during the term of this Agreement
there shall be:

 

(i) any
involuntary termination of Executive’s employment (other than for the reasons
set forth in Section 3(b) or 3(d) of this Agreement);

 

(ii) any
reduction in Executive’s title, responsibilities, including reporting
responsibilities, or authority, including such title, responsibilities or
authority as such title, responsibilities or authority may be increased from
time to time during the term of this Agreement;

 

(iii) the
assignment to Executive of duties inconsistent with Executive’s office on the
date of the Change in Control or as the same may be increased from time to time
after the Change in Control;

 

(iv) any
reassignment of Executive to a location greater than seventy-five (75) miles
from the location of Executive’s office on the date of the Change in Control;

 

(v) any
reduction in Executive’s Annual Base Salary in effect on the date of the Change
in Control or as the same may be increased from time to time after the Change
in Control; or

 

6

 

(vi) any
failure to provide Executive with benefits at least as favorable as those
enjoyed by Executive under any of Corporation or Bank’s retirement or pension,
life insurance, medical, health and accident, disability or other employee
plans in which Executive participated at the time of the Change in Control, or
the taking of any action that would materially reduce any of such benefits in
effect at the time of the Change in Control; or any requirement that Executive
travel in performance of her duties on behalf of the Corporation or Bank or any
of its subsidiaries or affiliates for a significantly greater period of time
during any year than was required of Executive during the year preceding the
year in which the Change in Control occurred; then, at the option of Executive,
Executive shall within ninety (90) days of the occurrence of any of the
foregoing events, provide notice to Corporation and Bank of the existence of
the condition and provide Corporation and Bank thirty (30) days in which to
cure such condition.  In the event that
Corporation and Bank does not cure the condition within thirty (30) days of
such notice, Executive may resign from employment with Corporation and Bank
(or, if involuntarily terminated, give notice of intention to collect benefits
under this Agreement) by delivering such notice in writing (the “Notice of
Termination”) to Corporation and Bank and the provisions of Section 6 of
this Agreement shall apply.

 

(b) As used in this Agreement, “Change in
Control” shall mean a change
in the ownership or effective control of the Corporation or the Bank as
described in Code Section 409A(a)(2)(A) and the regulations thereunder.

 

6.
Rights in Event of Termination of Employment
Following Change in Control.

 

In the event that Executive delivers a Notice of Termination (as
defined in Section 5(a) of this Agreement) after a “Change in Control”
(as defined in Section 5(b) of this Agreement) to Corporation and
Bank, Executive shall be entitled to receive (i) a payment in an amount
equal to and no greater than 1.0 times the Executive’s then Annual Base Salary,
which amount shall be payable in twelve (12) equal monthly installments
commencing within thirty (30) days of receiving an executed release subject to
the requirements of Code Section 409A; and (ii) Corporation and Bank
shall reimburse Executive in an amount equal to the monthly premium paid by her
to obtain substantially similar employee benefits which she enjoyed prior to
termination, which reimbursement shall continue until the expiration of 12
months following the date of termination of employment or until Executive
secures substantially similar benefits through other employment, whichever
shall first occur, subject to Code Section 409A if applicable.

 

However,
in the event the payments described herein, when added to all other amounts or
benefits provided to or on behalf of the Executive in connection with her
termination of employment, would result in the imposition of an excise tax
under Code Section 4999, the severance payments shall be retroactively (if
necessary) reduced to the extent necessary to avoid such excise tax imposition.
Upon written notice to Executive, together with calculations of Corporation and
Bank’s independent auditors, Executive shall remit to Corporation and Bank the
amount of the reduction plus such interest as maybe necessary to avoid the
imposition of such excise tax. Notwithstanding the 

 

7

 

foregoing
or any other provision of this Agreement to the contrary, if any portion of the
amount herein payable to the Executive is determined to be non-deductible
pursuant to the regulations promulgated under Section 280G of the Code,
then Corporation and Bank shall be required only to pay to Executive the amount
determined to be deductible under Section 280G.

 

If
when the Executive’s employment terminates, the Executive is a “specified
employee,” as defined in Code Section 409A(a)(2)(B)(i), then despite any
provision of this Employment Agreement or other plan or agreement to the
contrary, the Executive will not be entitled to the payments until the earliest
of: (a) the date that is at least six months after the Executive’s
separation from service (within the meaning of Code Section 409A) for
reasons other than the Executive’s death, (b) the date of the Executive’s
death, or (c) any earlier date that does not result in additional tax or
interest to the Executive under Code Section 409A.  As promptly as possible after the end of the
period during which payments are delayed under this provision, the entire amount
of the delayed payments shall be paid to the Executive in a single lump sum
with any remaining payments to commence in accordance with the terms of this
Agreement or other applicable plan or agreement.

 

(b) Executive
shall not be required to mitigate the amount of any payment provided for in
this Section 6 by seeking other employment or otherwise. Unless otherwise
agreed to in writing, the amount of payment or the benefit provided for in this
Section 6 shall not be reduced by any compensation earned by Executive as
the result of employment by another employer or by reason of Executive’s
receipt of or right to receive any retirement or other benefits after the date
of termination of employment or otherwise.

 

(c) The
amounts payable pursuant to this Section 6 shall constitute Executive’s
sole and exclusive remedy in the event Executive delivers a Notice of
Termination after a change in control and shall represent the maximum extent of
liability that Executive can claim against Corporation and Bank.

 

7.
Rights in Event of Termination of Employment
Absent Change in Control.

 

(a) In
the event that Executive’s employment is involuntarily terminated by
Corporation and Bank without Cause and no Change in Control shall have occurred
as of the date of such termination, upon execution of a reasonable release
satisfactory to Corporation and Bank, Corporation and Bank will provide
Executive with the following pay and benefits: (i) a payment in an amount
equal to 1.0 times the Executive’s then Annual Base Salary payable in twelve
(12) equal monthly installments; and (ii) Corporation and Bank shall
reimburse Executive in an amount equal to the monthly premium paid by her to
obtain substantially similar employee benefits which she enjoyed prior to
termination, which reimbursement shall continue until the expiration of 12
months following the date of termination of employment or until
Executive secures substantially similar benefits through other employment,
whichever shall first occur, subject to Code Section 409A if applicable.

 

8

 

However,
in the event the payments described herein, when added to all other amounts or
benefits provided to or on behalf of the Executive in connection with her
termination of employment, would result in the imposition of an excise tax
under Code Section 4999, the severance payments shall be retroactively (if
necessary) reduced to the extent necessary to avoid such imposition. Upon
written notice to Executive, together with calculations of Corporation and Bank’s
independent auditors, Executive shall remit to Corporation and Bank the amount
of the reduction plus such interest as may be necessary to avoid the imposition
of such excise tax. Notwithstanding the foregoing or any other provision of
this Agreement to the contrary, if any portion of the amount herein payable to
the Executive is determined to be non-deductible pursuant to the regulations
promulgated under Section 280G of the Code, then Corporation and Bank
shall be required only to pay to Executive the amount determined to be
deductible under Section 280G.

 

(b) 
Executive shall not be required to mitigate the amount of any payment provided
for in this Section 7 by seeking other employment or otherwise. The amount
of payment or the benefit provided for in this Section 7 shall not be
reduced by any compensation earned by Executive as the result of employment by
another employer or by reason of Executive’s receipt of or right to receive any
retirement or other benefits after the date of termination of employment or
otherwise.

 

(c) 
The amounts payable pursuant to this Section 7 shall constitute Executive’s
sole and exclusive remedy in the event of involuntary termination of Executive’s
employment by Corporation and Bank without cause in the absence of a Change in
Control and shall represent the maximum extent of liability that Executive can
claim against Corporation and Bank.

 

(d) 
This Section 7 shall not apply if the Executive is terminated in
connection with nonrenewal as provided in Section 3 of this Agreement.

 

8.
Covenant Not to Compete

 

(a) Executive
hereby acknowledges and recognizes the highly competitive nature of the
business of Corporation and Bank and accordingly agrees that, during her
employment and for one year following the date of termination of Executive’s
employment, regardless of the reason for termination, Executive shall not:

 

(i) in
any county in which, at any time during the Employment Period or as of the date
of termination of the Executive’s employment, a branch, office or other
facility of Corporation and Bank or any of its subsidiaries is located, or in
any county contiguous to such a county, including contiguous counties located
outside of the Commonwealth of Pennsylvania (the “Non-Competition Area”) be
engaged, directly or indirectly, either for her own account or as agent
consultant, employee, partner, officer, director, proprietor, investor (except
as an investor owning less than 5% of the stock of a publicly owned company and
not exercising management discretion) or otherwise of any 

 

9

 

person,
firm, Bank or enterprise engaged in the banking (including bank and financial
holding company) or financial services industry, or any other activity in which
Corporation and Bank or any of its subsidiaries are engaged during the
Employment Period; or

 

(ii) in
the Non-Competition area provide financial or other assistance to any person,
firm, Bank, or enterprise engaged in the banking (including bank and financial
holding company) or financial services industry, or any other activity in which
Corporation and Bank or any of its subsidiaries are engaged during the
Employment Period; or

 

(iii) directly
or indirectly contact, solicit or attempt to induce any person, Bank or other
entity who or which is a customer or referral source of Corporation and Bank,
or any of its subsidiaries or affiliates, during the term of Executive’s
employment or on the date of termination of Executive’s employment, to become a
customer or referral source of any person or entity other than Corporation and
Bank or one of its subsidiaries or affiliates; or

 

(iv) directly
or indirectly solicit, induce or encourage any employee of Corporation and Bank
or any of its subsidiaries or affiliates, who is employed during the term of
Executive’s employment or on the date of termination of Executive’s employment,
to leave the employ of Corporation and Bank or any of its subsidiaries or
affiliates, or to seek, obtain or accept employment with any person or entity
other than Corporation and Bank or any of their subsidiaries or affiliates.

 

(b) It
is expressly understood and agreed that, although Executive and Corporation and
Bank consider the restrictions contained in Section 8(a) hereof
reasonable for the purpose of preserving for Corporation and Bank and its
subsidiaries their good will and other proprietary rights, if a final judicial
determination is made by a court having jurisdiction that the time or territory
or any other restriction contained in Section 8(a) hereof is an unreasonable
or otherwise unenforceable restriction against Executive, the provisions of Section 8(a) hereof
shall not be rendered void but shall be deemed amended to apply as to such
maximum time and territory and to such other extent as such court may judicially
determine or indicate to be reasonable.

 

9.
Unauthorized Disclosure. During the
term of her employment hereunder, or at any later time, the Executive shall
not, without the written consent of the Board of Directors of Corporation and
Bank or a person authorized thereby, knowingly disclose to any person, other
than an employee of the Corporation and Bank, Corporation and Bank or a person
to whom disclosure is reasonably necessary or appropriate in connection with
the performance by the Executive of her duties as CFO of Corporation and Bank,
any material confidential information obtained by her while in the employ of
Corporation and Bank with respect to any of Corporation and Bank’s services,
products, improvements, formulas, designs or styles, processes, customers,
methods of business or any business practices the disclosure of which could be
or will be damaging to Corporation and Bank; provided, however, that
confidential information shall not include any information known 

 

10

 

generally
to the public (other than as a result of unauthorized disclosure by the
Executive or any person with the assistance, consent or direction of the
Executive) or any information of a type not otherwise considered confidential
by persons engaged in the same business or a business similar to that conducted
by Corporation and Bank or any information that must be disclosed as required
by law.

 

10.
Work Made for Hire. Any work
performed by the Executive under this Agreement should be considered a “Work
Made for Hire” as that phrase is defined by the U.S. patent laws. In the event
it should be established that such work does not qualify as a Work Made for
Hire, the Executive agrees to and does hereby assign to Corporation and Bank and
its affiliates and subsidiaries, all of her rights, title, and/or interest in
such work product, including, but not limited to, all copyrights, patents,
trademarks, and property rights.

 

11.
Return of Company Property and Documents.
The Executive agrees that, at the time of termination of her employment,
regardless of the reason for termination, she will deliver to Corporation and
Bank, any and all Corporation and Bank property, including, but not limited to,
automobiles, keys, security codes or passes, mobile telephones, pagers,
computers, devices, confidential information, records, data, notes, reports,
proposals, lists, correspondence, specifications, drawings, blueprints,
sketches, software programs, equipment, other documents or property, or reproductions
of any of the aforementioned items developed or obtained by the Executive
during the course of her employment.

 

12.
Liability Insurance. Corporation
and Bank shall use its best efforts to obtain insurance coverage for the
Executive under an insurance policy covering officers and directors of
Corporation and Bank against lawsuits, arbitrations or other legal or
regulatory proceedings; however nothing herein shall be construed to require
Corporation and Bank to obtain such insurance, if the President or CEO of
Corporation and Bank determines that such coverage cannot be obtained at a
reasonable price.

 

13.
Notices. Except as otherwise
provided in this Agreement, any notice required or permitted to be given under
this Agreement shall be deemed properly given if in writing and if mailed by
registered or certified mail, postage prepaid with return receipt requested, to
Executive’s residence, in the case of notices to Executive; to the principal
executive offices of the Bank, in the case of notices to the Bank and to the
principal executive offices of Corporation, in the case of notices to
Corporation.

 

14.
Waiver. No provision of this
Agreement may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing and signed by Executive and
the Board of Directors’ designee. No waiver by either party hereto at any time
of any breach by the other party hereto of, or compliance with, any condition
or provision of this Agreement to similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time.

 

11

 

15.
Assignment. This Agreement shall
not be assignable by any party, except by Corporation and Bank to any successor
in interest to its respective businesses.

 

16.
Entire Agreement. This Agreement
contains the entire agreement of the parties and supersedes all other
agreements, written or oral, between the parties relating to the subject matter
of this Agreement.

 

17.
Successors, Binding Agreement.

 

(a) Corporation
and Bank will require any successor (whether direct or indirect, by purchase,
merger, consolidation, or otherwise) to all or substantially all of the
businesses and/or assets of Corporation and Bank to expressly assume and agree
to perform this Agreement in the same manner and to the same extent that
Corporation and Bank would be required to perform it if no such succession had
taken place. Failure by Corporation and Bank to obtain such assumption and
agreement prior to the effectiveness of any such succession shall constitute a
breach of this Agreement and the provisions of Section 6 of this Agreement
shall apply. As used in this Agreement “Corporation and Bank” shall mean
Corporation and Bank, as defined previously and any successor to its respective
businesses and/or assets as aforesaid which assumes and agrees to perform this
Agreement by operation of law or otherwise.

 

(a)          This Agreement
shall inure to the benefit of and be enforceable by Executive’s personal or
legal representatives, executors, administrators, heirs, distributees, devisees
and legatees. If Executive should die after she has delivered a Notice of
Termination to Bank pursuant to Section 5 above, or following Corporation
and Bank’s termination of Executive’s employment without Cause, such amounts
that would have been payable to Executive under this Agreement if Executive had
continued to live, shall be paid in accordance with the terms of this Agreement
to Executive’s devisee, legatee, or other designee, or, if there is no such
designee, to Executive’s estate.

 

18.
Arbitration. Corporation and Bank
and Executive recognize that in the event a dispute should arise between them
concerning the interpretation or implementation of this Agreement, lengthy and
expensive litigation will not afford a practical resolution of the issues
within a reasonable period of time. Consequently, each party agrees that all
disputes, disagreements and questions of interpretation concerning this
Agreement (except for any enforcement sought with respect to Sections 8, 9, 10
or 11, which maybe litigated in court through an action for an injunction or
other relief) are to be submitted for resolution, in Cumberland County,
Pennsylvania, to the American Arbitration Association (the “Association”) in
accordance with the Association’s National Rules for the Resolution of
Employment Disputes or other applicable rules then in effect (“Rules”).
Corporation and Bank or Executive may initiate an arbitration proceeding at any
time by giving notice to the other in accordance with the Rules. Corporation
and Bank and Executive may, as a matter or right, mutually agree on the
appointment of a particular arbitrator from the Association’s pool. The
arbitrator shall not be bound by the rules of evidence and procedure of
the courts of the Commonwealth of Pennsylvania but shall be bound by the
substantive law applicable to this Agreement. The decision of the arbitrator, 

 

12

 

absent
fraud, duress, incompetence or gross and obvious error of fact, shall be final
and binding upon the parties and shall be enforceable in courts of proper
jurisdiction. Following written notice of a request for arbitration,
Corporation and Bank and Executive shall be entitled to an injunction
restraining all further proceedings in any pending or subsequently filed
litigation concerning this Agreement, except as otherwise provided herein or
any enforcement sought with respect to Sections 8, 9, 10 or 11, which may be
litigated through an action for injunction or other relief.

 

19.
Validity. The invalidity or
unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement, which
shall remain in full force and effect.

 

20.
Applicable Law. This Agreement
shall be governed by and construed in accordance with the domestic, internal
laws of the Commonwealth of Pennsylvania, without regard to its conflicts of
laws principles.

 

21.
Headings. The section headings of
this Agreement are for convenience only and shall not control or affect the
meaning or construction or limit the scope or intent of any of the provisions
of this Agreement.

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date first above written.

 

	
  ATTEST:

  	
   

  	
  RIVERVIEW
  FINANCIAL CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Kandi Lopp

  	
   

  	
  By:

  	
  /s/
  Robert E. Garst

  
	
   

  	
   

  	
   

  	
  Robert
  E. Garst

  
	
   

  	
   

  	
   

  	
  Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  RIVERVIEW
  NATIONAL BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Kandi Lopp

  	
   

  	
  By:

  	
  /s/
  Robert E. Garst

  
	
   

  	
   

  	
   

  	
  Robert
  E. Garst

  
	
   

  	
   

  	
   

  	
  Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  WITNESS:

  	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Kandi Lopp

  	
   

  	
  /s/
  Terry Wasko

  
	
   

  	
   

  	
  Terry
  Wasko

  

 

13

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