Document:

Exhibit 10.14

LICENSE AGREEMENT

LICENSE AGREEMENT made this 9th day of February, 1999 by and among Gabelli Asset Management Inc., a New York corporation, (the "Company'') and Gabelli International Limited, Gabelli International II Limited, Gabelli Fund, LDC, and Gabelli Performance Partnership L.P. (collectively, the "Funds") and MJG Associates, Inc., a Connecticut corporation ("MJG Associates"), on its own behalf and as Investment Manager or General Partner of the Funds.

WHEREAS,  the Company has proprietary rights in the name "Gabelli" as it applies to providing investment management services (the "Name") and has registered a United States service mark with respect to the Name for use in connection with the business of providing investment management services, among other financial services;

WHEREAS, the Company and MJG Associates wish to enter into this Agreement to enable the Funds and MJG Associates to use the Name in the names of the Funds and in connection with the business activities of the Funds described in their respective investment management agreements, limited partnership agreement, offering documents, or marketing materials in effect as of the date hereof ("Fund Business").

NOW, THEREFORE, in consideration of the foregoing and of the mutual promises hereinafter set forth, the parties hereto agree as follows:

		1.	The Company hereby grants to the Funds and to MJG Associates a worldwide, non-exclusive, nontransferable, royalty-free license to use the Name (i) in the names of the Funds, as set forth above, for so long as the Funds conduct only Fund Business and (ii) in connection with the conduct of Fund Business and in the marketing and promotion thereof, and the Funds and MJG Associates accept the license subject to the terms and conditions of this Agreement

		2.	MJG Associates agrees to conduct the Fund Business in accordance with the terms of the respective investment management agreements or limited partnership agreement, as applicable, between each of the Funds and MJG Associates, and in accordance with all applicable laws and regulations. MJG Associates further agrees that it shall maintain standards of quality in the conduct of Fund Business which are at least comparable to those heretofore maintained by MJG Associates, including but not limited to, maintaining the existing level of shareholder services and care in the selection of Fund investments. Upon the Company's reasonable request, MJG Associates will permit the Company to inspect its operations with respect to the Funds in order to determine whether the quality standards set forth in this Section are being met

		3.	MJG Associates agrees that nothing in this Agreement shall give it or the Funds any right, title or interest in the name other than the right to use the name in accordance with this license. MJG Associates acknowledges and agrees that the Company reserves the right to use and/or license the Name in connection with other funds or in businesses similar to Fund Business and MJG Associates agrees neither it nor the funds will do anything inconsistent with the Company's rights to the Name.

		4.	This Agreement will terminate, in its entirety, in the event that Mario J. Gabelli or his immediate family, collectively, no longer have voting control of MJG Associates and will terminate, as to a particular Fund, if MJG Associates ceases to act as the investment manager or general partner for such Fund. Upon termination of this Agreement, the license to use the Name will terminate and MJG Associates shall cease using the Name in the names of the Funds as soon as practicable. Upon termination of this Agreement as to a particular fund, the license to use the Name with respect to such Fund will terminate and MJG Associates shall cease using the Name in connection with such fund as soon as practicable.

		5.	This Agreement may not be assigned by the Funds or by MJG Associates except to Mario J. Gabelli or another member of his immediate family or to an entity controlled by him or a member of his immediate family or by them, collectively. This Agreement is binding upon the Funds, MJG Associates and the Company and their successors and assigns.

		6.	This Agreement is intended to be performed primarily in the State of New York and shall be governed, construed and enforced in accordance with the laws of the State of New York without regard to its choice of law principles.

		7.	This Agreement supersedes all prior agreements, understandings, negotiations and discussions, written or oral, of the parties hereto, relating to the matters covered by this Agreement. This Agreement may not be modified or amended except by a further written instrument duly executed by both parties.

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement on the date first written above.

GABELLI INTERNATIONAL LIMITED

By: MJG ASSOCIATES, INC.

By: /s/ Mario J. Gabelli

Mario J. Gabelli

President

GABELLI INTERNATIONAL II LIMITED

By: MJG ASSOCIATES, INC.

By: /s/ Mario J. Gabelli

Mario J. Gabelli

President

GABELLI FUND, LDC

By: MJG ASSOCIATES, INC.

By: /s/ Mario J. Gabelli

Mario J. Gabelli

President

GABELLI PERFORMANCE PARTNERSHIP, L.P.

By: MJG ASSOCIATES, INC.

By: /s/ Mario J. Gabelli

Mario J. Gabelli

President

MJG ASSOCIATES, INC.

By: /s/ Mario J. Gabelli

Mario J. Gabelli

President

GABELLI ASSET MANAGEMENT INC.

By: /s/ James E. McKee

James E. McKee

Vice President, General Counsel and SecretaryExhibit 10.4

 

 

Employee
Annual Incentive Plan

Plan Document

 

Plan Effective:
January 1, 2004

Revised/Approved:
February 5, 2016

 

    	1

     

    

 

Employee
Annual Incentive Plan

 

I. Introduction/Purpose

 

This Employee
Annual Incentive Plan has been developed as a meaningful compensation tool for employees at all levels, who through high levels
of performance, contribute to the success and profitability of Juniata Valley Financial Corp (Company). The Plan is designed to
support organizational objectives, financial goals, and the best interests of the shareholders as defined in the Bank’s
Strategic Plan, by making available additional, variable, and contingent at-risk compensation, in the form of cash awards.

 

The Employee
Annual Incentive Plan is based upon the achievement of required financial targets and other defined objectives consistent with
those contained in the Strategic Plan. The formulas and awards have been carefully constructed to integrate the interests of the
shareholder as well as enable the Bank to attract, retain, and motivate high quality personnel and support the continued growth
and profitability of the Company.

 

The Plan is
not meant to be a substitute for salary increases, but supplemental to base salary and a reward for performance that contributes
to outstanding levels of long-term achievement.

 

While risk
is an inherent aspect of business, this compensation plan is designed to reward executives for certain levels of performance without
encouraging undue risk taking which could materially threaten the safety and soundness of the organization or business unit.

 

II. Plan
Year

 

The Plan year
for this program will be the calendar year. The effective date of the Plan is January 1, 2004. The performance measures for this
will be determined, calculated and approved annually.

 

    	2

     

    

 

III. Participation

 

In order to
be eligible, an individual must meet the following criteria:

 

		·	Must
                                         have been employed prior to July 1 of the Plan year; 

		·	Must
                                         be employed in a full-time or part-time position; and

		·	Must
                                         receive an overall rating of “Good” or better on his/her most recent individual
                                         performance evaluation prior to the Plan year award.

 

A
participant's eligibility ceases at termination of employment (other than retirement, death or disability), and the participant
will not receive any awards under the Plan for the year of termination. Termination as a result of retirement (as defined in the
company’s retirement plans), death, or disability will provide pro-rated awards in the Plan through the last working date
for the year in which termination occurred. If the participant dies during the Plan year, his/her designated beneficiary shall
receive a pro-rated share of any award for which he/she would have been eligible.

 

Due to the
various levels of responsibility of the positions within the Bank, the Board of Directors has selected the following Tiers of
participation for the Employee Annual Incentive Plan. These tiers will generally be based upon position responsibility and grade
level.

 

Tier
1 – President and Chief Executive Officer

 

Tier
2 – Executive Vice President/Chief Financial Officer

 

Tier
3 –■ 

 

Tier
4 – ■)

 

Tier
5 – ■

 

IV. Performance
Factors

 

The annual
portion of the Plan is based upon company financial performance factors which may change from year to year. In general, these
factors may be measures such as return on assets, return on equity, net income, earnings per share or similar indicators. The
factors and weighing of the factors are determined at the beginning of each Plan year. Each factor has quantifiable objectives
consisting of threshold, target and optimum goals. The Company’s financial performance factors for the current year can
be found in Exhibit A.

 

V. Award
Calculation and Distribution

 

Awards under
the Plan are calculated according to determination of the established performance factors at year end. Company performance between
the threshold and target, and target and optimum is interpolated. Awards are determined by taking the determined award percentage
times eligible compensation.

 

    	3

     

    

 

With regard to discretionary changes
to award amounts relative to individual performance, please reference the following:

 

		·	Tier
                                         4 ■

 

		·	Tier
                                         3 ■. 

 

		·	Tier
                                         2 (Executive Vice President/Chief Financial Officer) – After the award
                                         is calculated according to the financial performance factors, the President and Chief
                                         Executive Officer may increase or decrease the award up to 10%* (of the calculated award
                                         amount) based on the participant’s individual performance for the year. 

 

		·	Tier
                                         1 (President and Chief Executive Officer) – After the award is calculated according
                                         to the financial performance factors, the Board may increase or decrease the award up
                                         to 10% (of the calculated award amount) based on the participant’s individual performance
                                         for the year. 

 

*All discretionary
adjustments within the 10% (of the calculated award amount) being made by the President and Chief Executive Officer will be reviewed
and approved by the Board of Directors.

 

Bank performance
below threshold will result in no awards being paid under the Plan. In the event this occurs, the President and Chief Executive
Officer will have discretion to grant individual awards, with approval by the Board of Directors, for performance bonuses to those
individuals who have achieved a high level of individual performance within their divisions.

 

Annual awards
are paid in cash less normal payroll tax withholding. Awards will be paid within 75 days following the end of the plan year. Any
participant terminating employment (except retirement, death, or disability) prior to the actual payment of the award will forfeit
that award.

 

While every
effort has been made to ensure that this incentive plan does not motivate or reward undue risk taking, any results deemed to have
been the result of inappropriate risk will be backed out of incentive payments. The Board of Directors has the discretion to lever
incentive payments down by as much as 100% if it is determined that excessive risk has been taken. This can be done on an individual
or overall basis, as appropriate.

 

    	4

     

    

 

VI. Clawback

 

Awards will be recalculated if the
relevant company performance measures upon which they are based are restated or otherwise adjusted within the 36-month period
following the public release of the financial information. Any material overpayments or adjustments required by law will be owed
back to the company.

 

VII. Administration

 

Eligible Compensation
for purpose of this Plan is defined as a participant’s W-2 gross wages net of any option activity results, taxable retirement
earnings, prior year commissions and bonuses and any other imputed income resulting from employee benefits.

 

The Board of
Directors of the Bank may amend the Plan at any time.

 

Once established,
performance factors will remain in place for the year, unless the Board of Directors decides otherwise.

 

Participation,
performance factors, thresholds, targets and any other participation features are established each Plan year and may change from
year to year according to the strategic objectives of the bank.

 

At least annually,
the Chief Financial Officer acting as the highest ranking risk officer will review this Plan and provide a detailed report including
a detailed assessment regarding any risk issues inherent in the Plan. This risk report and the plan document in full will be reviewed
by the Personnel and Compensation Committee of the Board of Directors to ensure that the plan design is consistent with the compensation
philosophy of Juniata Valley Bank and that the plan does not motivate undue risk taking. The annual review will also include the
market competitiveness of the plan, the plan’s alignment with the Bank’s strategic plan, an assessment of how the
plan meets the objectives in the Introduction of this document, plus the plan’s impact on the overall safety and soundness
of the Bank. The Committee will then provide a report and recommendations to the full Board of Directors who are responsible to
approve the Plan. The Board of Directors of the Bank may amend the Plan at any time.

 

The Plan does
not constitute a contract of employment, and participation in the Plan does not give any employee the right to be retained by
the Bank or any right or claim to an award under the Plan unless specifically accrued under the terms of this Plan.

 

Any right of
a participant or his or her beneficiary to the payment of an award under this Plan may not be assigned, transferred, pledged or
encumbered.

 

    	5

     

    

 

Any adjustments
to the financial performance results utilized in this Plan because of extraordinary gains or losses or other items must be approved
by the Board of Directors.

 

VIII. Plan
Approval

 

This Plan has
been amended and approved by the Board of Directors of Juniata Valley Financial Corp on

 

	.	 
	 	 
	By	                        	 
	 	 
	Board
    of Directors	 
	Juniata
    Valley Financial Corp	 

 

    	6

     

    

 

Exhibit
A: Bank Performance Factors and Award Schedule

Plan
Year 2015

 

2016
Goals

 

	Performance Measures
 (Basic) Earnings Per Share (75%)
	 
	Threshold	 	 	Target	 	 	Optimum	 
	$	1.05	 	 	$	1.11	 	 	$	1.22	 
	 	 	 	 	 	 	 	 	 	 	 
	Return on Average Equity (25%)
	Threshold	 	 	Target	 	 	Optimum	 
	 	8.227	%	 	 	8.66	%	 	 	9.526	%

 

2016
Award Schedule

 

	 	 	President 
 & CEO	 	 	EVP/CFO	 	 	 	 	 	 	 
	 	 	Tier 1*	 	 	Tier 2*	 	 	Tier 3*	 	Tier 4	 	Tier 5
	Min	 	 	12.00	%	 	 	10.00	%	 	■	 	■	 	■
	Target	 	 	20.00	%	 	 	16.00	%	 	■	 	■	 	■
	Max	 	 	30.00	%	 	 	24.00	%	 	■	 	■	 	■

 

NOTE:
Awards will be interpolated for performance levels between threshold and target and target and maximum.

 

*Please
see additional notes for these Tiers:

 

Tier
4 ■ . 

 

Tier
3 ■ 

 

Tier
2 (Executive Vice President/Chief Financial Officer) – After the award is calculated according to the
financial performance factors, the President and Chief Executive Officer may increase or decrease the award up to 10%* (of the
calculated award amount) based on the participant’s individual performance for the year. 

 

Tier
1 (President and Chief Executive Officer) – After the award is calculated according to the financial performance
factors, the Board may increase or decrease the award up to 10% (of the calculated award amount) based on the participant’s
individual performance for the year. 

 

*All discretionary
adjustments within the 10% (of the calculated award amount) being made by the President and Chief Executive Officer will be reviewed
and approved by the Board of Directors. 

 

    	7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}]]