Document:

EXHIBIT 10.2

 

 

 

CITIZENS
& NORTHERN CORPORATION

1995 STOCK
INCENTIVE PLAN (As Amended)

 

TIME-BASED
RESTRICTED STOCK AGREEMENT

 

RESTRICTED STOCK AGREEMENT dated as of the 17th day
of January, 2019, by and between Citizens & Northern Corporation (the "Corporation") and _____________an employee of the Corporation
or of a subsidiary (the "Recipient").

 

Pursuant to the Citizens & Northern Corporation 1995
Stock Incentive Plan (the "Plan"), as amended, the Compensation Committee of the Board of Directors (the
"Committee") has determined that the Recipient is to be granted, on the terms and conditions set forth herein,
______ Restricted Shares of the Corporation's common stock and hereby grants such Restricted Shares.

 

		1.	Number of Shares and Price. Restricted Stock shall consist of shares of Stock that will be acquired by and issued to
the Recipient at a designated time approved by the board of directors, for no purchase price, and under and subject to such transfer,
forfeiture and other restrictions, conditions or terms as shall be determined by the Committee, including but not limited to prohibitions
against transfer and substantial risks of forfeiture within the meaning of Section 83 of the Code.

 

		2.	Rights of Recipient. Except as otherwise provided in the Plan or the Restricted Stock Agreement, a Recipient of shares
of Restricted Stock shall have all the rights as does a holder of Stock, including without limitation the right to vote such shares
and receive dividends with respect thereto; however, during the time period of any restrictions, conditions or terms applicable
to such Restricted Stock, the shares thereof and the right to vote the same and receive dividends thereon shall not be sold, assigned,
transferred, exchanged, pledged, hypothecated, encumbered or otherwise disposed of except as permitted by the Plan or the Restricted
Stock Agreement. Cash dividends shall be paid out and shall not participate in Dividend Reinvestment. Stock dividends resulting
in whole shares shall be added to the shares held in the Restricted Account and shall be distributed to the Recipient with subsequent
distributions of any Award for which they accrued. Partial shares that result from any stock dividend shall be paid to the Recipient
in cash at the time of the payment of the stock dividend. If the Restricted Shares expire prior to the satisfaction of performance
standards set forth in section 4 or due to forfeiture as set forth in section 5, all shares accrued by virtue of stock dividends
shall be forfeited.

 

		3.	Holding of Restricted Shares.  Each certificate for shares of Restricted Stock shall be deposited with the Secretary
of the Corporation, or the office thereof, and shall bear a legend in substantially the following form and content:

 

This Certificate and the
shares of Stock hereby represented are subject to the provisions of the Corporation’s Stock Incentive Plan and a certain
agreement entered into between the owner and the Corporation pursuant to said Plan. The release of the Certificate and the shares
of Stock hereby represented from such provision shall occur only as provided by said Plan and Agreement, a copy of which are on
file in the office of the Secretary of the Corporation.

 

Upon the lapse or satisfaction
of the restrictions, conditions and terms applicable to such Restricted Stock, a certificate for the shares of Stock without such
legend shall be issued to the Recipient.

 

		4.	Release and Lapse of Restricted Shares. The release of restrictions or expiration of restricted shares awarded under
this agreement shall occur over a period of three years. On each anniversary date of this award, one-third of the total shares
will be distributed on the anniversary date of this award based on the Recipient’s satisfactory performance of his or her
job. All Restricted Shares not distributed due to the Recipient’s unsatisfactory performance of his or her job shall expire
and revert back to the Corporation as of the anniversary date on which such determinations are made. No partial shares may be released,
thus an amount equal to the next whole share amount will be released subject to the specified performance criteria at each anniversary.
The shares released may be in certificate form, or may be directed to be held in a custodial account designated by the Recipient.

 

		5.	Terms of Forfeiture. If a Recipient’s employment with the Corporation, or a subsidiary, ceases for any reason
prior to the lapse of the restrictions, conditions or terms applicable to his or her Restricted Stock, all of the Recipient’s
Restricted Stock still subject to unexpired restrictions, conditions or terms shall be forfeited absolutely by the Recipient to
the Corporation without payment or delivery of any consideration or other thing of value by the Corporation or its affiliates,
and thereupon and thereafter neither the Recipient nor his or her heirs, personal or legal representatives, successors, assigns,
beneficiaries, or any claimants under the Recipient’s Last Will or laws of descent and distribution, shall have any rights
or claims to or interests in the forfeited Restricted Stock or any certificates representing shares thereof, or claims against
the Corporation or its affiliates with respect thereto. Except in the case of disability, employment ceases with the Corporation,
or its Subsidiary, on the day the Recipient’s employment is terminated with or without cause, or on their date of death.
In the event of disability, the Recipient’s employment is considered terminated on the date for which the Recipient receives
the final payment of the Corporation’s, or Subsidiary’s, short-term disability.

 

     

     

    

 

		6.	Non-Transferability of Restricted Stock. The Restricted Stock and this Restricted Stock Agreement shall not
be transferable.

 

		7.	Change in Control. If any of the change in control events described in Section 11 of the Plan occur, all shares of Restricted
Stock shall fully vest and all restrictions on the shares of Restricted Stock shall lapse as follows: In the case of an event specified
in clause (a) of the second sentence of the third paragraph of Section 11, the lapse of all restrictions on the shares of Restricted
Stock shall occur immediately prior to the consummation of the described transaction and, in the case of an event specified in
clause (b) or (c) of said sentence, the full vesting and lapse of restrictions shall occur upon occurrence of the described event.

 

		8.	Notices. Any notice required or permitted under this Restricted Stock Agreement shall be deemed given when delivered
personally, or when deposited in a United States Post Office, postage prepaid, addressed, as appropriate, to the Recipient either
at his or her address herein above set forth or such other address as he or she may designate in writing to the Corporation.

 

		9.	Failure to Enforce Not a Waiver. The failure of the Corporation to enforce at any time any provision of this Restricted
Stock Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.

 

		10.	Governing Law. This Restricted Stock Agreement shall be governed by and construed according to the laws of the State
of Pennsylvania.

 

		11.	Incorporation of Plan. The Plan is hereby incorporated by reference and made a part hereof, and the Restricted Stock
and this Restricted Stock Agreement are subject to all terms and conditions of the Plan.

 

		12.	Amendments. This Restricted Stock Agreement may be amended or modified at any time by an instrument in writing signed
by the parties hereto.

 

IN WITNESS WHEREOF, the parties have executed this Restricted
Stock Agreement on the day and year first above written.

 

	 	By	 
	 	 	 
	 	 	J. Bradley Scovill - President & CEO
	 	 	 
	 	The undersigned hereby accepts and agrees to all the terms and provisions of the foregoing Restricted Stock Agreement and to all the terms and provisions of the Citizens & Northern Corporation 1995 Stock Incentive Plan herein incorporated by reference.
	 	 	 
	 	 	 
	 	 	RecipientEXHIBIT 10.3

 

CITIZENS & NORTHERN CORPORATION

INDEPENDENT DIRECTORS STOCK INCENTIVE
PLAN

RESTRICTED STOCK AGREEMENT

 

A total of Seven
Hundred Sixty Two (762) shares of RESTRICTED common STOCK, par value $1.00, of Citizens
& Northern Corporation, a Pennsylvania business corporation (herein the “Corporation”) is hereby awarded as of
January 3, 2019 to                                 
(herein the “Director”), subject in all respects to the terms and provisions of the Citizens & Northern Corporation
Independent Directors Stock Incentive Plan (herein the “Plan”), dated April 17, 2001 and amended April 15, 2008 and
December 20, 2018, and is incorporated herein by reference.

 

These shares cannot
be sold, exchanged, transferred, pledged or otherwise disposed of, except in accordance with the Plan. These transferability restrictions
will lapse on January 3, 2020, except as provided for in the Plan or described in the following section of this Agreement titled
“Change in Control.”

 

CHANGE IN CONTROL

 

All Awards
of Restricted Stock issued under the Plan which have not fully vested (i.e., continue to have restrictions that have not lapsed)
shall automatically fully vest (i.e., all restrictions shall lapse) upon a change in control event as follows: (a) If the Corporation
or its stockholders execute an agreement to dispose of all or substantially all of the Corporation’s assets or capital stock
by means of sale, merger, consolidation, reorganization, liquidation or otherwise, as a result of which the Corporation’s
stockholders as of immediately before such transaction will not own at least fifty percent (50%) of the total combined voting power
of all classes of voting capital stock of the surviving entity (be it the Corporation or otherwise), the full lapse of any restrictions
on shares of Restricted Stock shall occur immediately prior to the consummation of such transaction; (b) if there is an actual,
attempted or threatened change in the ownership of at least twenty-five percent (25%) of all classes of voting capital stock of
the Corporation through the acquisition of, or an offer to acquire such percentage of the Corporation’s voting capital stock
by any person or entity, or persons or entities acting in concert or as a group, and such acquisition or offer has not been duly
approved by the Board; or (c) if during any period of two (2) consecutive years, the individuals who at the beginning of such period
constituted the Board, cease for any reason to constitute at least a majority of the Board, unless the election of each director
of the Board, who was not a director of the Board at the beginning of such period, was approved by a vote of at least two-thirds
of the directors then still in office who were directors at the beginning of such period, thereupon (upon the occurrence of the
events described in clause (b) or (c)), the full vesting and lapse of any restrictions on shares of Restricted Stock shall occur.

 

	Dated:  January 3, 2019	 	 
	 	 	CITIZENS & NORTHERN CORPORATION
	 	 	 
	 	 	BY	
	ATTEST:	 	J. Bradley Scovill - President & CEO
	 	 	 
		 	 
	Kimberly N. Battin, Corporate Secretary	 	 

 

The Director acknowledges receipt of a
copy of the Plan, and represents that he or she is familiar with the terms and provisions thereof. The Director hereby accepts
this Award subject to all the terms and provisions of the Plan.

 

	Dated: 	 	 	 	 
	 	 	Director

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