Document:

Exhibit

 Exhibit 10.8(c)
UPS LONG-TERM INCENTIVE PERFORMANCE PROGRAM
Amended and Restated Terms and Conditions 

Approved November 8, 2018
		
	1.
	Establishment, Objectives and Duration. 

		
	1.1
	Establishment of the Program and Effective Date. The Compensation Committee of the Board of Directors of United Parcel Service, Inc. (“Committee”) hereby amends and restates this Long-Term Incentive Performance Program (“LTIP”) adopted effective as of January 1, 2006, to provide for Awards in the form of Restricted Performance Units (“Units”) pursuant to the United Parcel Service, Inc. 2018 Omnibus Incentive Compensation Plan, as amended from time to time (“ICP”). This document sets forth the rules under which LTIP Awards shall be made and administered.  Unless otherwise defined in this document, capitalized terms shall have the meanings set forth in the ICP.  

These amended and restated LTIP Terms and Conditions shall be effective for any LTIP awards made on or after January 1, 2019 (“LTIP Effective Date”).
		
	1.2
	Objectives of the LTIP.  The objectives of LTIP are to align incentive pay with long-term performance.  The LTIP also aligns the interests of UPS employees and shareowners by strengthening the link between key business objectives and incentive compensation.

		
	1.3
	Duration of the Program.  The LTIP shall commence on the LTIP Effective Date and shall remain in effect, subject to the right of the Committee to amend or terminate the LTIP at any time pursuant to Section 7.6 hereof.

		
	2.
	Administration.

		
	2.1
	Authority of the Committee.  The LTIP will be administered by the Committee, which shall have the same power and authority to administer the LTIP as it does to administer the ICP. 

		
	2.2
	Decisions Binding.  All decisions of the Committee shall be final, conclusive and binding on all persons, including the Company, its stockholders, any employee, and their estates and beneficiaries.

		
	3.
	Eligibility for Awards. You are eligible to receive an Award if you are an Employee who is classified at the region staff manager level or another level having equivalent or greater 

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responsibilities and satisfy such other eligibility criteria as may be developed from time to time by the UPS Salary Committee. Your target Award is based on (1) the product of (A) your Target LTIP Award Percentage on Exhibit A and (B) your monthly salary as of the grant date multiplied by 12, divided by (2) the Fair Market Value of a Share on the grant date, rounded up to the nearest whole number of Units.
		
	4.
	Acceptance. You must expressly accept the terms and conditions of your Award.  To accept, log on to Merrill Lynch Benefits Online at www.benefits.ml.com, select Equity Plan > Grant Information > Pending Acceptance.  If you do not accept your Units in the manner instructed by the Company, your Units may be subject to cancellation. If you do not wish to receive this Award, then you understand that you must reject the Units by contacting Investor Services (investorsvcs@ups.com or (404) 828-8807) no later than 90 days following the date of grant specified below (the “Date of Grant”), in which case the Units will be cancelled.

		
	5.
	Performance Metrics. The final number of Units earned is based upon the Company’s (a) consolidated revenue growth, (b) operating return on invested capital and (c) total shareholder return relative to a group of its peer companies.

Performance and payout are determined independently for each metric.  The final overall Award is the sum of the following three elements, as described below:
	
							
	Revenue Growth Payout %
x 1/3
	+
	Return on Invested
Capital Payout % x 1/3
	+
	Relative TSR Payout %
x 1/3
	=
	 Final Award
Payout %

		
	5.1
	Growth in Consolidated Revenue. Growth in consolidated revenue measures the Company’s long-term success in growing our business as compared with the targets adopted at the beginning of the Performance Period. On the Grant Date, the Committee will approve an average consolidated projected revenue growth target for the Performance Period, which will be derived from the Company’s plans (the target is the projected average annual revenue growth percentage of the three years of the Performance Period). Following the completion of the Performance Period, the Committee will certify the actual revenue growth and the performance result compared to the target (each year’s growth percentage will be compared to the target and assigned a payout percentage; the average of the three payout percentages will be the final performance result). At the end of the Performance Period, the Committee will certify the final revenue payout percentage for the grant.

		
	5.2
	Operating Return on Invested Capital. Consolidated operating return on invested capital (“ROIC”) measures the Company’s ability to generate the highest long-term returns on its capital allocation decisions. On the Grant Date, the Committee will approve a ROIC target for the Performance Period, which will be 

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derived from the Company’s plans (the target is the average of each of the three years projected operating ROIC). Following the completion of the Performance Period, the Committee will certify the actual operating ROIC and the comparison of actual operating ROIC with the target.
		
	5.3
	Relative Total Shareholder Return.  Relative Total Shareowner Return (“RTSR”) represents the total return on the Company’s common stock to an investor (stock price appreciation plus dividends), as compared with a group of other companies. Companies must be publicly traded at both the beginning and end of the Performance Period to be included in the peer group. Following the completion of the Performance Period, the Committee will certify the actual RTSR for the Performance Period and the actual RTSR as compared to the target.

For this purpose, TSR is determined as follows:
	
		
	TSR =

	Ending Average       –        Beginning Average

	Beginning Average

Beginning Average: average NYSE closing price of the Stock over the 20 trading days immediately prior to the Grant Date for awards made during the first Performance Period, and the average NYSE closing price of the Stock over the 20 trading days immediately prior to the beginning of the Performance Period thereafter.
Ending Average: average NYSE closing price of the Stock over the last 20 trading days of the Performance Period, accounting for compounding Dividends Paid.
Dividends Paid: total of all dividends paid on one share of Stock during the Performance Period, provided that the record date occurs after the Grant Date and during the Performance Period, and provided further that dividends shall be treated as though they are reinvested on day of payment based on closing price of the Stock on that day.
The Company’s percentile rank in TSR against its peer companies is translated into a percentage (of target) payout for 1/3 of the Award. Notwithstanding the Company’s percentile rank in TSR against its peer companies, in the event that the Company’s TSR is negative, you will receive no more than the target award for the TSR portion of the Award.
		
	5.4
	Adjustments. In determining attainment of performance goals, the Committee will have discretion to exclude the effect of unusual or infrequently occurring items, charges for restructurings (employee severance liabilities, asset impairment costs, and exit costs), discontinued operations, extraordinary items and the cumulative effect of changes in accounting treatment, and may determine to exclude the effect of other items, each determined in accordance with GAAP (to 

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the extent applicable) and as identified in the financial statements, notes to the financial statement or discussion and analysis of management.  
		
	6.
	Payment of Award. 

		
	6.1
	Vesting Terms. You may not sell, gift, or otherwise transfer or dispose of any of the Units. If you remain an active employee through the last business day of the Performance Period, the number of Units that have vested as of the end of the Performance Period, if any, will be based on the achievement of the Performance Metrics. Except as set forth below, if you terminate employment after the Date of Grant but prior to the last business day of the Performance Period, unvested Units will be forfeited. 

		
	6.2
	Terms of Award. Units will be forfeited as of the date on which you terminate employment except as approved by the Committee or as follows. Shares attributable to vested Units shall be transferred to you (or your estate in the event of death) at the following time: 

 
		
	(a)
	If you are employed on the last business day of the Performance Period, during the next calendar quarter; 

		
	(b)
	If you are an active employee for six continuous months from the beginning of the Performance Period and your employment terminates prior to the last business day of the Performance Period as a result of death, your estate will receive a prorated number of units (calculated at target based on the number of months worked during the Performance Period) no later than 90 days after the date of your death; and 

		
	(c)
	If you are an active employee for six continuous months from the beginning of the Performance Period and your employment terminates prior to the last business day of the Performance Period as a result of disability or retirement, Shares attributable to a prorated number of your vested Units (based on actual results and the number of months worked during the Performance Period) will be transferred to you during the calendar quarter following the end of the Performance Period as if you had continued to be employed by the Company through the last business day of the Performance Period.  

		
	(d)
	If you are an active employee for six continuous months from the beginning of the Performance Period and, prior to the end of the Performance Period you were demoted to a position that would have been ineligible to receive an LTIP award, Shares attributable to a prorated number of your vested Units (based on actual results and the number of months worked during the Performance Period) will be transferred to you during the calendar quarter following the end of the Performance Period.

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	6.3
	Proration in the Event of Death, Disability, Retirement and Demotion. A prorated number of Units will be paid in the event of death, disability and Retirement if you remain employed for six continuous months from the beginning of the Performance Period. If, prior to the end of the Performance Period, you are demoted to a position that would have been ineligible to receive an LTIP award, a prorated number of Units will be paid if you were eligible for an award for six continuous months from the beginning of the Performance Period.

Retirement is defined as (a) the attainment of age 55 with a minimum of 10 years of continuous employment accompanied by the cessation of employment with the Company and all Subsidiaries, (b) the attainment of age 60 with a minimum of 5 years of continuous employment accompanied by the cessation of employment with the Company and all Subsidiaries, or (c) “retirement” as determined by the Committee in its sole discretion.

		
	6.4
	Repayment. If an Award has been paid to an Executive Participant or to his or her spouse or beneficiary, and the Committee later determines that financial results used to determine the amount of that Award are materially restated and that the Executive Participant engaged in fraud or intentional misconduct, the Company will seek repayment or recovery of the Award, as appropriate, notwithstanding any contrary provision of the ICP. In addition, any benefits you may receive hereunder shall be subject to repayment or forfeiture as may be required to comply with the requirements of the U.S. Securities and Exchange Commission or any applicable law, including the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or any securities exchange on which the Stock is traded, as may be in effect from time to time.

		
	6.5
	Withholding. Awards shall be reduced for applicable taxes or you will be required to remit taxes to the Company in accordance with the terms of the ICP.

		
	6.6
	Dividend Equivalents. Dividends payable on the total number of shares represented by your Units (including whole and fractional Units) will be allocated to your account in the form of dividend equivalent units (“DEUs”) (whole and fractional). DEUs will be allocated to your account each time dividends are paid by (i) multiplying the cash (or stock) dividend paid per share of the Company’s class A common stock by the number of outstanding Units (and previously credited DEUs) prior to adjustment for the dividend, and (ii) dividing the product by the New York Stock Exchange closing price of the Company’s class B common stock on the day the dividend is declared, provided that the record date occurs after the Grant Date. DEUs will be subject to the same vesting conditions as the underlying Award.

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	7.
	Miscellaneous.

		
	7.1
	Awards Subject to the Terms of the ICP.  LTIP Awards are subject to the terms of the ICP.

		
	7.2
	Section 409A. Each Award is intended either to be exempt from Section 409A or to comply with Section 409A. To the extent that benefits provided under an Award constitute deferred compensation for purposes of Section 409A and to the extent that deferred compensation is payable upon a “separation from service” as defined in Section 409A, no amount of deferred compensation shall be paid or transferred to you as a result of your separation from service until the date which is the earlier of (i) the first day of the seventh month after your separation from service or (ii)  the date of your death (the “Delay Period”).  All amounts subject to the Delay Period shall be transferred to you promptly after the Delay Period.

		
	7.3
	Severability. The provisions of this LTIP are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

		
	7.4
	Waiver. You acknowledge that a waiver by the Company of breach of any provision of this LTIP shall not operate or be construed as a waiver of any other provision of this LTIP, or of any subsequent breach by you or any other participant.

		
	7.5
	Imposition of Other Requirements. The Committee reserves the right to impose other requirements on your participation in the LTIP, on the Units and on any shares of Stock acquired under the ICP, to the extent the Committee determines it is necessary or advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

		
	7.6
	Amendment and Termination. The Committee may amend, alter, suspend or terminate the LTIP and any Award at any time subject to the terms of the ICP.  Any such amendment shall be in writing signed by a majority of the members of the Committee. The UPS Salary Committee may make administrative amendments to the LTIP from time to time; provided, however, that any such amendment shall be reviewed with the Committee and kept with the records of the LTIP.

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Exhibit A

Long-Term Incentive Performance Program

	
		
	CLASSIFICATION
As of LTIP Grant Date of the Plan Year for which the award is made.
	TARGET LTIP AWARD PERCENTAGE

	Chief Executive Officer
	700%

	Chief Operating Officer
	575%

	Chief Financial Officer
	450%

	Chief Transformation Officer
	450%

	Management Committee Members
	350%

	Region Managers
	200%

	District Managers
	100%

	Region Staff Managers
	50%

7EXHIBIT 10.1

 

 

 

CITIZENS
& NORTHERN CORPORATION

1995 STOCK
INCENTIVE PLAN (As Amended)

 

PERFORMANCE-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, up to one-third of the total shares
will be distributed based on the Corporation’s attainment of earnings-based performance standards, based on the following
criteria:

 

		·	Release of 50% (one-sixth of the total shares awarded) each year will be based on the Corporation achieving a percent ranking
of at least 50% of the Return on Average Equity (ROAE) achieved by a defined peer group of bank holding companies, herein defined,
for the prior calendar year.

		·	Release of 50% (one-sixth of the total shares awarded) each year will be based on the Corporation achieving a percent ranking
of at least 80% of the Return on Average Assets (ROAA) achieved by a defined peer group of bank holding companies for the prior
calendar year.

 

The peer group consists of all publicly traded Commercial
Banks and Thrifts headquartered in New Jersey, New York, Ohio and Pennsylvania with total assets of $750 million to $3.5 billion
as of the end of the calendar year prior to the Award Date.

 

     

     

    

 

The Committee reserves the right to change the composition
of the peer group, as well as the method of evaluating the Corporation’s earnings performance as compared to the peer group,
based on mergers or acquisitions involving members of the peer group, changes in size of the Corporation or members of the peer
group, or other factors deemed appropriate by the Committee.

 

All Restricted Shares not distributed due to the Corporation
failing to achieve the defined earnings-based performance standards 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.
	 	 	 
	 	 	 
	 	 	Recipient

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