SEC Contract Filing

Filing Date: 2024-06-07

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>pbhc-ex10_1.htm
<DESCRIPTION>EX-10.1
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 <p style="margin-left:28.733%;text-indent:-0.158%;padding-left:0.067%;font-size:10pt;margin-top:4pt;font-family:Times New Roman;margin-bottom:4pt;margin-right:29.028%;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">PATHFINDER BANCORP, INC.</font></p>
 <p style="margin-left:28.733%;text-indent:-0.158%;padding-left:0.067%;font-size:10pt;margin-top:4pt;font-family:Times New Roman;margin-bottom:4pt;margin-right:29.028%;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">2024 EQUITY INCENTIVE PLAN</font></p>
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 <p style="margin-left:28.733%;text-indent:-0.158%;padding-left:0.067%;font-size:10pt;margin-top:4pt;font-family:Times New Roman;margin-bottom:4pt;margin-right:29.028%;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">ARTICLE 1 &#x2014; GENERAL</font></p>
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 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Section 1.1. </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Purpose, Effective Date and Term</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. The purpose of the Pathfinder Bancorp, Inc. 2024 Equity Incentive Plan (the &#x201c;</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Plan</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#x201d;) is to promote the long-term financial success of Pathfinder Bancorp, Inc. (the &#x201c;</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Company</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#x201d;), and its Subsidiaries, including Pathfinder Bank (the &#x201c;</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Bank</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#x201d;), by providing a means to attract, retain and reward individuals who contribute to that success and to further align their interests with those of the Company&#x2019;s shareholders through the ownership of additional shares of common stock of the Company and/or through compensation tied to the value of the Company&#x2019;s common stock. The &#x201c;</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Effective Date</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#x201d; of the Plan will be the date on which the Plan satisfies the applicable shareholder approval requirements. The Plan will remain in effect as long as Awards are outstanding; </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">provided, however, </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">that no Awards may be granted under the Plan after the day immediately before the ten-year anniversary date of the Effective Date. Upon shareholder approval of the Plan, no additional awards will be granted under Pathfinder Bancorp, Inc. 2016 Equity Incentive Plan, which shall remain in existence solely for the purpose of administering outstanding grants under that plan.</font></p>
 <p style="font-size:10pt;margin-top:1.15pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">&#160;</font></p>
 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Section 1.2. </font><font style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">Administration</font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">. The Plan will be administered by the Compensation Committee of the Board of Directors (the &#x201c;</font><font style="color:#000000;white-space:pre-wrap;text-decoration:underline;fo