SEC Contract Filing

Filing Date: 2015-03-03

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v403474_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXHIBIT 10.1</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CITIZENS &amp; NORTHERN CORPORATION</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CITIZENS &amp; NORTHERN CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1995 STOCK INCENTIVE PLAN (As Amended)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RESTRICTED STOCK AGREEMENT</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">RESTRICTED STOCK AGREEMENT dated as of
the 2<SUP>nd</SUP> day of March, 2015, by and between Citizens &amp; Northern Corporation (the &quot;Corporation&quot;) and J.
Bradley Scovill, an employee of the Corporation or of a subsidiary (the &quot;Recipient&quot;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Citizens &amp; Northern
Corporation 1995 Stock Incentive Plan (the &quot;Plan&quot;), as amended, the Compensation Committee of the Board of Directors
(the &quot;Committee&quot;) has determined that the Recipient is to be granted, on the terms and conditions set forth herein, 5,174
Restricted Shares of the Corporation's common stock and hereby grants such Restricted Shares.</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><B>Number of Shares and Price</B>. Restricted Stock shall consist of 5,174 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.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B>Rights of Recipient</B>. Except as otherwise provided in the Plan or this 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 this 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 due to
forfeiture as set forth in section 5, all shares accrued by virtue of stock dividends shall be forfeited.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><B>Holding of Restricted Shares</B>. 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:</TD></TR></TABLE>

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