SEC Contract Filing

Filing Date: 2025-01-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>cicrichards.htm
<DESCRIPTION>CHANGE IN CONTROL AGREEMENT DATED 12-31-2024 - RICHARDS
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 <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">CHANGE IN CONTROL SEVERANCE AGREEMENT</div>
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 <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
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 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">This&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CHANGE IN
 CONTROL SEVERANCE</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">AGREEMENT</font> (this &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Agreement</u></font>&#8221;)
 is hereby entered into as of December 31, 2024<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> (</font>the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Effective Date</u></font>&#8221;),

 by and between&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FIRST CITIZENS COMMUNITY BANK&#160;</font> (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Bank</u></font>&#8221;),

 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CITIZENS FINANCIAL SERVICES, INC. </font>(the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Company</u></font>&#8221;), the
 holding company of the Bank, as guarantor, and David Z. Richards, Jr. (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Executive</u></font>&#8221;).</div>
 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">WHEREAS, </font>the

 Board of Directors of the Bank has determined that it is in the best interests of the Bank and the Company (i) to recognize the importance of Executive to the Bank&#8217;s operations, and (ii) in the event of a Change in Control (as defined in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Section </u>4</font>), to encourage Executive&#8217;s full attention and dedication to the Company and the Bank<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>and to protect Executive&#8217;s position with the Bank for the period provided for in this Agreement; and</div>
 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">WHEREAS, </font>Executive,

 the Bank, and the Company previously entered into that certain Change in Control Severance Agreement, dated as of December 9, 2017 (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Prior Agreement</u></font>&#8221;); and</div>
 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">WHEREAS, </font>Executive,

 the Bank, and the Company desire to enter into an agreement setting forth the updated terms and conditions of payments due to Executive in the event of a Change in Control and the related rights and obligations of each of the parties.</div>
 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NOW, THEREFORE,</font>&#160;in

 consideration of the mutual promises, covenants, representations and warranties herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed as follows:</div>
 <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" class="TRGRRTFtoHTMLTab">&#160;</font><font style="font-weight: bold; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><u>Term of Agreement.</u></font></div>
 <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">This Agreement shall commence on the Effective Date and shall terminate upon the earlier to occur of: (i) the
 date of Executive&#8217;s termination of employment (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Termination Date</u></font>&#8221;) with the Company or the Bank for any reason other than a Qualifying Termination (as
 defined in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Section </u>4</font>) whether prior to or following the consummation of a Change in Control, and (ii) the expiration of the Post-CIC Period (as defined in <font style="font-size