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Change of Control Agreement

 

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Title:

Change of Control Agreement

Entities:

Codorus Valley Bancorp Inc.; PeoplesBank; Jann A. Weaver

Date:

2003

Size:

Preview shows 4KB of 13KB total

Price:

$34

ID:

#166565

 

 

► Employment ► Change of Control Agreements
► Financial ► Regional Banks

 

 

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                                  EXHIBIT 10.2

CHANGE OF CONTROL AGREEMENT - J. WEAVER

THIS CHANGE OF CONTROL AGREEMENT (hereinafter "Agreement") is made as of the 1st
day of October, 1997, between PeoplesBank, A Codorus Valley Company, a
Pennsylvania banking institution (the "Bank"), Codorus Valley Bancorp, Inc., a
Pennsylvania business corporation (the "Corporation") and Jann A. Weaver, an
adult individual (the "Executive").

WHEREAS, the Corporation employs the Executive as its Assistant Secretary and
Assistant Treasurer, and the Bank employs the Executive as its Senior Vice
President and Chief Financial Officer; and

WHEREAS, the Executive has provided valued service to the Corporation and the
Bank in the past; and

WHEREAS, in recognition of the valued past and present service of the Executive,
the Bank and the Corporation desire to provide incentive for continued valued
service and grants to the Executive the benefits set forth herein upon the
occurrence of a Change of Control (as defined herein); and

WHEREAS, the purpose of this Agreement is to define certain severance benefits
that will be paid by the Bank and the Corporation in the event of a Change of
Control (as defined herein). This Agreement is not intended to affect the terms
of the Executive's employment at will, in the absence of a Change of Control (as
defined herein) of the Bank and the Corporation. Accordingly, although this
Agreement will take effect upon Executive as a binding legal obligation of the
Bank and the Corporation, it will become operative only upon a Change in
Control, as that concept is defined below.

NOW THEREFORE, in consideration of the Executive's service to the Corporation
and the Bank and of the mutual covenants, undertakings and agreements set forth
herein and intending to be legally bound hereby, the parties agree as follows:

1. TERM The initial term of this Agreement shall be deemed to have
commenced on October 1, 1997, such that the initial term shall continue for a
period of fifteen (15) months until December 31, 1998. Each term thereafter
shall consist of a twelve (12) month period which shall begin on January 1, of
each year. On the initial renewal date of January 1, 1999, and on each
subsequent renewal date, this Agreement shall be automatically renewed for an
additional twelve (12) month term, unless the Corporation and/or the Bank
provide the Executive with written notice of non-renewal at least sixty (60)
days prior to any such renewal date. For example: (1) if the Corporation and/or
the Bank do not provide written notice of non-renewal at least sixty (60) days
prior to January 1, 1999, the Agreement will automatically renew for an
additional twelve (12) month period terminating on December 31, 1999; or (2) If
the Corporation and/or the Bank provide written notice of non-renewal on
November 1, 1998, which is at least sixty (60) days prior to January 1, 1999,
the Agreement will terminate on December 31, 1998.

2. DEFINITION OF CHANGE OF CONTROL. For purposes of this Agreement, the
term "Change of Control" shall mean: A change in control of a nature that would
be required to be reported in response to Item 6(e) of Schedule 14A of
Regulation 14A and any successor rule or regulation promulgated under the
Securities Exchange Act of 1934 (the "Exchange Act"); provided that, without
limitation, such a change in control shall be deemed to have occurred if (a) any

 

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