WELLSBORO, PA – Citizens & Northern Corporation (NASDAQ:CZNC), a state commercial bank headquartered in Pennsylvania, has awarded 20,000 shares of restricted stock to its President and Chief Executive Officer, J. Bradley Scovill. The grant was made on Monday as part of an amended and restated Employment Agreement dated May 22, 2024.
According to the Securities and Exchange Commission filing from today, the restricted stock will vest on April 30, 2027. However, the agreement includes a clause that allows for accelerated vesting of the shares if Scovill's employment is terminated by the Corporation or the Bank for any reason other than for Cause, or if he leaves for Good Reason, making the grant fully vested on the date of such termination.
The restricted stock agreement, detailed in Exhibit 10.1 of the filing, is part of the Corporation's compensatory arrangements for its officers. The filing did not disclose the specific terms for what constitutes Cause or Good Reason for termination, which are typically defined in the employment agreement.
This news is based on a press release statement.
InvestingPro Insights
Citizens & Northern Corporation (NASDAQ:CZNC), in light of the recent restricted stock grant to its CEO, J. Bradley Scovill, shows a stable financial outlook with a consistent dividend history and positive returns. An InvestingPro Tip highlights the company's impressive track record of maintaining dividend payments for 38 consecutive years, underscoring its commitment to shareholder returns. Additionally, recent performance data indicates strong returns over the last month and three months, with price total returns of 15.75% and 23.4%, respectively. These figures suggest that investors have been reacting positively to the company's recent activities and financial health.
The company's market capitalization stands at a robust $311.36M, and its price-to-earnings (P/E) ratio as of the last twelve months leading up to Q2 2024 is 13.48, reflecting a valuation that can be perceived as reasonable in the current market environment. The revenue growth for the same period is modest at 1.34%, showing steady financial performance. Moreover, the dividend yield as of the latest data is an attractive 5.48%, which may appeal to income-focused investors.
For those interested in a deeper dive into Citizens & Northern Corporation's financial health and future prospects, additional InvestingPro Tips can be found on the website, including predictions on profitability and further analysis of the company's gross profit margins.
With more InvestingPro Tips available, investors can gain a comprehensive understanding of CZNC's financial landscape and make more informed decisions. The insights provided by InvestingPro can be particularly valuable in assessing the significance of executive compensatory arrangements and their potential impact on the company's performance and stock value.
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