Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
Effective February 21, 2023, Wesley M. Weymers retired from the Board of
Directors of LINKBANCORP, Inc. (the "Company") and from his position as
Executive Chairman of LINKBANK, the wholly subsidiary of the Company (the
"Bank"). Mr. Wesley did not cite any disagreements with the Company or the Bank
in connection with his retirement.
On February 21, 2023, the Company and the Bank entered into a Retirement
Separation Agreement (the "Agreement") with Mr. Weymers. Under the Agreement,
which supersedes and fully replaces his existing Employment Agreement, dated
December 10, 2020, Mr. Weymers will receive a lump sum payment of $620,500
subject to required tax withholding, payable within five (5) business days
following Mr. Weymers' retirement date, and a second lump sum payment of
$620,500, subject to required tax withholding, payable within five (5) business
days of the one-year anniversary of Mr. Weymers retirement date. In addition,
provided that he timely elects continued coverage under the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended ("COBRA"), Mr. Weymers will
receive continued health and welfare benefits through March 6, 2024, which
period shall run concurrently with the applicable COBRA period. In further
consideration of payments and benefits under the Agreement, Mr. Weymers has
agreed that for a period of twelve months he will remain available to provide
consulting services to the Company and the Bank and will be subject to a
three-year non-solicitation covenant and a three-year non-competition covenant.
The foregoing description of the Agreement does not purport to be complete and
is qualified in its entirety by reference to the Agreement, attached hereto as
Exhibit 10.1.
Item 9.01 Financial Statements and Exhibits
(a) Financial statements of businesses acquired. None.
(b) Pro forma financial information. None.
(c) Shell company transactions: None.
(d) Exhibits.
10.1 Retirement Separation Agreement for Wesley M. Weymers
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