UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| 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 | |
| 104 | Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| LINKBANCORP, INC. | ||||||
| DATE: February 22, 2023 | By: | /s/ Carl D. Lundblad | ||||
| Carl D. Lundblad | ||||||
| President | ||||||