Penns Woods Bancorp (PWOD) has provided an announcement.
Penns Woods Bancorp, Inc. has amended its Employment Agreement with CEO Richard A. Grafmyre, introducing significant changes such as the elimination of unused time-off payments, a reduced annual base salary, and a capped bonus potential. Additionally, the company has updated its annual incentive bonus plan metrics to align with industry standards and shareholder feedback, focusing on financial performance indicators like return on equity and asset growth, while continuing to prioritize tangible book value and credit quality.
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