Third Amendment to Juniata Valley Bank and Juniata Valley Financial Corp. Directors’ Deferred Compensation Plan
This amendment updates the Directors’ Deferred Compensation Plan for Juniata Valley Bank and Juniata Valley Financial Corp., effective January 1, 2022. It clarifies that if a director participating in the plan does not designate a beneficiary for death benefits, the benefits will go to the participant’s spouse, or if there is no spouse, to the participant’s estate. All other terms of the plan remain unchanged. The amendment is signed by authorized representatives of both companies.
Exhibit 10.1
THIRD AMENDMENT
TO THE
JUNIATA VALLEY BANK
AND
JUNIATA VALLEY FINANCIAL CORP.
DIRECTORS’ DEFERRED COMPENSATION PLAN
This Third Amendment to the Juniata Valley Bank and Juniata Valley Financial Corp. Directors’ Deferred Compensation Plan (the “Plan”) is made this 19th day of April, 2022.
WITNESSETH:
WHEREAS, Juniata Valley Bank and Juniata Valley Financial Corp. (the “Sponsors”) adopted the Plan effective January 1, 1999, for the benefit of individuals serving on their Boards of Directors; and
The Plan is hereby amended, effective January 1, 2022, as set forth below:
Section IX(a) of the Plan is amended by addition of the following language at the end thereof:
Notwithstanding the foregoing, if a Participant does not designate a Beneficiary to receive the death benefits under the Plan, distribution will be made to the Participant’s spouse, if there should be no spouse, distribution will be made to the estate of the Participant.
In all other respects, the terms of the Plan shall continue in full force and effect.
THIS SPACE INTENTIONALLY RESERVED
SIGNATURE PAGE FOLLOWS
9508534.1
IN WITNESS WHEREOF, the Sponsors have caused this Amendment to be executed as of the date first set forth above.
JUNIATA VALLEY BANK
/s/ Danyelle Pannebaker By: /s/ Marcie A. Barber
Witness Title: President and CEO
JUNIATA VALLEY FINANCIAL CORP.
/s/ Danyelle Pannebaker By: /s/ JoAnn McMinn
Witness Title: EVP and CFO
April 19, 2022
Date
HTB ###-###-####-1/4/21/20222
9508534.1
