THIS AGREEMENT is made as of the 10th day of December 2020, among LINKBANCORP, Inc., a Pennsylvania Corporation (the Corporation), and The Gratz Bank, a Commonwealth of Pennsylvania chartered bank (the Bank), and Kevin W. Laudenslager, a Pennsylvania resident (Employee).
WHEREAS, the Corporation, LINKBANK, a Pennsylvania-chartered bank and wholly-owned subsidiary of the Corporation (LINKBANK), GNB Financial Services, Inc., a Pennsylvania corporation (GNB), and the Bank, a wholly-owned subsidiary of GNB, have entered into that certain Agreement and Plan of Merger, dated as of the date hereof (as amended, restated or otherwise modified from time to time, the Merger Agreement), pursuant to which, at the Effective Time (as that term is defined in the Merger Agreement), and subject to and upon the terms and conditions of the Merger Agreement, GNB will merge with and into the Corporation, with the Corporation surviving, and immediately thereafter, LINKBANK will merge with and into the Bank, with the Bank surviving;
WHEREAS, Employee is currently an employee of GNB and the Bank and is a party to that certain Employment Agreement with GNB and the Bank, dated as of November 28, 2018 (the Existing Agreement);
WHEREAS, the Corporation and the Bank desire to employ Employee as Senior Vice President, Market President, The Gratz Bank Region of the Bank, and Employee desires to serve as Senior Vice President, Market President, The Gratz Bank Region of the Bank;
WHEREAS, concurrently with the execution of the Merger Agreement, the Corporation, the Bank and Employee desire to enter into this Agreement; and
WHEREAS, the Corporation, the Bank and Employee by this Agreement shall declare as null and void the Existing Agreement.
NOW, THEREFORE, in consideration of the covenants hereinafter set forth, and intending to be legally bound hereby, the Parties agree, effective the date hereof, as follows:
1. Employment. The Bank and the Corporation hereby employ Employee and Employee hereby accepts employment with the Bank and the Corporation, under the terms and conditions set forth in this Agreement, effective from and after the Effective Time; provided, however, that in the event the Effective Time does not occur or the Merger Agreement is otherwise terminated, this Agreement shall thereupon become null and void.
2. Duties of Employee. Employee shall serve as the Senior Vice President, Market President, The Gratz Bank Region of the Bank. Employee shall have such other duties and hold such other titles, as may be provided by the bylaws of the Bank and the Corporation and as may be given to him from time to time by the Boards of Directors of the Bank and the Corporation (collectively, the Boards).