Evans Bancorp (EVBN) has provided an update.
Evans Bancorp, Inc. has updated its change in control agreements with two top executives, John B. Connerton and Kenneth D. Pawlak, removing non-competition clauses while maintaining non-solicitation rules and revising confidentiality terms and the definition of “good reason.” Additionally, the company has made changes to its Executive Incentive Retirement Plan, including the removal of non-competition restrictions and the deletion of references to two subsidiaries. These amendments, effective May 09, 2024, also allow for cash compensation in lieu of insurance benefits under certain conditions following a change in control.
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