LINKBANCORP, Inc. appointed new CEO

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 

In connection with and effective upon completion of the Merger, and in accordance with the terms of the Merger Agreement, the Board of Directors of LINK (the “Board”) appointed Timothy J. Allison, William L. Jones, Samuel K. Kauffman, David H. Koppenhaver, Joseph C. Michetti, Jr., Kristen Snyder, Steven I. Tressler and Wesley M. Weymers (the “New Directors”) to the Board. 

The New Directors will each hold office until LINK's 2022 annual meeting of shareholders and will be nominated by the Board to stand for re-election at LINK's next three annual meetings of shareholders. 

LINK has banking and other transactions in the ordinary course of business with the New Directors and their affiliates, including members of their families or corporations, partnerships, or other organizations in which such directors have a controlling interest, on substantially the same terms (including price, or interest rates and collateral) as those prevailing at the time for comparable transactions with unrelated parties. Such transactions do not involve more than the normal risk of collectability or present other unfavorable features to LINK. 

As non-employee members of the Board, the New Directors will each be entitled to receive an annual retainer of $25,000, provided he or she attends at least seventy-five percent (75%) of all Board and applicable committee meetings. Mr. Michetti will receive an additional $5,000 annual retainer as Chairman of the Board and Messrs. Jones and Koppenhaver will each receive an additional $2,500 annual retainer as chairs of the Audit Committee and Nominating and Corporate Governance Committee, respectively. The New Directors will serve on the following committees, effective upon completion of the Merger: Messrs. Jones and Tressler and Ms. Snyder will serve on the Audit Committee, Messrs. Kauffman and Tressler will serve on the Compensation Committee, Messrs. Koppenhaver and Kauffman will serve on the Nominating and Corporate Governance Committee and Ms. Snyder will serve on the Enterprise Risk Committee. 

In connection with and effective upon completion of the Merger, and in accordance with the terms of the Merger Agreement, the Board also appointed Mr. Michetti to serve as Chairman of the Board and Andrew Samuel, LINK's Chief Executive Officer, to serve as Vice-Chairman of the Board.