Attached files
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EX-10.1 - QNB CORP | v169854_ex10-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
December
21, 2009
Date of
Report (Date of earliest event reported)
QNB
Corp.
(Exact
name of registrant as specified in its charter)
Pennsylvania
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0-17706
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23-2318082
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(State
or other jurisdiction of
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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incorporation
or organization)
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15
North Third Street, Quakertown, PA
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18951-9005
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code: (215)
538-5600
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4 (c))
Item 5.02
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Departure
of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain
Officers.
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In
connection with the departure on November 23, 2009 of Robert C. Werner, formerly
Vice President of QNB Corp. (the “Company”) and Executive Vice President and
Chief Operating Officer of QNB Bank (the “Bank”), the Company, the Bank, and Mr.
Werner entered into a separation agreement (the “Agreement”) dated as
of December 21, 2009. Under the Agreement, the Company
will pay Mr. Werner a total severance amount of $101,543.52, in three
installments of $16,923,92 on each of January 1, 2010, January 23, 2010, and
February 23, 2010, and a final installment of $50,771.76 on or by March 12,
2010, and maintain Mr. Werner’s coverage under the Company’s medical benefit
plan for a period of six months. The Agreement contains a
non-solicitation provision relating to customers or employees of the Company or
the Bank for a period of one year, and includes a mutual release of
claims.
A copy of
the Agreement is attached hereto as Exhibit 10.1 and incorporated by reference
herein. The foregoing description of the Agreement is qualified in
its entirety by reference to Exhibit 10.1.
Item 9.01 Financial Statements and
Exhibits
The
following exhibits are filed herewith:
Exhibit No.
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Description
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10.1
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Consulting
and Separation Agreement, dated as of December 21, 2009 between QNB Corp.,
QNB Bank and Robert C.
Werner
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
QNB
Corp.
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Dated:
December 23, 2009
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By:
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/s/ Thomas
J. Bisko
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Thomas
J. Bisko
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President
and Chief Executive
Officer
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