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Penns Woods, unit enter amendment to CEO's employment agreement

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Penns Woods, unit enter amendment to CEO's employment agreement

Williamsport, Pa.-based Penns Woods Bancorp Inc. and unit Jersey Shore State Bank entered into an amendment with Richard Grafmyre, CEO of the company and the bank, regarding Grafmyre's employment agreement.

According to the amendment, Grafmyre will serve as CEO of the company and the bank for an extended period through April 30, 2021, with automatic annual renewals of the full-time employment period thereafter unless either party gives written notice of nonrenewal of the employment agreement at least 90 days in advance of the automatic renewal date.

Upon expiration of the full-time employment period, Grafmyre will continue for a period of three years as a senior executive officer of Penns Woods and Jersey Shore State Bank in roles designated by the boards of both entities.