- Current report filing (8-K)

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

Date of Report (Date of earliest event reported): August 6, 2010

Comm Bancorp, Inc.
(Exact name of registrant as specified in its charter)


Pennsylvania	0-17455	23-2242292
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)


125 North State Street, Clarks Summit, PA		18411
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (570) 586-0377

(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 1.01. Entry into a Material Definitive Agreement .

On July 27, 2010, Comm Bancorp, Inc. (the “Company) and its subsidiary, Community Bank & Trust Co. (the “Bank”), have entered into a Severance Compensation Agreement with Michael A. Narcavage, Vice President of Operations.

The Agreement provides for the following severance payments and benefits to Mr. Narcavage upon the termination of his employment subsequent to a change in control of the Company and the Bank under the circumstances described below:

•		Should termination occur without cause or with good reason following a change in control of the Company, the Bank shall pay to Mr. Narcavage, upon demand, an amount equal his full base salary plus year-to-date accrued vacation leave through the date of termination at the rate in effect on the date when the change in control of the Company occurs.

•		Should termination occur for cause or without good reason following a change in control of the Company, the Bank shall pay to Mr. Narcavage his full base salary plus year-to-date accrued vacation leave through the date of termination at the rate in effect on the date when the change in control of the Company occurs. The Company and the Bank shall have no further obligations to these parties under this Agreement.

The Agreement commences on the above date and continues in effect for one year until July 26, 2011. The Agreement provides for automatic one-year extensions commencing on each anniversary date unless either party gives notice that the Agreement shall not be extended at least 180 days prior to the anniversary date.

Item 9.01. Financial Statements and Exhibits.

c) Exhibits. The following materials are furnished as exhibits to this Current Report on Form 8-K:


Exhibit No.		Description
10.1		Severance Compensation Agreement Between Comm Bancorp, Inc. and its subsidiary, Community Bank & Trust Co. and Michael A. Narcavage.

SIGNATURE

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.


	Comm Bancorp, Inc. (Registrant)
Date: August 6, 2010	By:	/s/ Scott A. Seasock
		Scott A. Seasock
		Executive Vice President and Chief Financial Officer (Principal Financial Officer)

EXHIBIT INDEX


Exhibit Number		Description
10.1		Severance Compensation Agreement Between Comm Bancorp, Inc. and its subsidiary, Community Bank & Trust Co. and Michael A. Narcavage.