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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
July 02, 2007
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Date of Report
(Date of earliest event reported)
Dimeco, Inc.
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(Exact name of registrant as specified in its Charter)
Pennsylvania 0-49639 23-2250152
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(State or other jurisdiction (SEC Commission (IRS Employer
of incorporation) File No.) Identification Number)
820 Church Street
Honesdale, Pennsylvania 18431
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (570) 253-1970
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Not Applicable
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(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:
[ ] Written communications pursuant to Rule 425 under the Securities Act
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act
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DIMECO, INC.
INFORMATION TO BE INCLUDED IN REPORT
Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
Effective January 1, 2007, the Registrant has amended and restated the
Salary Continuation Plans for its named executive officers:
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Name Title Annual Benefit
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Gary C. Beilman President and Chief Executive Officer $ 111,000
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Maureen H. Beilman Chief Financial Officer $ 62,000
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Peter Bochnovich Senior Vice President $ 89,000
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Under the amended and restated program, each participant is eligible to receive
a benefit for a period of fifteen years following retirement after age 65.
Benefits become fully earned upon death. Upon termination prior to retirement at
age 65, disability or a change in control of the Company, a reduced benefit will
be payable to the Participant. The plans have been revised to update the
benefits levels and to revise the plans in accordance with requirements of
Section 409A of the Internal Revenue Code.
A form of such Salary Continuation Plan as an amendment and restatement of the
form previously filed as Exhibit 10.3 to the Annual Report on Form 10-K for the
Registrant is included as Exhibit 10.3 to this filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
10.3 Form of Salary Continuation Plan for Executive Officers, as
amended and restated.
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.
DIMECO, INC.
Date: July, 2, 2007 By: /s/ Maureen H. Beilman
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Maureen H. Beilman
Chief Financial Officer