Maryland Executive Change in Control Agreement for The First National Bank of Litchfield

• Category: Corporations - Public
• State: Multi-State
• Control #: US-EG-9378
• Format: Word; Rich Text

Description

Executive Change in Control Agreement between the First National Bank of Litchfield, First Litchfield Financial Corporation and Jerome J. Whalen as President of First National Bank of Litchfield and First Litchfield Financial Corporation (Not to be The Maryland Executive Change in Control Agreement is a legal contract specifically designed for executives at The First National Bank of Litchfield, located in Maryland. This agreement outlines the terms and conditions that govern the executive's employment in the event of a change in control within the company. Under this agreement, the executive is entitled to certain benefits and protections in case of a change in ownership, merger, acquisition, or other significant corporate events that might impact their position. The purpose of this agreement is to provide a sense of stability and security for the executives during these transitional periods. Some of the notable provisions that may be included in the Maryland Executive Change in Control Agreement for The First National Bank of Litchfield are: 1. Severance Benefits: The agreement might outline the severance package that the executive would receive if their employment is terminated within a specific period following a change in control. This usually includes a lump sum payment, continuation of certain benefits, and other perks. 2. Equity Awards: If the executive holds any equity awards, such as stock options or restricted stock units, the agreement may detail how these awards would be treated in the event of a change in control. This could include accelerated vesting or cash-out provisions. 3. Continuation of Employment: The agreement might specify the period of time, often referred to as the "change in control protection period," during which the executive's employment will be guaranteed, unless they voluntarily resign or are terminated for cause. 4. Change in Duties or Compensation: The agreement may address how the executive's job responsibilities or compensation might change following a change in control. It could guarantee a minimum level of compensation or outline the process for negotiating a new employment contract post-change. Other types of Maryland Executive Change in Control Agreements for The First National Bank of Litchfield may include variations tailored to different executive roles or levels within the organization. For instance, there might be a specific agreement for the CEO, another for the CFO, and so on. Each agreement would reflect the individual responsibilities, compensation packages, and unique circumstances of the executives it covers. In conclusion, the Maryland Executive Change in Control Agreement for The First National Bank of Litchfield provides essential protection to executives in the event of significant corporate changes. It outlines the terms and benefits they are entitled to, ensuring a fair and smooth transition during times of uncertainty in the organization's ownership or structure.

The Maryland Executive Change in Control Agreement is a legal contract specifically designed for executives at The First National Bank of Litchfield, located in Maryland. This agreement outlines the terms and conditions that govern the executive's employment in the event of a change in control within the company. Under this agreement, the executive is entitled to certain benefits and protections in case of a change in ownership, merger, acquisition, or other significant corporate events that might impact their position. The purpose of this agreement is to provide a sense of stability and security for the executives during these transitional periods. Some of the notable provisions that may be included in the Maryland Executive Change in Control Agreement for The First National Bank of Litchfield are: 1. Severance Benefits: The agreement might outline the severance package that the executive would receive if their employment is terminated within a specific period following a change in control. This usually includes a lump sum payment, continuation of certain benefits, and other perks. 2. Equity Awards: If the executive holds any equity awards, such as stock options or restricted stock units, the agreement may detail how these awards would be treated in the event of a change in control. This could include accelerated vesting or cash-out provisions. 3. Continuation of Employment: The agreement might specify the period of time, often referred to as the "change in control protection period," during which the executive's employment will be guaranteed, unless they voluntarily resign or are terminated for cause. 4. Change in Duties or Compensation: The agreement may address how the executive's job responsibilities or compensation might change following a change in control. It could guarantee a minimum level of compensation or outline the process for negotiating a new employment contract post-change. Other types of Maryland Executive Change in Control Agreements for The First National Bank of Litchfield may include variations tailored to different executive roles or levels within the organization. For instance, there might be a specific agreement for the CEO, another for the CFO, and so on. Each agreement would reflect the individual responsibilities, compensation packages, and unique circumstances of the executives it covers. In conclusion, the Maryland Executive Change in Control Agreement for The First National Bank of Litchfield provides essential protection to executives in the event of significant corporate changes. It outlines the terms and benefits they are entitled to, ensuring a fair and smooth transition during times of uncertainty in the organization's ownership or structure.