Nevada 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 Nevada Executive Change in Control Agreement for The First National Bank of Litchfield is a legal contract that outlines the terms and conditions related to executive compensation and benefits in the event of a change in control of the bank. This agreement is specifically tailored to comply with the laws and regulations of the state of Nevada. Key terms and provisions covered in this agreement include: 1. Change in Control Definition: The agreement defines what qualifies as a change in control of The First National Bank of Litchfield. This may include situations such as a merger, acquisition, or sale of a significant portion of the bank's assets. 2. Severance Benefits: The agreement outlines the severance benefits that executives are entitled to in the event of a change in control. These benefits may include cash payments, stock options, pension benefits, and continued health and welfare benefits for a specified period. 3. Change in Control Triggers: The agreement specifies the circumstances under which the change in control provisions will be activated. For example, it may state that the executive will be eligible for severance benefits if there is a change in control within two years of their employment. 4. Golden Parachute Tax Implications: The agreement may address the potential tax consequences of the severance benefits provided under the change in control agreement. This is important for both the executive and the bank to ensure compliance with applicable tax laws. 5. Non-Competition and Non-Solicitation: The agreement may include non-competition and non-solicitation clauses, which restrict the executive from competing against or soliciting customers or employees of The First National Bank of Litchfield for a specified period following termination. Types of Nevada Executive Change in Control Agreement for The First National Bank of Litchfield: 1. Senior Executive Agreement: This agreement is specifically designed for senior executives of The First National Bank of Litchfield who hold significant positions of authority and responsibility within the organization. 2. Mid-Level Executive Agreement: This agreement caters to mid-level executives who play important roles within the bank but may not have the same level of seniority as those covered under the senior executive agreement. 3. Employee Agreement: This agreement applies to employees who are not considered executives but still provide valuable services to The First National Bank of Litchfield. It may have less extensive provisions compared to the higher-level agreements. The Nevada Executive Change in Control Agreement for The First National Bank of Litchfield ensures that executives are appropriately compensated and their interests are protected in the event of a change in control, while also providing guidelines for post-termination conduct. Ultimately, it aims to strike a fair balance between the bank's objectives and the executives' expectations in these transitional periods.

The Nevada Executive Change in Control Agreement for The First National Bank of Litchfield is a legal contract that outlines the terms and conditions related to executive compensation and benefits in the event of a change in control of the bank. This agreement is specifically tailored to comply with the laws and regulations of the state of Nevada. Key terms and provisions covered in this agreement include: 1. Change in Control Definition: The agreement defines what qualifies as a change in control of The First National Bank of Litchfield. This may include situations such as a merger, acquisition, or sale of a significant portion of the bank's assets. 2. Severance Benefits: The agreement outlines the severance benefits that executives are entitled to in the event of a change in control. These benefits may include cash payments, stock options, pension benefits, and continued health and welfare benefits for a specified period. 3. Change in Control Triggers: The agreement specifies the circumstances under which the change in control provisions will be activated. For example, it may state that the executive will be eligible for severance benefits if there is a change in control within two years of their employment. 4. Golden Parachute Tax Implications: The agreement may address the potential tax consequences of the severance benefits provided under the change in control agreement. This is important for both the executive and the bank to ensure compliance with applicable tax laws. 5. Non-Competition and Non-Solicitation: The agreement may include non-competition and non-solicitation clauses, which restrict the executive from competing against or soliciting customers or employees of The First National Bank of Litchfield for a specified period following termination. Types of Nevada Executive Change in Control Agreement for The First National Bank of Litchfield: 1. Senior Executive Agreement: This agreement is specifically designed for senior executives of The First National Bank of Litchfield who hold significant positions of authority and responsibility within the organization. 2. Mid-Level Executive Agreement: This agreement caters to mid-level executives who play important roles within the bank but may not have the same level of seniority as those covered under the senior executive agreement. 3. Employee Agreement: This agreement applies to employees who are not considered executives but still provide valuable services to The First National Bank of Litchfield. It may have less extensive provisions compared to the higher-level agreements. The Nevada Executive Change in Control Agreement for The First National Bank of Litchfield ensures that executives are appropriately compensated and their interests are protected in the event of a change in control, while also providing guidelines for post-termination conduct. Ultimately, it aims to strike a fair balance between the bank's objectives and the executives' expectations in these transitional periods.