Oregon 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 Oregon Executive Change in Control Agreement is a legal document specific to The First National Bank of Litchfield, located in Oregon. This agreement outlines the terms and conditions that apply when a change in control occurs within the bank. Keywords: Oregon Executive Change in Control Agreement, First National Bank of Litchfield, change in control, legal document, terms and conditions This agreement is designed to protect the interests of both the bank and its executives in the event of a change in ownership or management. It ensures that executives are fairly compensated, incentivized, and protected during the transitional period. There may be different types of Oregon Executive Change in Control Agreements for The First National Bank of Litchfield depending on the level and role of the executive involved. For example, there might be specific agreements for the CEO, CFO, or other executive positions within the bank. The agreement typically includes provisions related to: 1. Definitions: Clearly defining the terms used throughout the agreement, including key terms related to a change in control event. 2. Triggering Events: Identifying the specific events that will be considered a change in control, such as the sale or merger of the bank. 3. Severance Compensation: Outlining the severance package that will be provided to executives in the event of a change in control. This may include salary continuation, bonuses, stock options, or other benefits. 4. Equity Awards: Detailing the treatment of equity awards, such as stock options or restricted stock units, including acceleration of vesting or cash-out provisions. 5. Benefits and Perks: Addressing any changes to executive benefits and perks, such as healthcare, retirement plans, or relocation assistance. 6. Non-Competition and Non-Solicitation: Imposing certain restrictions on executives' ability to compete with the bank or solicit key employees or clients after their departure. 7. Dispute Resolution: Specifying the methods and procedures for resolving any disputes arising from the agreement, such as arbitration or mediation. It's important to note that the specific content and provisions within the Oregon Executive Change in Control Agreement for The First National Bank of Litchfield may vary depending on the bank's specific needs, industry regulations, and legal requirements. Overall, this agreement provides a framework for addressing the various aspects of a change in control event within The First National Bank of Litchfield, ensuring a smooth transition for all parties involved, while safeguarding the bank's interests and preserving executive relationships.

The Oregon Executive Change in Control Agreement is a legal document specific to The First National Bank of Litchfield, located in Oregon. This agreement outlines the terms and conditions that apply when a change in control occurs within the bank. Keywords: Oregon Executive Change in Control Agreement, First National Bank of Litchfield, change in control, legal document, terms and conditions This agreement is designed to protect the interests of both the bank and its executives in the event of a change in ownership or management. It ensures that executives are fairly compensated, incentivized, and protected during the transitional period. There may be different types of Oregon Executive Change in Control Agreements for The First National Bank of Litchfield depending on the level and role of the executive involved. For example, there might be specific agreements for the CEO, CFO, or other executive positions within the bank. The agreement typically includes provisions related to: 1. Definitions: Clearly defining the terms used throughout the agreement, including key terms related to a change in control event. 2. Triggering Events: Identifying the specific events that will be considered a change in control, such as the sale or merger of the bank. 3. Severance Compensation: Outlining the severance package that will be provided to executives in the event of a change in control. This may include salary continuation, bonuses, stock options, or other benefits. 4. Equity Awards: Detailing the treatment of equity awards, such as stock options or restricted stock units, including acceleration of vesting or cash-out provisions. 5. Benefits and Perks: Addressing any changes to executive benefits and perks, such as healthcare, retirement plans, or relocation assistance. 6. Non-Competition and Non-Solicitation: Imposing certain restrictions on executives' ability to compete with the bank or solicit key employees or clients after their departure. 7. Dispute Resolution: Specifying the methods and procedures for resolving any disputes arising from the agreement, such as arbitration or mediation. It's important to note that the specific content and provisions within the Oregon Executive Change in Control Agreement for The First National Bank of Litchfield may vary depending on the bank's specific needs, industry regulations, and legal requirements. Overall, this agreement provides a framework for addressing the various aspects of a change in control event within The First National Bank of Litchfield, ensuring a smooth transition for all parties involved, while safeguarding the bank's interests and preserving executive relationships.