Rhode Island 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 Rhode Island Executive Change in Control Agreement for The First National Bank of Litchfield is a contractual agreement that outlines the terms and conditions concerning executive compensation, benefits, and job security in the event of a change in control of the bank. This agreement aims to ensure that executives continue to contribute their skills and expertise during times of significant organizational change. One type of Rhode Island Executive Change in Control Agreement for The First National Bank of Litchfield is the Severance Agreement. This agreement outlines the severance package and benefits that executives would be entitled to receive if their employment is terminated due to a change in control. Another type of Rhode Island Executive Change in Control Agreement for The First National Bank of Litchfield is the Retention Agreement. This agreement is designed to incentivize key executives to remain employed with the bank for a certain period following a change in control, by providing them with additional compensation, benefits, or equity. The Rhode Island Executive Change in Control Agreement for The First National Bank of Litchfield may also include a Noncom petition Agreement. This agreement restricts executives from joining or working for competing financial institutions within a specified time period after their employment with the bank ends. The First National Bank of Litchfield's Rhode Island Executive Change in Control Agreement takes into consideration various key elements such as base salary, annual bonus, equity compensation, and other benefits. It provides a detailed breakdown of how these components may be adjusted or modified in the event of a change in control, ensuring fair treatment and protection for the executives involved. Overall, the Rhode Island Executive Change in Control Agreement for The First National Bank of Litchfield is a comprehensive and legally binding document that guarantees the interests of both the executives and the bank during times of significant organizational transition. It ensures that executives are appropriately compensated, incentivized to continue their employment, and protected in case of employment termination due to a change in control.

Rhode Island Executive Change in Control Agreement for The First National Bank of Litchfield is a contractual agreement that outlines the terms and conditions concerning executive compensation, benefits, and job security in the event of a change in control of the bank. This agreement aims to ensure that executives continue to contribute their skills and expertise during times of significant organizational change. One type of Rhode Island Executive Change in Control Agreement for The First National Bank of Litchfield is the Severance Agreement. This agreement outlines the severance package and benefits that executives would be entitled to receive if their employment is terminated due to a change in control. Another type of Rhode Island Executive Change in Control Agreement for The First National Bank of Litchfield is the Retention Agreement. This agreement is designed to incentivize key executives to remain employed with the bank for a certain period following a change in control, by providing them with additional compensation, benefits, or equity. The Rhode Island Executive Change in Control Agreement for The First National Bank of Litchfield may also include a Noncom petition Agreement. This agreement restricts executives from joining or working for competing financial institutions within a specified time period after their employment with the bank ends. The First National Bank of Litchfield's Rhode Island Executive Change in Control Agreement takes into consideration various key elements such as base salary, annual bonus, equity compensation, and other benefits. It provides a detailed breakdown of how these components may be adjusted or modified in the event of a change in control, ensuring fair treatment and protection for the executives involved. Overall, the Rhode Island Executive Change in Control Agreement for The First National Bank of Litchfield is a comprehensive and legally binding document that guarantees the interests of both the executives and the bank during times of significant organizational transition. It ensures that executives are appropriately compensated, incentivized to continue their employment, and protected in case of employment termination due to a change in control.