Tennessee 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 Tennessee Executive Change in Control Agreement for The First National Bank of Litchfield is a comprehensive legal agreement designed to protect the bank's executives in the event of a change in control of the organization. This agreement outlines the terms and conditions under which executives will be compensated and provided with certain benefits if their employment is terminated or negatively impacted due to a change in ownership or management. The purpose of the Tennessee Executive Change in Control Agreement is to ensure that executives are fairly and adequately compensated for the potential loss of their positions or benefits resulting from a change in control. This agreement provides financial security and peace of mind to bank executives, knowing that they will be treated fairly and compensated appropriately during a transitional period. The agreement covers various scenarios and circumstances that may trigger the provisions of the agreement. This may include a merger, acquisition, or other change in ownership or management that results in a change in control of The First National Bank of Litchfield. The agreement ensures that executives are not left vulnerable or disadvantaged if their roles are diminished or eliminated as a result of such a change. Key provisions of the Tennessee Executive Change in Control Agreement may include: 1. Severance Benefits: The agreement may entitle executives to receive a lump-sum payment or continuing payment of salary and benefits for a specific period following their termination or change in role. 2. Equity Arrangements: Executives may be provided with accelerated vesting of stock options, restricted stock units, or other equity-based compensation as a result of the change in control. 3. Bonuses and Incentives: The agreement may outline provisions for the payment of bonuses or incentives to executives upon a change in control, ensuring that they are rewarded for their contributions and efforts. 4. Retirement and Pension Benefits: The agreement may address the impact of a change in control on executives' retirement plans, ensuring that they continue to receive their entitled benefits or providing alternative retirement arrangements. 5. Non-Competition and Non-Solicitation Clauses: The agreement may include restrictions on executives' abilities to compete with the bank or solicit clients, employees, or business partners of The First National Bank of Litchfield for a certain period after termination. It is important to note that specific variations or additional terms may exist within the Tennessee Executive Change in Control Agreement for The First National Bank of Litchfield, depending on individual circumstances and negotiations between the bank and its executives.

The Tennessee Executive Change in Control Agreement for The First National Bank of Litchfield is a comprehensive legal agreement designed to protect the bank's executives in the event of a change in control of the organization. This agreement outlines the terms and conditions under which executives will be compensated and provided with certain benefits if their employment is terminated or negatively impacted due to a change in ownership or management. The purpose of the Tennessee Executive Change in Control Agreement is to ensure that executives are fairly and adequately compensated for the potential loss of their positions or benefits resulting from a change in control. This agreement provides financial security and peace of mind to bank executives, knowing that they will be treated fairly and compensated appropriately during a transitional period. The agreement covers various scenarios and circumstances that may trigger the provisions of the agreement. This may include a merger, acquisition, or other change in ownership or management that results in a change in control of The First National Bank of Litchfield. The agreement ensures that executives are not left vulnerable or disadvantaged if their roles are diminished or eliminated as a result of such a change. Key provisions of the Tennessee Executive Change in Control Agreement may include: 1. Severance Benefits: The agreement may entitle executives to receive a lump-sum payment or continuing payment of salary and benefits for a specific period following their termination or change in role. 2. Equity Arrangements: Executives may be provided with accelerated vesting of stock options, restricted stock units, or other equity-based compensation as a result of the change in control. 3. Bonuses and Incentives: The agreement may outline provisions for the payment of bonuses or incentives to executives upon a change in control, ensuring that they are rewarded for their contributions and efforts. 4. Retirement and Pension Benefits: The agreement may address the impact of a change in control on executives' retirement plans, ensuring that they continue to receive their entitled benefits or providing alternative retirement arrangements. 5. Non-Competition and Non-Solicitation Clauses: The agreement may include restrictions on executives' abilities to compete with the bank or solicit clients, employees, or business partners of The First National Bank of Litchfield for a certain period after termination. It is important to note that specific variations or additional terms may exist within the Tennessee Executive Change in Control Agreement for The First National Bank of Litchfield, depending on individual circumstances and negotiations between the bank and its executives.