Virgin Islands 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 Virgin Islands Executive Change in Control Agreement for The First National Bank of Litchfield is a contractual agreement between the bank and its executives regarding the potential change in ownership or control of the institution. This agreement outlines the terms and conditions that would apply if there is a change in control of the bank, and it aims to provide assurance and protection to the executives in such scenarios. Keywords: Virgin Islands, Executive Change in Control Agreement, The First National Bank of Litchfield, contractual agreement, ownership, control, executives, terms and conditions, assurance, protection. Types of the Virgin Islands Executive Change in Control Agreement for The First National Bank of Litchfield: 1. Standard Executive Change in Control Agreement: This type of agreement sets out the general terms and conditions that would apply in the event of a change in control of The First National Bank of Litchfield. It typically covers the potential financial implications, severance packages, non-compete clauses, and other provisions to safeguard the interests of the executives. 2. Enhanced Executive Change in Control Agreement: An enhanced version of the agreement may provide additional benefits and considerations to executives, such as increased severance payments, accelerated vesting of stock options or restricted stock units, extended health insurance coverage, or other enhanced protections. This agreement is often offered to executives in key positions or those with significant influence within the bank. 3. Customized Executive Change in Control Agreement: In certain cases, The First National Bank of Litchfield may opt for a customized agreement tailored to specific executives or circumstances involved in the potential change in control. This type of agreement may include unique provisions that address individual needs, such as change-of-control bonuses, retention incentives, or relocation packages as part of the overall compensation package. It is essential for all executives of The First National Bank of Litchfield to thoroughly review and understand the specific terms and conditions outlined in the Virgin Islands Executive Change in Control Agreement applicable to their respective positions. These agreements aim to provide a sense of security to executives during periods of potential ownership or control changes and ensure a smooth transition for all parties involved.

The Virgin Islands Executive Change in Control Agreement for The First National Bank of Litchfield is a contractual agreement between the bank and its executives regarding the potential change in ownership or control of the institution. This agreement outlines the terms and conditions that would apply if there is a change in control of the bank, and it aims to provide assurance and protection to the executives in such scenarios. Keywords: Virgin Islands, Executive Change in Control Agreement, The First National Bank of Litchfield, contractual agreement, ownership, control, executives, terms and conditions, assurance, protection. Types of the Virgin Islands Executive Change in Control Agreement for The First National Bank of Litchfield: 1. Standard Executive Change in Control Agreement: This type of agreement sets out the general terms and conditions that would apply in the event of a change in control of The First National Bank of Litchfield. It typically covers the potential financial implications, severance packages, non-compete clauses, and other provisions to safeguard the interests of the executives. 2. Enhanced Executive Change in Control Agreement: An enhanced version of the agreement may provide additional benefits and considerations to executives, such as increased severance payments, accelerated vesting of stock options or restricted stock units, extended health insurance coverage, or other enhanced protections. This agreement is often offered to executives in key positions or those with significant influence within the bank. 3. Customized Executive Change in Control Agreement: In certain cases, The First National Bank of Litchfield may opt for a customized agreement tailored to specific executives or circumstances involved in the potential change in control. This type of agreement may include unique provisions that address individual needs, such as change-of-control bonuses, retention incentives, or relocation packages as part of the overall compensation package. It is essential for all executives of The First National Bank of Litchfield to thoroughly review and understand the specific terms and conditions outlined in the Virgin Islands Executive Change in Control Agreement applicable to their respective positions. These agreements aim to provide a sense of security to executives during periods of potential ownership or control changes and ensure a smooth transition for all parties involved.