Wisconsin 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 Wisconsin Executive Change in Control Agreement for The First National Bank of Litchfield is a legal document that outlines the terms and conditions governing executive compensation and benefits during a change in control event. This agreement acts as a safeguard for executives of the bank and ensures their interests are protected during significant ownership or management changes. Keywords: Wisconsin Executive Change in Control Agreement, First National Bank of Litchfield, executive compensation, change in control event, executive benefits, ownership changes, management changes. Different Types of Wisconsin Executive Change in Control Agreement for The First National Bank of Litchfield: 1. Standard Change in Control Agreement: This type of agreement defines the terms and conditions that will apply to executives of The First National Bank of Litchfield when a change in control occurs. It outlines the compensation, benefits, and other entitlements that executives are eligible to receive in case of a change in ownership or management control. 2. Modified Change in Control Agreement: This agreement is tailored to specific executives within The First National Bank of Litchfield, considering their roles and responsibilities. It may include additional provisions or variations in compensation and benefits based on the individual executive's position and contribution to the bank's success. 3. Supplemental Change in Control Agreement: This agreement acts as an addendum to the standard or modified change in control agreements. It provides further clarification or enhancement to certain aspects of the executive compensation and benefits package in scenarios where a change in control leads to exceptional circumstances or unique considerations. 4. Clawback Provision Agreement: This agreement focuses on the recovery of executive compensation or benefits that were previously granted in the event of a change in control if certain conditions, such as financial misconduct or breach of fiduciary duty, are detected. It ensures that executives do not retain undeserved rewards and creates a framework for the bank to rectify unethical or improper actions. 5. Change in Control Severance Agreement: This specialized agreement defines the provisions regarding severance payments and benefits that executives of The First National Bank of Litchfield will be entitled to if their employment is terminated due to a change in control. It establishes a safety net for executives, ensuring a smooth transition and financial security during potentially uncertain times. In conclusion, the Wisconsin Executive Change in Control Agreement for The First National Bank of Litchfield safeguards executive compensation and benefits during ownership or management changes. It encompasses various types of agreements, including standard, modified, supplemental, clawback provision, and severance agreements, to address the unique circumstances and needs of executives in different situations.

The Wisconsin Executive Change in Control Agreement for The First National Bank of Litchfield is a legal document that outlines the terms and conditions governing executive compensation and benefits during a change in control event. This agreement acts as a safeguard for executives of the bank and ensures their interests are protected during significant ownership or management changes. Keywords: Wisconsin Executive Change in Control Agreement, First National Bank of Litchfield, executive compensation, change in control event, executive benefits, ownership changes, management changes. Different Types of Wisconsin Executive Change in Control Agreement for The First National Bank of Litchfield: 1. Standard Change in Control Agreement: This type of agreement defines the terms and conditions that will apply to executives of The First National Bank of Litchfield when a change in control occurs. It outlines the compensation, benefits, and other entitlements that executives are eligible to receive in case of a change in ownership or management control. 2. Modified Change in Control Agreement: This agreement is tailored to specific executives within The First National Bank of Litchfield, considering their roles and responsibilities. It may include additional provisions or variations in compensation and benefits based on the individual executive's position and contribution to the bank's success. 3. Supplemental Change in Control Agreement: This agreement acts as an addendum to the standard or modified change in control agreements. It provides further clarification or enhancement to certain aspects of the executive compensation and benefits package in scenarios where a change in control leads to exceptional circumstances or unique considerations. 4. Clawback Provision Agreement: This agreement focuses on the recovery of executive compensation or benefits that were previously granted in the event of a change in control if certain conditions, such as financial misconduct or breach of fiduciary duty, are detected. It ensures that executives do not retain undeserved rewards and creates a framework for the bank to rectify unethical or improper actions. 5. Change in Control Severance Agreement: This specialized agreement defines the provisions regarding severance payments and benefits that executives of The First National Bank of Litchfield will be entitled to if their employment is terminated due to a change in control. It establishes a safety net for executives, ensuring a smooth transition and financial security during potentially uncertain times. In conclusion, the Wisconsin Executive Change in Control Agreement for The First National Bank of Litchfield safeguards executive compensation and benefits during ownership or management changes. It encompasses various types of agreements, including standard, modified, supplemental, clawback provision, and severance agreements, to address the unique circumstances and needs of executives in different situations.