Collin Texas Executive Change in Control Agreement for The First National Bank of Litchfield

• Category: Corporations - Public
• State: Multi-State
• County: Collin
• 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 Collin Texas Executive Change in Control Agreement for The First National Bank of Litchfield is a legally binding contract specifically created for executives and high-level individuals within the bank to outline the terms and conditions surrounding a change in control event. This agreement lays out the rights, benefits, and protections afforded to executives should a change in control occur within the organization. The agreement is designed to address the potential uncertainties and risks associated with a change in control, such as a merger, acquisition, or a sudden shift in ownership or management. It aims to provide stability and reassurance to executives by delineating the terms under which their employment, compensation, and benefits will be handled during such a transformative event. Keywords: Collin Texas, executive change in control agreement, The First National Bank of Litchfield, contract, executives, high-level individuals, terms and conditions, change in control event, rights, benefits, protections, uncertainties, risks, merger, acquisition, ownership, management, stability, reassurance, employment, compensation, benefits. Different types of Collin Texas Executive Change in Control Agreements for The First National Bank of Litchfield may include: 1. Single-trigger agreement: This type of agreement provides executives with certain benefits triggered by a change in control event, such as the automatic vesting of stock options, accelerated payment of bonuses, or severance packages immediately upon the change in control. 2. Double-trigger agreement: A double-trigger agreement offers executives benefits triggered by two events — both a change in control and the subsequent termination of the executive's employment without cause or under certain defined circumstances. This type of agreement provides additional protection and compensation to executives in case they experience job loss following a change in control. 3. Modified change in control agreement: This type of agreement may contain modifications or enhancements to the standard change in control provisions based on the executive's position, level of seniority, and individual needs. It takes into account factors such as the executive's length of service, performance, and crucial role in the organization. 4. Equity-based agreement: An equity-based agreement focuses on the treatment of executive's equity holdings, such as stock options, restricted stock units, or performance shares, during a change in control event. It outlines how these equity holdings will be treated, vested, or converted into cash or other forms of compensation. 5. Termination and severance agreement: In addition to addressing change in control provisions, this type of agreement covers the terms of termination and severance compensation for executives in the event their employment is terminated either due to the change in control or under specific conditions outlined in the agreement. Keywords: single-trigger agreement, double-trigger agreement, modified change in control agreement, equity-based agreement, termination, severance agreement, vesting, stock options, accelerated payment, bonuses, compensation, termination, severance compensation.

Collin Texas Executive Change in Control Agreement for The First National Bank of Litchfield is a legally binding contract specifically created for executives and high-level individuals within the bank to outline the terms and conditions surrounding a change in control event. This agreement lays out the rights, benefits, and protections afforded to executives should a change in control occur within the organization. The agreement is designed to address the potential uncertainties and risks associated with a change in control, such as a merger, acquisition, or a sudden shift in ownership or management. It aims to provide stability and reassurance to executives by delineating the terms under which their employment, compensation, and benefits will be handled during such a transformative event. Keywords: Collin Texas, executive change in control agreement, The First National Bank of Litchfield, contract, executives, high-level individuals, terms and conditions, change in control event, rights, benefits, protections, uncertainties, risks, merger, acquisition, ownership, management, stability, reassurance, employment, compensation, benefits. Different types of Collin Texas Executive Change in Control Agreements for The First National Bank of Litchfield may include: 1. Single-trigger agreement: This type of agreement provides executives with certain benefits triggered by a change in control event, such as the automatic vesting of stock options, accelerated payment of bonuses, or severance packages immediately upon the change in control. 2. Double-trigger agreement: A double-trigger agreement offers executives benefits triggered by two events — both a change in control and the subsequent termination of the executive's employment without cause or under certain defined circumstances. This type of agreement provides additional protection and compensation to executives in case they experience job loss following a change in control. 3. Modified change in control agreement: This type of agreement may contain modifications or enhancements to the standard change in control provisions based on the executive's position, level of seniority, and individual needs. It takes into account factors such as the executive's length of service, performance, and crucial role in the organization. 4. Equity-based agreement: An equity-based agreement focuses on the treatment of executive's equity holdings, such as stock options, restricted stock units, or performance shares, during a change in control event. It outlines how these equity holdings will be treated, vested, or converted into cash or other forms of compensation. 5. Termination and severance agreement: In addition to addressing change in control provisions, this type of agreement covers the terms of termination and severance compensation for executives in the event their employment is terminated either due to the change in control or under specific conditions outlined in the agreement. Keywords: single-trigger agreement, double-trigger agreement, modified change in control agreement, equity-based agreement, termination, severance agreement, vesting, stock options, accelerated payment, bonuses, compensation, termination, severance compensation.