Hennepin Minnesota Executive Change in Control Agreement for The First National Bank of Litchfield

• Category: Corporations - Public
• State: Multi-State
• County: Hennepin
• 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 Hennepin County, Minnesota, is a county situated in the state of Minnesota in the United States. It is home to the city of Minneapolis, which serves as the county seat. Hennepin County is the most populous county in Minnesota, boasting a vibrant economy and diverse communities. Within this dynamic county, The First National Bank of Litchfield, a trusted financial institution, offers its clients comprehensive financial services. To ensure a seamless transition during a change in control, the bank has implemented the Hennepin Minnesota Executive Change in Control Agreement. This agreement aims to provide clarity and protection to all parties involved when a change in control occurs within the management of The First National Bank of Litchfield. It outlines the terms and conditions under which an executive's employment is affected by such changes, protecting their rights and interests during the transition. The Hennepin Minnesota Executive Change in Control Agreement for The First National Bank of Litchfield focuses on various key elements. First, it defines what constitutes a change in control, typically a substantial change in ownership or executive leadership within the bank. It specifies the actions or events that trigger the application of the agreement, ensuring that all parties are aware of when the terms will come into effect. The agreement then details the various provisions that executives can expect during a change in control. These provisions may include severance pay, continued healthcare benefits, pension plans, stock options, and other financial considerations. The specifics of these provisions may vary depending on an executive's role and tenure within the bank. Additionally, the agreement highlights the conditions that must be met for an executive to receive the benefits outlined in the agreement. This ensures that executives are not unfairly compensated but rather receive compensation contingent upon specific criteria being fulfilled. It is important to note that there may be different types of Hennepin Minnesota Executive Change in Control Agreement for The First National Bank of Litchfield. These variations could be based on an executive's position, years of service, or level of responsibility within the organization. For example, the agreement may differ between senior executives and mid-level managers to appropriately reflect their different roles and contributions. In conclusion, the Hennepin Minnesota Executive Change in Control Agreement for The First National Bank of Litchfield is a comprehensive document designed to protect executives' rights and interests during a change in control within the bank. It ensures a smooth transition process and outlines the provisions executives can expect, such as severance pay and continued benefits. By implementing this agreement, The First National Bank of Litchfield demonstrates its commitment to transparent and fair practices during times of organizational change.

Hennepin County, Minnesota, is a county situated in the state of Minnesota in the United States. It is home to the city of Minneapolis, which serves as the county seat. Hennepin County is the most populous county in Minnesota, boasting a vibrant economy and diverse communities. Within this dynamic county, The First National Bank of Litchfield, a trusted financial institution, offers its clients comprehensive financial services. To ensure a seamless transition during a change in control, the bank has implemented the Hennepin Minnesota Executive Change in Control Agreement. This agreement aims to provide clarity and protection to all parties involved when a change in control occurs within the management of The First National Bank of Litchfield. It outlines the terms and conditions under which an executive's employment is affected by such changes, protecting their rights and interests during the transition. The Hennepin Minnesota Executive Change in Control Agreement for The First National Bank of Litchfield focuses on various key elements. First, it defines what constitutes a change in control, typically a substantial change in ownership or executive leadership within the bank. It specifies the actions or events that trigger the application of the agreement, ensuring that all parties are aware of when the terms will come into effect. The agreement then details the various provisions that executives can expect during a change in control. These provisions may include severance pay, continued healthcare benefits, pension plans, stock options, and other financial considerations. The specifics of these provisions may vary depending on an executive's role and tenure within the bank. Additionally, the agreement highlights the conditions that must be met for an executive to receive the benefits outlined in the agreement. This ensures that executives are not unfairly compensated but rather receive compensation contingent upon specific criteria being fulfilled. It is important to note that there may be different types of Hennepin Minnesota Executive Change in Control Agreement for The First National Bank of Litchfield. These variations could be based on an executive's position, years of service, or level of responsibility within the organization. For example, the agreement may differ between senior executives and mid-level managers to appropriately reflect their different roles and contributions. In conclusion, the Hennepin Minnesota Executive Change in Control Agreement for The First National Bank of Litchfield is a comprehensive document designed to protect executives' rights and interests during a change in control within the bank. It ensures a smooth transition process and outlines the provisions executives can expect, such as severance pay and continued benefits. By implementing this agreement, The First National Bank of Litchfield demonstrates its commitment to transparent and fair practices during times of organizational change.