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

• Category: Corporations - Public
• State: Multi-State
• City: Houston
• 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 Houston Texas Executive Change in Control Agreement for The First National Bank of Litchfield is a legally binding document that outlines the terms and conditions surrounding a change in control event within the bank. This agreement is designed to protect the rights and interests of the bank's executives in the event of a merger, acquisition, or other significant change in the bank's ownership or management. Keywords: Houston Texas, Executive Change in Control Agreement, The First National Bank of Litchfield, merger, acquisition, ownership, management, rights, interests. There are several types of Houston Texas Executive Change in Control Agreement for The First National Bank of Litchfield, namely: 1. Standard Change in Control Agreement: This type of agreement is designed to provide executives with specific benefits and protections in the event of a change in control, such as severance pay, accelerated vesting of stock options, and continuation of benefits. 2. Double-Trigger Change in Control Agreement: This agreement requires both a change in control event and the termination of the executive's employment within a specified period to trigger the benefits. It ensures that executives are only entitled to benefits if they lose their jobs as a result of the change in control. 3. Modified Single-Trigger Change in Control Agreement: This agreement provides benefits to executives if their employment is terminated within a specified period following a change in control, regardless of the reason for termination. It offers a level of protection to executives who may be concerned about their future with the new ownership or management structure. 4. Golden Parachute Agreement: This type of agreement provides executives with significant financial benefits if they are terminated or their position is significantly altered following a change in control. It typically includes generous severance packages, accelerated stock options, and continued access to certain perks and benefits. The Houston Texas Executive Change in Control Agreement for The First National Bank of Litchfield aims to ensure that executives' interests are safeguarded during times of transition or uncertainty within the bank. It provides a clear framework for compensation, benefits, and other terms associated with an executive's departure or change in responsibilities.

Houston Texas Executive Change in Control Agreement for The First National Bank of Litchfield is a legally binding document that outlines the terms and conditions surrounding a change in control event within the bank. This agreement is designed to protect the rights and interests of the bank's executives in the event of a merger, acquisition, or other significant change in the bank's ownership or management. Keywords: Houston Texas, Executive Change in Control Agreement, The First National Bank of Litchfield, merger, acquisition, ownership, management, rights, interests. There are several types of Houston Texas Executive Change in Control Agreement for The First National Bank of Litchfield, namely: 1. Standard Change in Control Agreement: This type of agreement is designed to provide executives with specific benefits and protections in the event of a change in control, such as severance pay, accelerated vesting of stock options, and continuation of benefits. 2. Double-Trigger Change in Control Agreement: This agreement requires both a change in control event and the termination of the executive's employment within a specified period to trigger the benefits. It ensures that executives are only entitled to benefits if they lose their jobs as a result of the change in control. 3. Modified Single-Trigger Change in Control Agreement: This agreement provides benefits to executives if their employment is terminated within a specified period following a change in control, regardless of the reason for termination. It offers a level of protection to executives who may be concerned about their future with the new ownership or management structure. 4. Golden Parachute Agreement: This type of agreement provides executives with significant financial benefits if they are terminated or their position is significantly altered following a change in control. It typically includes generous severance packages, accelerated stock options, and continued access to certain perks and benefits. The Houston Texas Executive Change in Control Agreement for The First National Bank of Litchfield aims to ensure that executives' interests are safeguarded during times of transition or uncertainty within the bank. It provides a clear framework for compensation, benefits, and other terms associated with an executive's departure or change in responsibilities.