Montgomery Maryland Executive Change in Control Agreement for The First National Bank of Litchfield

• Category: Corporations - Public
• State: Multi-State
• County: Montgomery
• 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 Montgomery Maryland Executive Change in Control Agreement for The First National Bank of Litchfield is a legally binding contract designed to protect the interests of key executive personnel in the event of a change in control of the bank. This agreement outlines the terms, conditions, and benefits that executives are entitled to receive if a change in control occurs. Keywords: Montgomery Maryland, Executive Change in Control Agreement, The First National Bank of Litchfield, key executive personnel, change in control, terms, conditions, benefits. This agreement serves to ensure that executives are adequately compensated and protected during corporate mergers, acquisitions, or other significant ownership changes that may impact their roles within the organization. It aims to secure the continued dedication and commitment of key executives by providing them with favorable terms and benefits. The Montgomery Maryland Executive Change in Control Agreement for The First National Bank of Litchfield may include various types, namely: 1. Single Trigger Agreement: This type of agreement entitles executives to receive a predetermined set of benefits automatically upon the occurrence of a change in control. 2. Double Trigger Agreement: This type of agreement requires both a change in control and a subsequent termination of the executive's employment to trigger the benefits outlined in the agreement. 3. Modified Single Trigger: This type of agreement combines elements of both single and double trigger agreements, providing benefits upon a change in control, while also considering the termination or resignations of executives following the change. 4. Golden Parachute Agreement: This type of agreement provides executives with substantial financial benefits if a change in control results in their termination or resignation, typically due to the belief that their positions may become redundant or their duties significantly altered. These various types of Executive Change in Control Agreements are tailored to the specific needs and circumstances of the executives and the organization. They are meant to mitigate the uncertainties and risks associated with a change in control, ensuring that executives are rightly compensated for their contributions and dedication to the bank. By implementing the Montgomery Maryland Executive Change in Control Agreement for The First National Bank of Litchfield, the bank aims to attract and retain top talent, maintain stability during transitional periods, and secure a smooth leadership transition, promoting the bank's sustained growth and success.

The Montgomery Maryland Executive Change in Control Agreement for The First National Bank of Litchfield is a legally binding contract designed to protect the interests of key executive personnel in the event of a change in control of the bank. This agreement outlines the terms, conditions, and benefits that executives are entitled to receive if a change in control occurs. Keywords: Montgomery Maryland, Executive Change in Control Agreement, The First National Bank of Litchfield, key executive personnel, change in control, terms, conditions, benefits. This agreement serves to ensure that executives are adequately compensated and protected during corporate mergers, acquisitions, or other significant ownership changes that may impact their roles within the organization. It aims to secure the continued dedication and commitment of key executives by providing them with favorable terms and benefits. The Montgomery Maryland Executive Change in Control Agreement for The First National Bank of Litchfield may include various types, namely: 1. Single Trigger Agreement: This type of agreement entitles executives to receive a predetermined set of benefits automatically upon the occurrence of a change in control. 2. Double Trigger Agreement: This type of agreement requires both a change in control and a subsequent termination of the executive's employment to trigger the benefits outlined in the agreement. 3. Modified Single Trigger: This type of agreement combines elements of both single and double trigger agreements, providing benefits upon a change in control, while also considering the termination or resignations of executives following the change. 4. Golden Parachute Agreement: This type of agreement provides executives with substantial financial benefits if a change in control results in their termination or resignation, typically due to the belief that their positions may become redundant or their duties significantly altered. These various types of Executive Change in Control Agreements are tailored to the specific needs and circumstances of the executives and the organization. They are meant to mitigate the uncertainties and risks associated with a change in control, ensuring that executives are rightly compensated for their contributions and dedication to the bank. By implementing the Montgomery Maryland Executive Change in Control Agreement for The First National Bank of Litchfield, the bank aims to attract and retain top talent, maintain stability during transitional periods, and secure a smooth leadership transition, promoting the bank's sustained growth and success.