Pima Arizona Executive Change in Control Agreement for The First National Bank of Litchfield

• Category: Corporations - Public
• State: Multi-State
• County: Pima
• 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 Lima Arizona Executive Change in Control Agreement for The First National Bank of Litchfield is a legally binding document that outlines the terms and conditions associated with a change in control event for executive employees of the bank. This agreement ensures that the executives are properly compensated and protected in the event of a change in ownership or control of the bank, such as a merger or acquisition. The agreement provides a detailed description of the circumstances under which the agreement will be triggered, such as a sale of a significant portion of the bank's stock or a change in the majority ownership. It also outlines the compensation and benefits that the executive will be entitled to in the event of a change in control. This may include severance pay, bonuses, stock options, accelerated vesting of equity awards, and continuation of employee benefits. The Lima Arizona Executive Change in Control Agreement for The First National Bank of Litchfield is designed to attract and retain talented executives by providing them with a sense of financial security and stability during times of organizational change. It serves as a safeguard against any disruption to their employment or potential financial loss that may result from a change in control. Types of Lima Arizona Executive Change in Control Agreements for The First National Bank of Litchfield may include: 1. Tiered Agreements: Depending on the executive's position and level of responsibility, the agreement may vary in terms of the compensation and benefits provided. Higher-level executives may be entitled to greater severance pay or additional benefits compared to lower-level executives. 2. Performance-Based Agreements: Some agreements may incorporate performance-related criteria, where the executive's entitlements are contingent upon their achievement of certain predetermined performance goals. This ensures that the executive is rewarded for their contributions to the organization's success. 3. Time-Based Agreements: In other cases, the agreement may specify a minimum tenure requirement for executives to be eligible for the benefits outlined in the agreement. This provision encourages executives to remain committed to the bank for a specified period, strengthening organizational stability. Overall, the Lima Arizona Executive Change in Control Agreement for The First National Bank of Litchfield aims to provide executives with financial protection and incentivize their continued dedication to the bank, thereby promoting long-term growth and stability.

The Lima Arizona Executive Change in Control Agreement for The First National Bank of Litchfield is a legally binding document that outlines the terms and conditions associated with a change in control event for executive employees of the bank. This agreement ensures that the executives are properly compensated and protected in the event of a change in ownership or control of the bank, such as a merger or acquisition. The agreement provides a detailed description of the circumstances under which the agreement will be triggered, such as a sale of a significant portion of the bank's stock or a change in the majority ownership. It also outlines the compensation and benefits that the executive will be entitled to in the event of a change in control. This may include severance pay, bonuses, stock options, accelerated vesting of equity awards, and continuation of employee benefits. The Lima Arizona Executive Change in Control Agreement for The First National Bank of Litchfield is designed to attract and retain talented executives by providing them with a sense of financial security and stability during times of organizational change. It serves as a safeguard against any disruption to their employment or potential financial loss that may result from a change in control. Types of Lima Arizona Executive Change in Control Agreements for The First National Bank of Litchfield may include: 1. Tiered Agreements: Depending on the executive's position and level of responsibility, the agreement may vary in terms of the compensation and benefits provided. Higher-level executives may be entitled to greater severance pay or additional benefits compared to lower-level executives. 2. Performance-Based Agreements: Some agreements may incorporate performance-related criteria, where the executive's entitlements are contingent upon their achievement of certain predetermined performance goals. This ensures that the executive is rewarded for their contributions to the organization's success. 3. Time-Based Agreements: In other cases, the agreement may specify a minimum tenure requirement for executives to be eligible for the benefits outlined in the agreement. This provision encourages executives to remain committed to the bank for a specified period, strengthening organizational stability. Overall, the Lima Arizona Executive Change in Control Agreement for The First National Bank of Litchfield aims to provide executives with financial protection and incentivize their continued dedication to the bank, thereby promoting long-term growth and stability.