Change Control Agreement Without Consent

State:
Multi-State
Control #:
US-EG-9378
Format:
Word; 
Rich Text
Instant download

Description

The Change Control Agreement Without Consent is a legal document designed to protect key executives, such as Jerome J. Whalen in this instance, during events that may result in a change of control of the banking institution. It outlines the conditions under which certain benefits are provided to the employee in the event they are terminated or reassigned within twenty-four months following a change in control. Key features include the definitions of 'Change in Control,' details regarding employee termination and reassignment, and compensation calculations involving severance pay and continued insurance benefits. The agreement also stipulates how successor entities must honor the terms upon acquisition. It is essential for legal practitioners and business leaders as it helps secure executive interests during potentially disruptive transitions. Completing this form requires clear understanding of employment law and the specific circumstances surrounding changes in corporate control, making it a valuable resource for attorneys, partners, and other legal professionals. Users should be familiar with relevant tax implications and ensure compliance with applicable laws while filling out the agreement. Overall, this form serves as a protective mechanism that encourages executive commitment in the face of organizational changes.
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  • Preview Executive Change in Control Agreement for The First National Bank of Litchfield
  • Preview Executive Change in Control Agreement for The First National Bank of Litchfield
  • Preview Executive Change in Control Agreement for The First National Bank of Litchfield
  • Preview Executive Change in Control Agreement for The First National Bank of Litchfield
  • Preview Executive Change in Control Agreement for The First National Bank of Litchfield
  • Preview Executive Change in Control Agreement for The First National Bank of Litchfield

How to fill out Executive Change In Control Agreement For The First National Bank Of Litchfield?

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FAQ

There exists no standard definition of change of control but it does include the following transactions: A transfer of shares of the company; A complete sale of all or a substantial portion of assets of the company; Mergers and Acquisitions.

Also known as change of control. A provision in an agreement giving a party certain rights (such as consent, payment or termination) in connection with a change in ownership or management of the other party to the agreement. Not all change of control provisions are triggered by the same action.

The general rule is that change of control of a corporate entity is not an assignment by operation of law, and therefore does not violate a basic anti-assignment provision.

As a contract exists as a legally binding agreement between interested parties, it can be legally modified after being signed. But this happens only with the agreement of all the parties and by adding an extra section, called a 'rider'.

Summary. Parties normally seek to include provisions in an agreement that allow for either termination or an adjustment of their rights, such as payment, upon a change of structure or ownership of the other party. This is known as a change of control clause.

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Change Control Agreement Without Consent