Change In Control Agreement Form
Description
How to fill out Executive Change In Control Agreement For The First National Bank Of Litchfield?
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FAQ
Change in control agreements are contracts that outline pay and benefits an executive will receive in the event of a change in company ownership. They are also sometimes known as golden parachutes, as they provide protection for executives if they are forced out after a company takeover.
In finance, a Change of Control occurs when there is a material change in the ownership of a company. The exact criteria that determine such a change can vary and are defined by law and through contractual agreements. A change of control clause is often included in creditor pacts.
Change in Control Bonus Plan for Executive Officers is to provide cash bonus payments to certain executive officers of the Company upon a Change in Control of the Company.
A clause in a business contract which stipulates that if ownership of a majority of the equity of a company changes hands, then the other party to the contract has a right to cancel, usually without liability for paying any compensation.