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Austin
Executive Change in Control Agreement for The First National Bank of...

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

Category:

Corporations - Public

State:

Multi-State

City:

Austin

Control #:

US-EG-9378

Format:

Word;

Rich Text

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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

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Interesting Questions

Is there anything executives should watch out for in these agreements?

Yes, executives should keep an eye on the terms and conditions. It’s wise to understand the specifics, so they’re not caught flat-footed if they need to use the agreement.

What triggers a change in control for this kind of agreement?

A change in control usually happens during mergers, acquisitions, or significant ownership changes. Basically, when the driving force behind the company shifts gears.

Are these agreements common in the banking industry?

Absolutely! You can find these agreements in many banks and corporations. It’s pretty much standard practice to keep top talent on board during big shifts.

How does this agreement protect the bank's top brass?

The agreement prevents executives from getting the short end of the stick during tough transitions. It makes sure they can focus on the job at hand without worrying about their livelihoods.

What exactly is an Executive Change in Control Agreement?

An Executive Change in Control Agreement is like a safety net for top executives. It ensures that if the company goes through big changes, like a merger or takeover, the executives have certain protections and benefits.