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Change of control clause sample

Change control agreement sample 2025

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The document is an Executive Change in Control Agreement between The First National Bank of Litchfield and its parent company, First Litchfield Financial Corporation, concerning the employment of Jerome J. Whalen as President. It outlines the terms and conditions under which Whalen would receive certain benefits if his employment is terminated or reassigned following a change in control of the Bank or Holding Company before June 1, 2002. The agreement emphasizes that it does not constitute an employment contract but provides financial security to retain key management during potential transitions.

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Click ‘Get Form’ to open the change control agreement sample in the editor.
Begin by filling in the 'Employee' section with the name of the individual covered by this agreement, ensuring accuracy for legal purposes.
In the 'Term of Agreement' section, specify the effective date and duration of the agreement. This is crucial for establishing timelines related to employment status.
Next, navigate to the 'Change in Control' section. Here, you will need to review and understand various scenarios that define a change in control, as these will impact employee benefits.
Proceed to fill out the 'Termination Following Change in Control' section. Clearly outline any conditions under which termination or reassignment may occur post-change.
Finally, ensure all parties sign and date the document at the end. Use our platform’s signature feature for a seamless signing experience.

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What is an example of a Change of Control clause?

Change of Control Clause: Example The Customer shall have the right, without prejudice to its other rights or remedies, to terminate this Agreement by 3 months written notice to the Supplier, if there is a Change of Control of the Supplier.

What is a change control agreement?

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.

What is an example of a Change of Control covenant?

Examples of Change of Control Covenant in Action: Suppose a private equity firm acquires a publicly traded manufacturing company. If the companys debt agreement includes a change of control covenant, this acquisition would likely trigger the covenant.

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