Waiver of Employment Rights Letter from C. Dowd Ritter to AmSouth Bancorporation (May 24, 2006)

Contract Categories: Business Finance › Waiver Agreements
Summary

C. Dowd Ritter, Chairman, President, and CEO of AmSouth Bank, writes to AmSouth Bancorporation's Board to waive his contractual right to become Chairman of the Board of the merged Regions/AmSouth entity while Jack Moore serves as Chairman. Ritter will assume the Chairman role only after Moore's tenure ends, but will serve as CEO and President of the combined company in the meantime. This waiver is in connection with the planned merger between AmSouth Bancorporation and Regions Financial Corporation.

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EX-10.1 4 dex101.htm LETTER FROM C. DOWD RITTER TO AMSOUTH BANCORPORATION DATED MAY 24, 2006. Letter from C. Dowd Ritter to AmSouth Bancorporation dated May 24, 2006.

Exhibit 10.1

 

 

 

AmSouth Bancorporation     C. Dowd Ritter

AmSouth Bank

     Chairman, President and

Post Office Box 11007

     Chief Executive Officer

Birmingham, Alabama 35288

    

[AmSouth Logo]

 

May 24, 2006

 

 

 

 

 

Board of Directors

AmSouth Bancorporation

c/o John Buchanan, Corporate Secretary

1900 5th Avenue North

Birmingham, AL 35205

 

  Re: Waiver of Employment Rights

Gentlemen and Mrs. Ingram:

I am writing in connection with our entering a merger agreement with Regions Financial Corporation. I am confident that this transaction is in the best interests of AmSouth Bancorporation and its shareholders.

Although my employment agreement would entitle me to become Chairman of the Board of Directors of the combined Regions/AmSouth, if the merger closes, I hereby waive this right for so long as Mr. Jack Moore serves as Chairman. After that time, I will serve as Chairman for the remainder of my employment agreement.

I look forward to working with Mr. Jack Moore and serving as Chief Executive Officer and President of the combined company.

 

 

Sincerely,

/s/ C. Dowd Ritter

C. Dowd Ritter