Waiver Agreement Related to TARP Capital Purchase Program—Larry G. Dillon and Thomas F. Cherry
This agreement is a waiver signed by Larry G. Dillon and Thomas F. Cherry, in which they agree not to pursue any claims against their employer or the United States government for changes to their compensation or benefits required by the U.S. Treasury's TARP Capital Purchase Program regulations. The waiver covers any modifications to compensation, bonus, incentive, or benefit plans, including 'golden parachute' agreements, for as long as the U.S. holds equity or debt in their employer under TARP. The waiver is effective as of January 2009.
Exhibit 10.25
WAIVER
In consideration for the benefits I will receive as a result of my employer’s participation in the United States Department of the Treasury’s TARP Capital Purchase Program, I hereby voluntarily waive any claim against the United States or my employer for any changes to my compensation or benefits that are required to comply with the regulation issued by the Department of the Treasury as published in the Federal Register on October 20, 2008.
I acknowledge that this regulation may require modification of the compensation, bonus, incentive and other benefit plans, arrangements, policies and agreements (including so-called “golden parachute” agreements) that I have with my employer or in which I participate as they relate to the period the United States holds any equity or debt securities of my employer acquired through the TARP Capital Purchase Program.
This waiver includes all claims I may have under the laws of the United States or any state related to the requirements imposed by the aforementioned regulation, including without limitation a claim for any compensation or other payments I would otherwise receive, any challenge to the process by which this regulation was adopted and any tort or constitutional claim about the effect of these regulations on my employment relationship.
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| Dated: January , 2009 | |||
| [Executive] | ||||
